The High Price of Speculation

I’ve heard people disparage the increasing price of gasoline at the pump and blame this on availability of a publicly traded commodity, petroleum. It is a fallacy to claim we can drill our way to cheaper fuel. That is like saying we can solve the high price of gold by mining. A recent study shows that if we drilled every know oil reserve, we would lower gasoline prices by the fantastic sum of three cents a gallon. The real reason, we have high oil prices is market speculation, pure and simple.