Did Wall Street Speculators drive up oil prices?

Yes I believe that. ;-)

There is nothing wrong with Legal speculation.

That is what you do each time you put 10 dollars of gas in your car instead of filling it up all the way---you think that the price will be cheaper in a few days so you take a chance.

The real estate market was caused by the democrats pushing fannie mae to back bad investments by mortgage companies.

This companies would loan money to people that had no way to pay it back---because they would be able to turn it over to Fannie Mae and let it assume the risk.

This is the outcome of government interference in a market economy by not understanding the unintended consequences of it's actions.

Which is why the Government should stay away from making market policy and work towards better regulations

What you said isn't completely accurate.

They didn't bail on oil in 2001. Actually, was the dollar began to fall, they started buying more oil, and the invasion of Iraq caused them to push up to 64 billion more USD into the oil and fuel futures market.

What caused the current crisis is the fact that the Gramm-Leach-Bliley Act allowed financial service consolidation under one roof.

This made it possible for the same people who were offering mortgages to offer stock and investor services, and insurance.

This means they could offer mortgage default swaps and mortgages at the same time.

Now think about the benefit of being able to offer mortgages along with offering default swaps which is similar to a put option against money loaned on property. (if the mortgages defaulted, the person insuring the loan would make money).

Larry M, environmentalists are not the reason refineries were closed, nor did they prevent any opening. in 30 years there have been only one request to build a refinery, and it was only to expand an existing one, not to buid another.

It isn't in a refiner's best interest to spend billion increasing capacity just so they cn bring their margin down.

Yep. Have you noticed that the Oil Prices are going drastically down as the End of the Bush Era nears? Some may say coincidence, but personally, I think Bush is now an official Billionaire- with a couple of accounts overseas. I think this money was a thanks to the Bush Administration for the Large profits gained from the speculation and tax breaks.

no.. that is just stupid.. back in the 1970s the US had over 120 refineries, as the "green" thinking people started to gain power and getting there hands in politicans pockets they had alot of these refineries taken out.. we are now below 90 refineries in the US.. as more poeple started to drive... other nations started to drive.. Chine of one.. the supplies get smaller and smaller because we are able to make less fuel from oil.. the price goes up more and more. did you notice as people stopped or slowed driving and demand went down the price dropped....

here is something to think about... in 5 years.. there will be more cars in china.. than people in the US...... think about that for a minutes...

Logical choice. But I believe they will go back to playing their more traditional games. Depending on whom is in office of course.