A lot of people believe that speculation is necessarily bad. Actually, speculators are an essential part of the commodities market. If there were no speculators, commodities markets wouldn't work. Speculators are the buyers when no one else is buying, and the sellers when no one else is selling.
However, speculation can and does get out of hand, as we've seen numerous times in history, such as the infamous "tulip mania" of 1637. I recall the Hunt brothers trying to corner the silver market in 1980; the fallout wrecked Great Western Sugar and stopped sugar beet farming in much of the high plains for many years.
In the case of recent oil prices, there's no doubt that speculation played a role. But that speculation was fueled by record levels for oil production and consumption. It was assumed that the expanding economies in China and India would only drive demand further up. Of course, we all know what "assume" means.
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Today's Featured Article - Oliver 550 Purchaser Checklist - by Greg Sheppard. Pound for pound the 550 is better than anything I've seen. It has great power for its size and can really hunker down and lug. Classified as a 3-bottom plow depending on soil conditions. I personally don't think it can be beat for a utility tractor in the 40 HP range. They are extremely thrifty on fuel, at least my DSL is. Most drive train parts are fairly easy to get. Sheet metal is probably the hardest thing to
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