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Oil Speculation


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Should speculation of a commodity with the express purpose of driving up the price of that commodity be illegal? Oil Speculation is currently the main driver in higher oil prices. Last summer when gasoline prices hit more than $4 a gallon many people blamed OPEC and demand but the real reason was people buying up huge amounts of oil for the express purpose of driving up the prices. It worked, these people made billions. Now we see oil prices and gasoline prices rising again and for the same reasons. Should this "speculation" to drive up prices be allowed? Such artificial pumping up of stock prices is illegal, should this principle be illegal in commodity prices as well?

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