Blame Wall Street for High Oil Prices

September 1, 2004 | Newsday |

Senior Fellow Nomi Prins explains the role of Wall Street traders and institutions in driving up oil prices.

Many owning institutions also rule trading. The 2004 Energy Risk Rankings cite the top three crude oil dealers as Goldman Sachs, Morgan Stanley and Bank of America. According to Tyson Slocum, energy research director at Public Citizen, "Traders are exploiting fears of oil-supply disruptions and more demand to justify pushing prices up."