More regulation, not drilling, key to preventing next oil crisis

04/7/2010 | Wall Street Journal, The

No amount of offshore drilling will prevent another oil crisis unless the federal government decides to regulate the speculation on oil futures allowed under the Commodity Futures Modernization Act of 2000, argues this op-ed piece in The Wall Street Journal. "After all, oil didn't zoom to $147 per barrel in '08 and then plummet to $35 the next year because OPEC declared an embargo and then suddenly lifted it," the writer says. "The essential similarities between the oil fiasco and the larger financial crisis are striking."

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