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The Oil Speculator Bill Could Drive Oil Prices Higher

Posted August 6, 2008

"To say we are in a crisis is a massive understatement. It’s like saying there was a little fire on the Hindenburg. As oil prices surge and the ebb and flow of trading begins to catch up with the world’s growing population, we can expect to see these prices continue to climb." — Kevin Kerr

Blogger’s note: Instead of trying to improve relations with oil-rich countries or opening up new drilling in the U.S., Washington has decided to sacrifice speculators on the altar of "looking like we’re doing something about oil prices." But Kevin Kerr of Whiskey & Gunpowder points out that any oil speculator bill enacted by Congress will probably drive oil prices higher rather than lower. Want to know why? Read on below to learn his perspective on the oil speculator bill and the difficulties it could cause in the energy and commodities markets.

by Kevin Kerr

Baltimore — (TFN):  The price of almost everything on the planet has been rising. And so has the inevitable talk of a commodities bubble and price manipulation. The discussion has become front and center in global markets around the world as economies reel under the heavy weight of soaring prices.

It’s simple for a senator to blame high oil prices on speculators. But don’t hold your breath to hear a long discussion of the taxes on every gallon of gasoline and heating oil that the government collects each time we fill up our tanks. Perish the thought.

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So who are these speculators, and why and how could the high prices of commodities be their fault? Of course, those are the real questions. But the conversation never really gets that far. The cameras are turned off before the detectives hit that crime scene.

Beyond the Sound Bites: Hoping for Real Answers

To say we are in a crisis is a massive understatement. It’s like saying there was a little fire on the Hindenburg. As oil prices surge and the ebb and flow of trading begins to catch up with the world’s growing population, we can expect to see these prices continue to climb — maybe exponentially. Read on to learn more.

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