I've been trying to point this out since the Bush years, which saw tankers stacked up offshore the way they are now because demand went down when prices skyrocketed. It's tough to shout down someone like Paul Krugman who denies the effect speculation is having on all commodities, especially oil and gasoline.

If there were ever an occasion to open the floodgates on the Strategic Petroleum Reserve, it is right now. A domestic cabal of fascist investors is attempting to subvert an election by manipulating commodities prices and launching a propaganda campaign. We need to cut them off the way the Reserve managed to cut OPEC's profiteering off 30 years ago.

once they get bought, they stay bought.