This will likely be successful politically — blaming the speculators will likely ring true for many — but I don\’t think the underlying economics supports the claim that speculation is the primary cause of high energy prices.
Do note that this is from a generally lefty (by US standards certainly) economist. It just ain\’t speculators in futures that drive up the price of oil. But it will probably be politically successful to tell everyone this economic lie.
Please note that he\’s not approving of this economic lie, just pointing out that it is one and that it will likely be politically successful.
And that\’s the problem with politics isn\’t it, as a method of actually running anything. Lies, untruths, win in that game. vAnd running things on hte basis of lies and untruths just isn\’t going to be optimal for anyone other than those who get to sit on the thrones.