Topic: Bart Chilton
Many blame Middle East turmoil or a weak dollar for rising oil prices, but they provide only a partial explanation. The chief culprit is speculation in oil markets. Fortunately, it can be stemmed with several regulatory steps.
Polls show Americans blame Democrats more than Republicans for $4 gasoline prices, and President Obama's poll numbers show it. But people blame big oil companies even more, which may be a political opening for Obama.
Speculation can add $70 to the price of a barrel of oil, critics charge.