We applaud the Commodity Futures Trading Commission (CFTC) for publicly acknowledging what most educated observers have been saying for months: Wall Street speculators are reaping unconscionable profits by exploiting and manipulating the unregulated energy trading markets.
Commodity traders have pushed oil prices far higher than what can be explained by basic supply and demand. Under mounting pressure from Congress, the trading commission announced this week that it has been investigating oil trading practices for the past six months.
Forgive us, however, if we remain a bit cynical. We can’t get too excited about the trading commission doing exactly what it’s supposed to do, which is to investigate irregularities in the futures market. Its announcement is similar to the local Fire Department putting out a statement that it is now going to start responding to fires.
