It was an argument that went back and forth when oil prices reached heights of above $140 a barrel. Was it a result of supply and demand or speculation on the part of investors?
Tom Udall, while running for U.S. Senate, said, "Speculators are playing a significant role in this... Some estimates are, in testimony, sworn testimony before Congress, that ... a third of the cost of a barrel of oil could be from speculation."
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