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Dear Everyone; I'm shocked. Every once in a great while the NY Times will publish an opinion piece that is actually and factually correct. This one relates to Congress as it bumbles its way towards some type of do something legislation against those dastardly oil speculators. Of course the unintended consequences will do far more harm to consumers than just getting out of the way of the market and repealing restrictive regulations. This is absolutely essential as the evil speculators are the "oil speculators willfully driving up the price of crude to make obscene profits". Unh Hunh - yeah right. The results of any anti-speculation legislation will be like when Nixon put price controls on gasoline stations and just as disastrous for consumers. Ah yes - Congress - the House and the Senate - Dumb and Dumber. Ron Getty - SF Libertarian Hostis res Publica - Morte ai Tiranni
OPINION | July 20, 2008
Op-Ed Contributors: Futures Imperfect
By DWIGHT R. SANDERS and SCOTT H. IRWIN
There is no historical evidence that curbing speculation has been effective at lowering commodity prices.