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July 1, 2008

If Congress Saves Us From Speculators, Who Saves us From Congress?

Congress has a mind to save us all from speculators and their evil-doing ways in commodities markets. Trouble is, as the following Bloomberg figure shows, oil prices have ramped hugely over the last year despite the number of open contracts having peaked almost twelve months ago. In other words, by at least one measure the influence of speculators in commodities futures markets is down, not up.

If Congress is set to save us from speculators, who will save us from Congress?

[via Bloomberg]

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