No One Should Speculate But Us

Russell Roberts has an interesting letter from the airlines calling on Congress to ban oil speculation. Never mind that everyone who knows what they’re talking about — including liberal Paul Krugman — agrees that speculation isn’t driving up the price of oil. This is another prime example of how Big Business hates the free market; hates it. What the airlines want is for them to be able to speculate (through strategic buying) but not let anyone else do it.