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FRIDAY, NOVEMBER 27, 2009
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Speculators to Blame for Soaring Oil: Soros

'Bubble' will burst when both US and UK are in recession

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(Newser) – Billionaire investor George Soros blames soaring oil prices that reached a record $135 a barrel last week largely on speculation that’s causing a “bubble” in numbers, the Daily Telegraph reports. The weak US dollar, slipping Middle East oil supply, and rising Chinese demand all play a role, but “speculation is increasingly affecting the price," he said, adding that the "bubble" will burst when both the US and UK are in recession.

In this May 14, 2008 file photo, high gas prices posted at a Shell gas station in Redwood City, Calif.
In this May 14, 2008 file photo, high gas prices posted at a Shell gas station in Redwood City, Calif.   (AP Photo)
Chairman of the Soros Fund Management, USA George Soros pauses before speaking during a seminar at the World Economic Forum in Davos, Switzerland, Wednesday Jan. 23, 2008.
Chairman of the Soros Fund Management, USA George Soros pauses before speaking during a seminar at the World Economic Forum in Davos, Switzerland, Wednesday Jan. 23, 2008.   (AP Photo/Virginia Mayo)
U.S. financier George Soros gestures during a meeting with the Indian business leaders, in New Delhi, in this Dec. 19, 2006 file photo.
U.S. financier George Soros gestures during a meeting with the Indian business leaders, in New Delhi, in this Dec. 19, 2006 file photo.   (AP Photo/Manish Swarup, file)
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Daily Telegraph (UK)

Investors are pushing prices up
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