As crude oil prices climbed back over US$80.00 per barrel during 2009 - after the dramatic spike to $147 and subsequent collapse to $35 - United States politicians and regulators were in no doubt as to who to blame.
They accused "speculators" such as exchange traded funds (ETFs) and hedge funds of manipulating oil prices through the use of futures and options contracts on the dominant exchanges - the New York Mercantile Exchange and the Intercontinental Exchange - and also off exchange, through bilateral over-the-counter (OTC) contracts.
But the truth lies elsewhere.
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