A hearing by the Commodity Futures Trading Commission featured phrases such as "excessive speculation," which means prices are moving in a direction that is politically inconvenient. Studies have shown that speculation does not exacerbate price spikes and actually might help contain them. "Truth is, we need more speculators, not less," according to this Wall Street Journal opinion piece. "They're the people who can help prices find the right level, because there is no 'right' level other than the one the market gives us."
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