Hedge funds play major role in gas price hikes

Arizona Republic

05/15/06

Oil workers in Nigeria are shot and killed by militants. Venezuelan politicians urge tighter controls of foreign oil companies. Tensions mount over Iran's fledgling nuclear program. Meanwhile, price signs at gas stations in the Valley spin like slot-machine reels, forcing residents to dig deeper in their pockets to fill up vehicles with gasoline that costs more than $3 a gallon. Want somebody else to blame besides major oil companies? Try the likes of investors who fashion themselves after Gordon Gekko, the fictional character in the 1987 Oscar-winning film Wall Street, which portrayed the wheeling, dealing nature of the financial capital and its impact on ordinary Americans. While politicians and pundits point to outsized oil-company profits as a reason for rising prices, these companies have little control over setting oil's daily price, which is established on trading exchanges around the globe...

http://www.azcentral.com/arizonarepublic/news/articles/0515biz-oil0515.html


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