Sky-high gas prices and record volatility are in large part the result of excessive oil speculation, an oil market corrupted by unregulated Wall Street traders who buy and hold onto oil futures contracts with no interest in the actual delivery of oil.
The Koch Industries, an oil pipelines and refining company, is in the forefront of speculating on oil for profit.
Even Goldman Sachs concedes that at least $27 of the price of crude this year has been as a result of rampant speculation, not supply and demand, according to thinkprogress.org. Other experts have said that number is closer to fifty dollars.
