In a June 27, 2008 OpEd Paul Krugman wrote an article arguing that speculation in oil markets was not driving the huge price rise.  He specifically called out Michael Masters as a an "expert" that congress was listening to only because they liked what he had to say.

Tonight's 60 Minutes piece on Oil speculation presents a pretty compelling case that Michael Masters was exactly right and speculation was indeed the main driver of the ridiculous $150/barrel price we saw this past summer.  It doesn't take a nobel price winning economist to realize that there's no way the price rollercoaster of the past year had anything to do with supply and demand.  Is Krugman going to argue that there's 2/3 less oil demand than there was 6 months ago and that the precipitous drop started happening exactly at the same time that the Wall Street banks collapsed?

It's pretty obvious that Krugman was wrong.  Krugman's opinions are currently taken as gospel by many of the left.  This is a note of warning.