Wow, I did not think I would receive such great responses...
I will have to admit I don't watch much news. But I do vaguely remember hearing something on NPR about oil speculation. But mostly what I heard is the main problem is with oil future traders from the London stock exchange trading on US soil not being regulated by any one in the US. and also about the devaluation of the dollar causing the price to be high also.
Any thoughts anyone on London oil future trader not being regulated ? and the relation to the cost of gas and the falling dollar ?
Krieg: if you could point me towards some good blogs on the subject I would be very thank full
JJW: I think you are on to something with making them consume at least a little of what they buy. and also I think making them put down more collateral then 5% would change some things. ( anyone remember the great depression it was related to similar situation)
I think the consumers will lose in the short term but in the long term it will help because of a forced move towards Energy Efficiency.
MazdaMatt: Sounds like a good idea to me, But i think it kinda hard to ground jets when there is a War on terror going on