I am surprised Obama took so long to start this witchhunt. Speculators are a watchword of the left. It is impossible to have any reasonable interaction with the left on energy prices. They see conspiracy everywhere except of course where it actually occurs (labor cartels, Democrats, trial lawyers, Obama, environmental activists, ...). The left is positive that the increase in oil and gas prices is totally due to evil speculators along with Cheney and Bush.
While that may be true, that doesn't necessarily mean the argument is wholly without merit.
In the summer of 2008, in the face of global shrinking economy and at a time of increased oil production, prices continued to rise. How is that possible absent some kind of market manipulation?
Now, maybe that manipulation is just the result of unusual, but honest, market pressures. Or, perhaps it's something else. Personally, in 2008, I thought it was "something else", and I think it's possible it's something else today, especially considering where supplies currently are.
Having said that, I think Obama would be much more likely to find a goblin if he looked at the main reason for price spikes - a falling dollar. Of course, the goblin he'd find in that mess looks him square in the face while shaving every morning.
This investigation is so dumb. Speculators actually help to keep the price of oil down by buying it when prices are low (as in early 2009), storing it in oil tankers, and then selling it when prices are higher. That selling into strong oil prices contains the price of oil and prevents event sharper spikes upwards. See my post #24 for the real drivers of long-term oil prices (...which I’m sure you know.)