Can the Government Control Oil Speculation?

Last month, President Obama unveiled a plan to regulate the oil industry more closely to crack down on speculators whom he blames for the spike in gasoline prices.

We all feel the pain as gas prices flirt with $4 per gallon, and nobody seems to know exactly why prices fluctuate so much. Are the big oil companies manipulating the markets? Does China’s growing thirst for fossil fuels drive up prices for us? Will more drilling help? More refineries?

Blaming speculators is a popular explanation that many, including the president, have adopted. But is it accurate?

David Nicklaus of the St. Louis Post-Dispatch wrote a great column last month that puts this in perspective. Click here to read it.