Hope so. Blaming speculators was just something the congress was doing to make their constituants feel like something was beeing done about the high cost of gas at the pump! I suppose it would just be wishful thinking for me to hope that they will now focus on real issues. Maybe they will go back to talking about steroid use in baseball.Oil prices falling, but the number of speculators roughly the same. Can Congress please stop blaming them now?
When President Bush announced that he was lifting the executive order banning off shore drilling, the price of oil dropped by $6 in a couple of hours. Not a single drop of oil was produced. Imagine what would happen if Congress actually took action that would increase future supplies. So Congress can start blaming itself for not taking that action.Oil prices falling, but the number of speculators roughly the same. Can Congress please stop blaming them now?
The fact that the price could drop so fast without any change in real fundimantals is evidence that the high price was in part due to speculation.
Congress blames everyone but themselves.
They can stop, but they won't. Neither will airlines. Oil speculators are not leading to high oil prices.
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