Stop Oil Speculation Now
So I received an email today: "An open letter to all airline customers." In it, the major US airlines are alleging that $30-$60 of the cost of a barrel of oil is due to speculative costs, a price increase that occurs when speculators purchase oil only to resell it at a higher price. So they would like us, the consumers, to request that our government put a stop to this. The campaign can be found here. I don't know a whole lot about this, so I'm wondering if anyone who reads this (does anyone still read this?) knows much and could comment on the veracity of this claim as well as its implications. It seems plausible that there could be a cost increase from oil speculation. But how would you regulate it? What would a dramatically lower cost of oil do to our economy, or to the recent push to make more fuel-efficient cars, travel less, and consume less?