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"Speculators are a watchword of the left."

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.

I agree. This is just lip service. After all, I'm sure if Obama’s carbon credit exchange had come to fruition there would have been futures trading on carbon credit and since Obama would have been making a pretty penny on that whole scheme, it would have been perfectly fine with him.

It’s been a while since I checked this out, so I wouldn’t mind if someone else researches and comments (I have to go to work in a few minutes or I would do it), but I seem to recall the following. In Jan. of 2007 a futures market mechanism was put in place that made it much easier to purchase large positions in oil futures (and perhaps others as well). I think the price was $4 million each. This made it a lot easier for foundations, universities, unions and other institutional investors to buy big and distort the markets. This has to be pared down again. I don’t know how it made purchases easier, perhaps someone here knows the answer.

“While that may be true, that doesn’t necessarily mean the argument is wholly without merit.”

Lots of speculators lost their shirts in 2008. If bets on oil prices do not reflect economic reality, speculators will lose their shirts again. I do not see any different arguments on energy prices than any other commodity.

The oil market is a complex mix of public and private trading activity. Private traders are undoubtedly influencing public trading. I do not see a remedy for this situation however. Lots of oil supply is nationalized outside of US jurisdiction. Many speculators are outside of US jurisdiction. We also have little control over global demand.

We should focus on the variables that we can control, primiarly domestic energy production. On this front, the Democrats have failed miserably with decades of obstruction.