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Oils Well That Ends Well

I disagree. I watched the C-SPAN broadcast a couple of days ago. During the broadcast, a Congressional panel listened to a panel of experts, including George Soros, about suggestions on how to reduce the price of oil. Soros and the other experts suggested that eliminating speculators from being able to participate in the oil futures market (in other words, permitting only those people in the petrol industry from accessing the markets) would eliminate a great deal of buying from investment banks such as Goldman Sachs, and hedge funds, and this would eliminate much of the "speculative froth" as Soros called it, from that market, decreasing the price of crude.

Some of the experts quoted the $55-60 per barrel figure from oil industry executives from Sunoco and Exxon Mobil. The $55 figure represents the high end of a range that estimates the cost of getting the crude out of the ground into commercially salable form WITHOUT the surcharge imposed by (1) the OPEC cartel and (2) "speculative froth."

Congress in my opinion seems more responsive than the other branches of government, especially the executive, in taking the initiative to do something to reduce oil prices. Don't bash Congress, bash Bush.