Pauls Krugman has a great article where he points out a possible flaw in the theory that speculators are to blame for driving up the prices of oil.
Right now, the welcome mat is out for analysts who claim that out-of-control speculators are responsible for $4-a-gallon gas.
I confess to seeing OReilly mention it enough, that I’ve believed it too, and so have a lot of people in this country…
Somewhat surprisingly, Republicans have been at least as willing as Democrats to denounce evil speculators. But it turns out that conservative faith in free markets somehow evaporates when it comes to oil. For example, National Review has been publishing articles blaming speculators for high oil prices for years, ever since the price passed $50 a barrel.
Reading this article opened my eyes to some other possibilities, and this country really needs to develop some renewable power sources before we’re paying $10 a gallon, which is undoubtedly coming. Read the entire article and see what else might be to blame…