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There is no speculation going on because they can't borrow money to speculate. That's one of the positives of the downturn in the financial markets.
I think it's funny actually that the people who were running up the price of oil didn't actually have the money to invest themselves, they had to borrow it.
At $39 a barrel they are still making a hefty profit, so at 53 they are still doing fine.
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