On June 12, John McCain called for an investigation into oil speculation, apparently due more to his total lack of understanding of commodity markets than to any actual indignation. This is what he said:
I believe there needs to be a thorough and complete investigation of
speculators to find out whether speculation has been going on and, if
so, how much it has affected the price of a barrel of oil.
Investigate speculators to find out if there's speculation going on? Next, we can go to the gas station and see if they're selling gas.
Now, usually when a politician calls for an investigation, that means they don't actually want to do anything about a problem, and hope by putting it off they can avoid dealing with it all together.
But don't worry Mr. McCain, the results are in- no need for that investigation!
Crossposted at Sandstorm.
Oil Rises On Gulf Storm Worries
Fears of disruption in energy production have already sent wholesale
gas prices soaring by up to 40 percent in recent days, meaning filling
stations will have little choice but to pass on those costs to
consumers.
That's right, prices have been rising rapidly not because of any actual event, not any actual change in oil production, but on speculation. The speculators are speculating, and damned if it isn't going to raise my gas bill.
Now what are you going to do about it?
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