In a very important story Mike Whitney makes his case that speculators are driving up the oil prices. With quotes and facts he points the finger at the Fed, and the major banks that have caused the finacial collapse of this country. The same people who have brought us the sub prime fiasco are now cashing in with Fed money on the commodities market.

This brings in a fair amount of evidence. Yet the analysis is still poorly informed compared to other stories, because the evidence is mostly statements from industry shills. There are some good points made here, but the style of the piece makes it's neutrality suspect.

Factually reports on an important topic that is not getting much media attention - energy speculation and the impact on gas price. Not as easy and as sensational of a topic as offshore oil drilling. If oil prices are to come down speculation needs to stop. The article does not call the loophole the name that many of us are familiar with - The Enron Loophole which caused the rolling blackouts and price gouging in California. With the mortgage crisis decimating banks, oil speculation is the place to be. Link to another story on the topic from Countdown http://rawstory.com/news/2008/McCain_aides_worked_to_create_defend_0619.html

Finally a clear explanation of why oil prices continue to rise in spite of a dip in consumption and increased supply. Investment bankers, with the collusion of the Fed, the DoT, and the White House, are pouring tens of billions into speculation that commodity prices will go up--and stay up. A legal loophole and negligence on the part of the Commodity Futures Trading Commission makes it possible for this bubble to expand--for a while. Well sourced, well argued analysis.

The allegations seem supported quite well. The story from the financial institutions investing in oil futures is not presented. The contribution to price increases from a dollar that is going in the toilet due to bush cut taxes and spend policies in not separated out. The effect upon prices if the speculation was curtailed is not quantified. However, it is one of the better writeups I have seen on speculation.