How One Drunk Man Changed the Global Oil Price
And you though you have done some stupid things while drunk!
In a nutshell, a former British broker for PVM Oil Futures named Steve Perkins bought 7 million barrels of crude oil while in the midst of a late night drunken stupor which resulted in driving the global price of oil to an 8 month high! You can read the full article here.
This just goes to show how dangerous and volatile the worlds dependency on crude oil has become. With the mistake of drinking one too many drinks and a couple keystrokes on a laptop, one man single handedly changed the economy over night.
The question that needs to be asked is how was this even possible? What system of checks and balances are missing that didn’t throw up some red flags to prevent these type of situations from happening?
If this happened before, is it possible that it can happen again? These are the things we need to worry about and why we need to find a way to be less dependent on crude oil and find cheaper alternative methods for fuel and energy.