Behind the fall in gas prices: Goldman Sachs

Last month, Goldman Sachs foisted a big surprise on the commodity markets: It said it would reduce the weighting of gasoline futures in its Goldman Sachs Commodity Index, which is widely followed. The announcement led to some frenzied activity in the markets, as people started unwinding positions. Gas prices plunged. Of course, Goldman's move was not the only one that affected gas prices. Supply issues may have been more important, but it was a factor. No one is suggesting anything untoward was at play. It's just an interesting example of unintended consequences. I don't think Goldman was aiming to push prices down, it just wanted to reformulate an index.

For more on this:
- Here's a New York Times article
- For more on Goldman Sachs click here