Michele Bachmann said that President Obama’s focus on oil speculators was like “waving a tar baby”. Now, since we all know she would NEVER mean that to be a racist comment (yeah, whatever), what she was implying is that discussing oil speculation is an irrelevant distraction. This post details the effects of oil speculation, and of its possible regulation, and proposes some answers to our energy issues.
Speculators have entered the conversation once more with President Obama’s proposal to police their manipulation of oil markets. Almost immediately his Republican opponents lambasted the effort as nothing more than a political ploy. Industry leaders stepped forward to warn consumers, with stricter regulations prices will rise. Who holds the reigns of truth here? Or does this all too familiar debate reinforce the need for a new approach?
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