The eeeeevil speculators

My most recent column isn’t online as yet... but I can tell you it’s all about the nonsense coming out of congress and elsewhere, blaming "speculators" for the run-up in oil prices. I confess, I have been susceptible to this thinking in the past too. But the evidence is mounting that speculators have little or nothing to do with soaring energy costs. Here’’s yet another new story in which the industry’s biggest minds keep telling us to ignore Joe Lieberman and Mahmoud Ahmadinejad.

Yert another sign of the times, which I came across on Paul Kedrosky’s amazing blog. Also from Bloomberg: If speculators are driving the oil price, why has oil continued to climb when  speculative activity in the futures market peaked almost a year ago?