Shortly following the president's 1:30 p.m. EDT speech, Sen. Majority Leader Harry Reid, D-Nevada, said Congress should focus instead on curbing the role financial investors have played in driving up oil prices.I wonder how excessive speculation will be defined, legally? For that matter, I wonder how speculation itself will be defined, legally. Somehow, I doubt that the visionaries who supervise us from Mordor-on-the-Potomac will let niggling details of that sort slow them down. I imagine Sen. Reid, for example, would reply if asked that that's what regulators, and the courts, are for.
"We need to crack down on excessive speculation," said Reid in a press conference, which was broadcast.
By Wednesday, he said his Democratic colleagues planned to introduce a bill that would target oil speculation.
Of course, no responsible person will suggest that most of the speculation in oil would no longer be occurring if the U.S. would remove its legions from the Middle East and stop picking a war with Iran. That wouldn't be responsible, not at all.