Oil Market Manipulation for Just $1 Billion
Mark Gongloff raises an interesting question regarding the crude oil manipulation news this morning:
So, if I’m interpreting this correctly, the complaint alleges Arcadia et al spent about $1.1 billion to corner the market in physical crude at Cushing, and that was enough to rack up a $50 million illicit profit.
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If we assume for the sake of argument that even the concept alleged here is realistic, that relatively small operators could accomplish corner the WTI crude-oil market with just $1 billion, then how easy must it be for far larger players to manipulate the market for even greater gains?
