To MT: I think the point you are missing as that just like in a casino, the only real and consistant winner is the house. As usual Peter is still the best host of any news program out there with Amy Goodman of Democracy Now and Alyona of course being tied for second. But Peter Alyona is nicer to look at (no offense). I agree with the guest who said (I para phrase) supply and demand move it a little but speculators swing it to an extreme. Good show. By the way war with Iran would be stupid beyond description.  

I appreciate the show, the guests were interesting and the topic well debated. However, claiming, as Peter did, that "speculators" are making a ton of money on shows a misunderstanding of how paper markets work. Investors don't simply bet that the price can go up, they can also bet the price will fall. For every investor that has a position that will make money if crude oil goes up, another investor has to have a position that will money if crude oil goes down. These numbers must be equal. Often times it is the oil companies who invest in contract that make money if the price of oil goes down. They do this a means of hedging their business of selling oil. So for every investor who makes money on a contract, another loses money.

I've been listening to the speculation on the global oil "crisis" and if Iran's instability factor is more hype than real.  OPEC has a rotating presidency.  Iran was the head of OPEC in 2010-2011 (for the first time in 36 years - and it was voted unanimously).  Right now, Iraq is the head of OPEC. It should be understood that the head of OPEC that votes 'yea' or 'nay' on oil production has to go through OPEC and that the president country changes every year.  Certain countries should be very careful who it doesn't play nice with - it might end up on the short end of the stick in a year's time.