Hi 1480, it's been a while!
I would tend to agree with you on this but I don't see regulating specualtion or the stock market as particularly enforceable. I mean, how exactly do you regulate investment without hampering/ruining it. The whole practice is about trying to one-up everyone else.
If the government really cared about oil prices they would eliminate taxes on said commodity and industry. After all, when you take every stage of production and distribution into account, they make more money from taxes on petroleum than the oil companies do in profits. I have a feeling that speculation is just the latest scapegoat on which to blame failed regulation and policy.
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