By Edmund Conway, Economics Editor | Last Updated: 12:53am BST 27/05/2008
Speculators are largely responsible for driving crude prices to their peaks in recent weeks and the record oil price now looks like a bubble, George Soros has warned.
- There is a video on the The Telegraph site.
In an interview with The Daily Telegraph, Mr Soros said that although the weak dollar, ebbing Middle Eastern supply and record Chinese demand could explain some of the increase in energy prices, the crude oil market had been significantly affected by speculation."
What are the implications on biorefinery and biodiesel projects if oil price drops down to normal levels?