We need to get a handle on energy speculation

I know the White House is busy, what with wars in two countries and health care reform and all that, but they'd better also be working on putting back regulation of energy speculation and speculators, too. If they don't, any economic recovery could get squelched quickly and simply, by rising prices that benefit a small group of those speculators.

There is a report out now, showing that gas is rising in price, due to the weak dollar and Hurricane Ida, in the Gulf of Mexico. (Good news there, at least--Ida was downgraded).

As long as oil speculation is left unregulated, people and businesses are going to try to make money on the rise in price.

This is crazy. I've written about this before and it's important.

The world economy is in a very weak, bad state but oil prices have been running up lately, prompting this observation:

"'In the real world, there is very little evidence that the underlying market fundamentals, both in the overall economy and more particularly in the oil market, are improving fast enough to justify these price levels,' said analysts at KBC Market Services in Britain."

And yet the price goes up because, again, there are people wanting to bid it up, to make money and these markets have been unregulated since 2000.

People and companies might buy up oil, counting on an increase in price, only to later sell it back on the market at the higher price, just for the gain. In the meantime, the airlines and energy companies and, ultimately, you and I pay higher prices just for their greed.

It's no way to run an energy market.

It's bad for individuals, rich and poor, around the world, but it's even bad for businesses.

This needs to get fixed, one day soon. We need the energy markets overseen, as they used to be, and as soon as possible.

If we don't, our economies the world over could come crashing back down--or even just be held back in any recovery--just because a small group of people want to benefit.

Here's hoping.

Link to story: http://www.kansascity.com/382/story/1557497.html