Speculators Created Bubble in Oil Market: Soros

Law360, New York (June 3, 2008, 12:00 AM EDT) -- Speculation in energy markets is at least partly responsible for the skyrocketing price of oil, billionaire investor George Soros told a Senate panel Tuesday.

The hearing, held by the Senate Committee on Commerce, Science and Transportation, is the latest effort by Democratic leaders on Capitol Hill to unearth the root causes of soaring energy prices and turn up the heat on regulatory agencies.

Recent congressional hearings have probed whether institutional investors' increased speculation in commodities markets has created a “demand shock” that has led to rising...
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