Comment Text:
Fuel prices are the number one threat to the US economy. They affect every US citizen whether they own a car or not. Oil speculation went out of control immediately following the events of 9/11, anticipating short supplies, and it has never returned to acceptable levels. In my opinion, the speculators learned that we have no choice- we will always need oil for fuel and we will adapt other aspects of our lives to pay for higher fuel costs. In simpler terms- they learned that the ceiling is not a ceiling at all. While the speculators and traders seem happy to continue raising prices to gain additional profits, it is at the expense of the global economy.
I believe that Government should largely stay out of business. However, its role in capitalism is to maintain fair competition for our country and prevent cycles of unsustainable economic drivers. The Gov. has regulated numerous industries, most recently health insurance, yet has turned a blind eye to oil trading over the past 10 years. I realize the enormous power the oil industry has, but this power is being abused and causing widespread strife.
We can not simply take the easy route of saying we must reduce our dependence on fossil fuels. That is indeed a valid long term solution, however the short term damage to the economy is real. We need to take control of the single most important factor in the world- oil speculation.
Please begin developing regulations surrounding oil speculation.
