Doesn't the "speculation" add as much as 10 to 20 (I heard 30 as well in some cases) dollars to a barrel of oil?
You bet your sweet bippy! Not only that, but guess who's in bed with the speculators? How about the
Koch Brothers?While much of the attention on oil speculators has rested on the backs of investors and commodity traders, the petrochemical conglomerate Koch Industries occupies a unique role in manipulating the oil market. Koch has little business in the extraction process. Instead, Koch focuses on shipping crude oil, refining it, distributing it to retailers — then speculating on the future price. With control of every part of the market, Koch is able to bet on future prices with superior information. As Yasha Levine notes, Koch along with Enron pioneered a number of complex financial products to leverage its privileged position in the energy industry.
and...as Mr. Cantor has shown, where's there's Koch, there's
Republicans! doing all they can to stop Dodd-Frank and/or defund it if possible:
Currently, the public knows very little about the oil speculation industry because a conservative majority on the CFTC has refused to implement a mandate from the Dodd-Frank Wall Street reform bill to curb abuses. Meanwhile, Republicans are pushing steep cuts to the CFTC, hampering any new rules on oil speculation that may be released later this summer.
Naturally, FOX is right there ready to defend the speculators. der...
http://www.foxnews.com/opinion/2011/05/04/defense-greedy-oil-companies-speculators/