Quote

Oil futures were originally created to give heating oil dealers, gas retailers, aviation companies and other businesses a method of hedging against adverse price changes. Instead, they've become just another Wall Street plaything.

— Gary Weiss

Sentiment: NEGATIVE

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✓Similar Perspectives

Some hedge fund managers have made big bucks trading oil futures - George Soros is one.

— Gary Weiss

A futures contract is a derivative, but the futures exchange doesn't call them 'derivatives,' they call them 'futures.'

— Myron Scholes

I don't think we're going to see the price of oil going down in the near future, that's the reality.

— Carly Fiorina

Like any business, the oil industry runs on the basic premise of supply and demand. The more supply - the lower the price. The higher the demand - the higher price. In other words, the more people who can buy oil, the higher the price of oil.

— Ron Wyden

The options and futures traded on exchanges are derivatives contracts.

— Carol Loomis

Life can be lived at a remove. You trade in futures, and then you trade in derivatives of futures. Banks make more money trading derivatives than they do trading actual commodities.

— Sebastian Faulks

If you think Wall Street firms have it good, you haven't looked closely at Big Oil.

— Jeff Goodell

If you opened up every single potential drilling opportunity in the United States, it would have the effect of lowering gas prices three cents, maybe. And that's because, of course, oil is traded on a global market.

— Jennifer Granholm

It has become cheaper to look for oil on the floor of the New York Stock Exchange than in the ground.

— T. Boone Pickens

✗Opposing Perspectives

The price of a commodity will never go to zero. When you invest in commodities futures, you're not buying a piece of paper that says you own an intangible piece of company that can go bankrupt.

— Jim Rogers