Excuse me pal, what are they suppose to do?? Price control???
Ending oil speculation and ending boutique blends would at least make it look like they were doing something. Don't get me wrong. I personally don't blame them. It's not their fault the market hasn't produced a viable alternative. But most people are going to blame whoever is in charge, and I think people are getting madder by the day.
open the SPR. release physical oil onto the market at $42/bbl. sign a contract with the new iraqi government to replace that oil at $40/bbl - the $2 being a form of war repayment. brek the speculative positions, and $15 will be taken out of the price within 2 weeks.