I'm taking on speculation in commodity markets over at NexGen:
The trouble is financial speculators. The world's growing middle class is buying more food and oil and investing in large institutional commodity markets. In other words, traders are betting on rising prices.
So don't look to ANWR and offshore drilling as the solution to high oil prices. Look to the traders who do not pass price fall benefits to the consumer. The trend has not gone unnoticed in the US and the Senate is now considering legislation aimed at cutting the cost of petrol and heating oil by ending excessive speculation in oil futures driving up prices.
The spike in commodity prices is giving us a taste of the future. We must develop alternative energy technologies now because despite a reprieve, be assured prices will climb back up again. Read my full post here.