Preciouslife, an interesting post that illuminates the role that speculation plays in todays oil market. The Kudlow creed that "free market capitalism is the path to economic prosperity" seems to have hit a brick wall in this situation. The current bullish supply and demand factors in the energy market have provided the cover for unbridled speculation. In the long run, provided we live so long, either energy substitutions will equilibrate costs to benefits or economic recession will result in demand liquidation. The pain that would ensue during either macro equilibrating scenarios would be a disaster. I believe it is essential to curb non-user speculation in the oil market. When will our political surrogates stop talking and begin acting to resolve this problem?
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