Someone finally has it right
June 24, 2008 at 12:08 PM EDT
Comment on EconLog blog post: ZH writes: Krugman is looking at it from a trade economists standpoint. However, from a financial markets standpoint, it is a little different. In an efficient commodity futures market, which oil pretty much is, the difference between the spot and futures price should only be the costs of carry, which include two [...]