President Barack Obama wants to to regulate the oil industry cracking down on oil speculation.
We all feel the pain as gas prices flirt with $4 per gallon, and nobody seems to know exactly why prices fluctuate so much. Are the big oil companies manipulating the markets? Does China’s growing thirst for fossil fuels drive up prices for us? Will more drilling help? More refineries?
Blaming speculators is a popular explanation that many, including the president, have adopted. But is it accurate?
David Nicklaus of the St. Louis Post-Dispatch wrote a great column last month that puts oil speculation in perspective. Click here to read it.