By way of Henke, I note:

…it’s Democrat Sen. Amy Klobuchar who says speculation is behind high oil prices, and actually introduces legislation to “curb” speculation.

Our next step should be to stop the speculation that is driving up prices in world energy markets. Oil company executives have testified recently that oil should be trading for about $55 per barrel, but that a frenzy of speculative investment has driven up its price artificially. That’s one reason why I cosponsored the Consumer-First Energy Act.This, says Paul Krugman, is the Republicans fault.

Paul Krugman blames the Republicans for his looks, OK?

That point aside, the point that Klobuchar makes is exactly the one I’ve been making here for months now.

The bubble has to break, and it will soon.

Meanwhile, isn’t George Soros speculating in the oil markets?

Addenudum: (David L)

Citing a politician, especially a United States Senator, on an econmic issue, is like bring a butter knife to a gun fight.  As Doctor Sowell demonstrated, politicians, at least our current crop, don’t know squat about economics.  Klobuchar is standing proud among the ranks of the clueless.  To lower price we need to increase supply.  The way to increase the supply of oil is drill for it.  for now and the foreseeble future, there is no practical alternative to fossil fuels, even in Minnesota.  This ain’t rocket science, but is several ranks above Klobuchar’s meager understanding of economics.

Addenudum II: (Bit)

Well, no argument there, David. I did not mean to imply that her solution had merit, merely that her identification of the PROBLEM.. that oil was artificially high, even absent added drilling, was correct.

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