"Excessive speculation is distorting prices, undermining our commodity markets and hurting our economic recovery" - Senator Carl Levin (D-MI)

Remember last summer when speculators drove the price of oil to more than $140 a barrel and you paid $4.00 a gallon for gas. Well, "They're back."  For no apparent reason oil has gone back up to $70 a barrel, today in CA gas is $2.99. Staycation anyone?

Attention speculators; the jigs up:

In response to gyrating oil and commodity prices, the CFTC announced this week it was planning to clamp down on big market players by implementing position limits on all commodity futures contracts of limited supply, focusing especially on energy.

Detractors suggest the regulation process could take months. Not so, according to Bart Chilton, a CFTC commissioner:

"We're looking at a pretty fast timeline,"  "We're going to use our authority to the fullest extent possible. (Commodities trading limits fast tracked)

Who exactly are these reckless speculators that seem hell bent on taking down our, and the world's economy?  I know, Dr Evil.  No?  Then who?

While traditional speculators go in and out of the markets, big pension and endowment funds in recent years have also diversified their investments into commodities to hedge against inflation and a weaker dollar. Some positions grew so large that legislators and analysts said the trend was pushing oil prices to levels that couldn't be justified by fundamentals. (Regulator to consider limits on commodity speculators)

"...big pension and endowment funds!"  You mean tens of thousands of auto and airline workers lost their jobs and/or saw their pensions drop perspicaciously because of geniuses who run their pension funds?!   No one can afford to send their kid to Harvard because of the Harvard endowment fund?!  What is wrong with this picture?

What's the plan, Boss?  It's called, "position limits."  Roughly translated it means no one, country, institution, investor can corner the market and drive up prices.  Like the California Public Employees' Retirement System, the biggest U.S. public pension fund, now has about $600 million in commodities.  Maybe someone should tell the financial wizards that California is like broke.  Like can't afford retirement contributions.

Of course there are those against regulation like trading firms, brokers and big banks.  You know the companies that the taxpayers had to bail out the last time we had $4.00 gas.  (Pass the Tums.)

The world has gotten too big and too greedy not to be regulated, worldwide. Of course Republicans will scream, cause that's the only thing they know how to do.  Then again whose ever heard of a Republican worker or businesses affected by high gas prices?  Calling Dr Evil...

Dr. Evil: Gentlemen, I have a plan. It's called blackmail. The Royal Family of Britain are the wealthiest landowners in the world. Either the Royal Family pays us an exorbitant amount of money, or we make it seen that Prince Charles has had an affair outside of marriage and therefore would have to divorce!

Number Two: Prince Charles *did* have an affair. He admitted it...

Dr. Evil: Right, people you have to tell me these things, okay? I've been frozen for thirty years, okay? Throw me a frickin' bone here! I'm the boss! Need the info.

Austin Powers: International Man of Mystery (1997)