This is an interesting post. How are oil traders able to hold our economy hostage? Can they make oil stop flowing somehow? Are they keeping it in a big tank somewhere? The U.S. consume 18+ million barrels a day, which is much more than could be stored or hoarded for any appreciable amount of time, unless it is "stored" in the oil wells for future use (e.g. conservation).pjbogart wrote:I think we need to apply anti-trust laws to speculators who use vast financial resources for coercive purposes. Essentially, commodity speculators hold our economy hostage when they restrict supply for personal gain. Furthermore, allowing such behavior simply puts them in better position to be even more coercive as their financial resources grow, eventually grinding our entire economy to a halt as they find the cornering of markets easier to achieve.
It's clear that we need to get our economy unhooked from oil. I don't see how outlawing or controlling speculators is going to move us in that direction, absent other changes. More in line with your post, I'm not sure how speculators have cornered, or might be able to corner the oil markets. Please go into more detail about exactly what you think is happening, because I don't understand how this works.