The government knew all along that prices were being driven up by speculators, and that the prices at the pump in no way reflected the economy of gas. Governments, oil companies and speculators were the beneficiaries of the failure to regulate, manage and put a halt to the speculative practice of purchasing mass leveraged oil contracts, and creating market prices at the expense of consumers and to the benefit of speculators.
Since Marc Rich and his cronies invented the spot market for oil in the 70s quite a bit of money has been pulled from the pockets of many to the traders, firms, funds and investors who buy the cycles of increased oil price to heat homes in the winter in the US and increased gasoline prices when summer driving hits the peak.
The cost to America; in the airline industry, trucking, rail freight and travel has been stratospheric. With the death of the hedge fund and investment banks models of ridiculous leverage, speculators will by loathe to return to their ways, as their currency limits would put them at real risk, which they have no desire to know. Maybe it’s time for a road trip and a warm holiday at home.
Be careful, watchful and peaceful. Good luck!