Opinion

A strange way to reach $100 a barrel

Posted January 07, 2008 10:00 pm

Overnight, gas went up between six cents and 10 cents a gallon.

Unless one lives under a rock, this should come as no surprise since the day before, the price of crude oil reached $100 a barrel on the commodity markets.

Yahoo Financial reported this milestone was reached on one trade made by Richard Arens who runs a one-man oil brokerage, ABS. The article went on to describe the trade as being "for the form; he wanted to be the first in the world to buy oil at $100."

As a result of this attempt at notoriety, the oil companies will rake in further windfalls and every driver who buys gas will pay more without any good reason.

Thank you Mr. Arens for making this necessary.

It just seems to me that this exemplifies the shortcoming of the market system and calls attention to the need to develop a different means to set the price of oil, gasoline and all other energy related commodities.

Paul M. Lyczak

Schaumburg

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