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From the dollar's dive to surging food and gas prices when times are tough, investors and consumers alike start pointing fingers. But is the inflation crisis a failure of government policy or just market forces at work?
In the case of the oil supply shortage, it appears Iraq presents some unique challenges.
“(When America invaded Iraq) the place was in absolute chaos, explained General Barry McCaffrey when he spoke with the Fast Money traders on May 28th “Criminal corruption was beyond belief. People were dynamiting oil pipelines so the oil would be forced into trucks so they could steal the trucks."
McCaffrey goes on to explain that the leadership in Iraq has made great strides in preventing this kind of violence. "As that changes we should see changes in the complexion in the oil industry. My guess is 5 years from now Iraq will generate massive amounts of oil out of the fields.”
Iraq could help with the supply side of the equation but former AMR CEO Robert Crandall thinks the issue is better addressed from the demand side. He's furious about America's lack of public transportation infrastructure.
“The first thing we need to do, he told us on May 30th, “is put a lock on the number of flights in and out of airports. It makes no sense to have twice as many planes as an airport can handle. They just spit fuel.”
Want more? Click below to see our full interview with General Barry McCaffrey or former AMR CEO Robert Crandall.
> Energy Outrage Iraq
> Energy Outrage: Mass Transit
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Trader disclosure: On June 30, 2008, the day of taping, following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (C), (GS), (INTC), (BTU), (MSFT), (NUE); Najarian Owns (AAPL), (AMLN), (ANR), (NOK), (NUE), (TSO), (XLF), (YHOO), (HD); Najarian Owns (WFMI) Puts, (MER) Puts, (WFMI) Puts, (HBC) Puts; Najarian Owns (MYGN) Calls, (SLB) Calls, (WM) Calls, (WLT) Calls; Finerman Owns (GS); Finerman's Firm And Finerman Own (TIP), (FLS), (GLNG); Finerman's Firm And Finerman Own (C) And (C) Leaps; Finerman's Firm And Finerman Own (GE) And (GE) Puts; Finerman's Firm Owns (MSFT), (SUN), (TSO), (TWX), (VLO); Finerman's Firm Owns SPX Index Puts; Finerman's Firm Owns (HUN) Calls; Finerman's Firm Is Short (IYR), (IJR), (MDY), (SPY), (IWM); Terranova Owns (BNI), (YHOO), (LUV), (CME), (GOOG), (SU), (INTC), (FXC), (IYT), (XLF), (FCX); Terranova Owns Dollar Index Futures
Terranova is chief alternatives strategist at Phoenix Investment Partners;; Phoenix Investment Partners Ltd. Owns (RWX), (DBC), (DBV), (IGE), (AAI), (ALK), (AMR,) (APA), BP plc, British Airways plc, (CHK), (CVX), (COP), (CAL), (DAL), ENI SPA, (FCX), (XOM), Gazprom, (HA), (HES), (HOC), (HSE), (JBLU), Lukoil, (MRO), (MUR), (OXY), Petrobras Intl Fin, Petro-Canada, (POT), (PBR), Petroleos De Venezuela, (QAN), (RJET), Royal Dutch Shell plc A Shares, (SKYW), (LUV,) (SU), (TSO), Texaco Capital, Total SA, (UAUA), (LCC), (VLO)
Other relevant disclosures
Adami Owned (AGU) On 6/18/08: Najarian Owned (BHI) On 5/28/08Phoenix
Gartman Owns (GLD); (JJG); On 6/30/08 Gartman Owned (GLD) On 6/30/08; CIBC Gartman Index Owns Corn, Gold, Copper, Soybeans; On 6/30/08 CIBC Gartman Index Owned Gold, Corn, Copper, Soybeans
Roger Neshem Owns (MON) (AGU) As Of 7/3/08;Roger Neshem Has A Business Relationship With Monsanto; Roger Neshem Owns (MON); Roger Neshem Owns (AGU) As Of 7/3/08; Roger Neshem Has A Business Relationship With Monsanto; Phoenix Investment Partners Is Long (POT)
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