We need tools to knock the knees out from under speculators when things get ridiculous. Be nice to have preset "circuit breakers" like a 55 mph speed limit or even extra gas tax that would cut consumption beyond whatever margin the traders are counting on, if a price per barrel increase goes over a certain % over X months. That preset, already-law circuit breaker would overshadow said speculators and might convince them to find other pickings.

Begging the saudis is kind of low for a first world nation, but we weren't and aren't rife with options.

Tax to cut consumption? Consumption is way down and dropping every year further.

Bingo!!

There was a time when there were no speculators bidding on oil futures.I think it all started in 79.Why it was even allowed back then I will never know.

I think if we required that you actually had to have the facilitities to accept physical delivery of oil before you could buy futures, a lot of this [censored] would disappear.

Some speculation in markets is good. History has shown us that, especially historically in agriculture markets, as a certain amount of speculation helps with price stability (both ways).

However, what's happened in the oil market over the past decade is nothing but theft IMO.

http://news.firedoglake.com/2011/05/25/cftc-charges-oil-traders-in-2008-speculation-scheme/

Gasoline demand in the United States is at a 10 year low, we're exporting record amounts of refined gasoline, and the price of gas has never been this high at this point in a year.

It's partly supply and demand, partly the result of the devalued dollar, but to deny that part of the problem is financial corruption is just lunacy.

Tell the Iranians to play nice.

For the record, I invested in an energy ETF a few weeks ago with the thought that all this talk about Iran will make crude oil futures start climbing again.

Might as well get in on the action if you can.

And if Iran gets attacked this summer ?????

You guys may want to check out this link for a different spin.

http://lindseywilliams101.blogspot.com/2011_06_22_archive.html

I am not buying into this sad Saudi tale

Today's ridiculous prices are mainly caused by out-of-control speculation...

The Saudi tale just helps fuel the speculators that's all. It's a small part of the mix blown out of proportion. If we see $5 a gallon gas expect the auto industry to take a dump again. It might be time to buy that new car you've been dreaming about, the dealers will be begging for sales like they were a few years ago. JMO

I like the idea that if they pump it up here then they sell it here.

This whole price thing is occurring when supplies are HIGH and demand is LOW. Completely bass-ackwards.

It is not the fault of oil speculators... it is the fault of oil exportation! There should be a strategic tariff on exported oil and oil products.