Nothing needs to be done. Higher prices will ramp up US production. Fracking boomed in a high priced market.
I agree with you, but we have a transportation problem from all the oil and gas in West Texas that can’t get to Houston or Corpus. But I agree, leave the SPR alone.
Glad to see that someone here understands basic economics.
The only speculators, who can actually cause gas prices to rise, are members of OPEC, or other government operators. The rest are just trying to predict where market forces are headed.
FWIW, for some perspective, gas prices in BC are currently about US$4.00/US gal.
An executive order making buyers of crude stocks take delivery would end this crap.
And further, the retail price of gas basis crude under eighty per barrel is way too high. Bottom line, we have a glut of both oil and gasoline at the pump. It's all games. Right now the 'Iran story' is allowing the fund managers to attempt to drive up crude and the gasoline suppliers immediately follow suit.... but the supply of oil is just fine.
The problem isn’t speculators, the usual socialist target, but, is, rather, the combined effect of OPEC, a booming American economy, the exchange rate of the dollar, and environmental-extremist production barriers.