Will Washington Control Oil Speculation?
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.
About the Author: Sheldon Harber
Sheldon Harber is President of Asset Strategies Inc. and a CFP ® - Certified Financial Planner. His career started in 1979 with Comprehensive Planning Consultants (CPC). Today, his clients depend on him for experience and expertise to guide their financial affairs. 
In the late 1950’s I worked for Shell Oil co. and was privy to some information, that the general public and the government did not see. At that time crude oil was $3.00 a barrel and the seven big oil companies called the Seven Sisters decided their profits were not as large as they should be. They met with the Oil Minister from Saudi Arabia and asked him to raise the price of a barrel of oil. When the price per barrel increased the oil companies were able to get a larger tax break. If you check back you will see that is when the oil prices started climbing. I am sure there were many things I was not allowed to see. Some how my name was put on a list of privileged information. When I left Shell in 1963 I lost the favor. The information I received for the 10 years I worked for Shell Oil gave me a small insight of what really happens in the business world.