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Oil prices: speculation or imbalances?

There has recently been a wide debate on the cause of current oil prices. The discussion has extended to other commodities that have suffered a price spike in the last two years. We find two group of contenders in this discussion: those that follow economic logic and thorough analysis on their arguments and a second group of people that just claim the guilt of speculators. The first group of people is formed by the informed media (The Economist, Wall Street Journal, Financial Times) and reknown economists (Krugman, Hamilton, Pirrong,