“How does oil speculation raise gas prices?”
It doesn’t. Speculators, OTOH, do lubricate and hasten the price-discovery process. This is nothing more than deflection from the real culprits — governments that stand in the way of supply increasing to match demand.
good point. Who is the biggest speculator of all? The Us Government that’s who. They have the strategic reserve, regulate most trading, control the currency that oil is traded in, control the military that keeps the sea lanes open, and controls the regulatory apparatus that keeps oil scarce by prevent drilling and pipeline construction.
Of course the government will blame the few people who actually risk their own money in trading oil.