Oil speculation: The great debate

Daniel Yergin's congressional testimony earlier this week, told of how "speculation alone" is not to blame and how other factors contribute to Oil prices. Designed as a talk show, but not to provide insight, this testimony was as much a pointless road show, as the OPEC meeting was on Sunday 22 June. US congress should do better at keeping their voters informed.

It is true that the ratio of paper tons to physical tons traded has increased.  It is true that the WTI market is more volatile than in the past.  It is true that changes in this market are not always caused by physical antecedents. BUT, the market tenor will not turn around till there is demand destruction or new supply sources.

After listening to Pulitzer Prize winner Dr. Daniel Yergin, Chairman of Cambridge Energy Research Associates (CERA) tell the Senate, nothing less than development of a joint, comprehensive energy policy will fail to solve our current energy crises; it simply confirms my fears that any solution is beyond the abilities of our current Congress.