Solution? $2 Gas in 30 Days if Congress Acts

"Record oil prices are inflated by speculation and not justified by market fundamentals...Based on supply and demand fundamentals, crude-oil prices should not be above $60 per barrel."

Tell Congress to act on this now! Legally limiting financial speculation (oil future's trading) by government regulation would send oil prices down to levels based upon physical supply and demand they claim. One only wonders if this would overcome the devalued dollar which also drives prices up. But they should do it immediately!

The argument of these financial analysts says that the propaganda about needing increased supply is wrong and that OPEC (and even Ahmadinejad's analysis) is correct that speculation in the trading market, dollar devaluation, and geopolitical war fears are driving the price.

It would be irresponsible to delay action on this credible analysis from those in the financial markets who have expertise on speculative trading.

clipped from www.marketwatch.com Gas could fall to $2 if Congress acts, analysts say Limiting speculation would push prices to fundamental level, lawmakers told WASHINGTON (MarketWatch) -- The price of retail gasoline could fall by half, to around $2 a gallon, within 30 days of passage of a law to limit speculation in energy-futures markets, four energy analysts told Congress on Monday. Testifying to the House Energy and Commerce Committee, Michael Masters of Masters Capital Management said that the price of oil would quickly drop closer to its marginal cost of around $65 to $75 a barrel, about half the current $135. Krapels said that it wouldn't even take 30 days to drive prices lower, as fund managers quickly liquidated their positions in futures markets. "Record oil prices are inflated by speculation and not justified by market fundamentals," according to Gheit. "Based on supply and demand fundamentals, crude-oil prices should not be above $60 per barrel."