The runaway high cost of a barrel of oil, which is causing our gas prices to rise daily (more than 40 percent in the last six months), is due to excessive speculation on energy trading, as reported in your business section on June 4 ("Speculators push up gas prices, consumer advocate tells Senate"). Why isn't Congress doing anything about it?
The same article reported that the federal government could push down prices at the pump by 25 percent by squeezing speculators with a 50 percent tax on short-term speculative gains. Why doesn't the government take such action?
Why isn't this country drilling for more oil? Why aren't we building more refineries? Could it be that these speculators are funneling some of their megabucks to congressmen?