I have carefully listened to the debates on excessive oil speculation, and I am convinced that it is a significant factor in the high price of oil. Most reliable experts suggest that a barrel of oil should not cost more than $55. The devalued dollar increases the cost of a barrel of oil by about $15. Much of the additional cost is due to excess speculation.
Reasonable speculation by those either producing or using oil is necessary. Excess speculation is done by those who have no actual dealings with oil, such as pension funds. Some suggest that the elimination of excess speculation will bring down the cost of a barrel of oil at least 20 percent. I cannot understand why the bill to stop excess speculation is being so strongly resisted.