As the US enters political season, Philip McBride Johnson offers a defence of sepculation.
We are in political season, again, in the United States.
Prices at the gas pump are in ascent. This is not good,
especially for incumbents. Compound that fact with the
political campaign generosity of Big Oil and we must forage
elsewhere for culprits. Enter (again) the oil speculator.
The Administration has decided that people who bet on oil
prices must somehow be responsible. Never mind that many are
wagering on lower crude oil and gasoline costs. No matter that,
whatever side, speculators provide risk capital that producers
and processors need to hedge their considerable risks. And
let's be polite not to point out that domestic crude oil is a
lot cheaper than foreign supplies, yet fuel prices at US gas
stations (owned largely by the producers) keep climbing. Could
it be because we are exporting our own cheap oil to more
expensive markets abroad? The motto "Sell American" comes to
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