Oil-speculation bill offers false hope
Lately, Baron Hill has been looking more like a populist than an economist. This was evident in his support of the Commodity Markets Transparency and Accounting Act, which recently passed through the U.S. House of Representatives. The bill is supposed to increase regulation on oil speculators and lower the price of gasoline. The problem is that speculators aren’t to blame for the dramatic rise in oil and gas prices. Hill would have us believe that this bill will significantly lower the price of oil, but almost any economist would disagree.
















