Regulating futures markets more tightly isn't a bad idea, but it won't bring back the days of cheap oil. Nothing will. Oil prices will fluctuate in the coming years -- I wouldn't be surprised if they slip for a while as consumers drive less, switch to more fuel-efficient cars, and so on -- but the long-term trend is surely up. Full Story »
Posted by Terry Gamble
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I did not take time to read Paul Krugman's blog. I expect it 'proves' his point. He is correct most if not all commodities are up drastically including oil. Despite his one example of a commodity with no futures market is up greatly. It is not just the price. It is the wild variations in price that are a concern. Properly working futures markets with users and sellers of a commodity vary more conservativly.
This is a much-needed reality check on the future of expensive gasoline. Election year political rhetoric will not be able to deliver cheap fuel again. We need to plan for that.
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