7/31/2009

Current efforts by the Commodity Futures Trading Commission to rein in oil speculation is an issue "of huge importance to all Americans," according to a guest editorial in the Financial Times. While there is some question of how best to regulate international commodities markets, the fact remains that "current levels of speculation are unequivocally bad." Inflated stock prices may eventually hurt the holders of that stock, but inflated oil prices hurt everyone, from individuals to corporations to entire nations. "In the case of our fragile economy, high energy costs could well choke off any recovery," the writer argues.

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