Can greed & corruption=global economic disaster=war criminal?

Question

I've read recently that the high price of oil is mostly because of oil-future speculators. Our social response has been anger towards foreign oil-monopolies and big oil companies. I am wondering if the real culprits are flying under our collective radar. Some people have picked up on this...there was an article about legislation promoted by Phil Graham at the tail end of the Clinton Administration. That legislation created a loophole for speculators. Similar get-rich schemes seem to have evolved quickly since the emergence of available computer technology; day traders, credit & banking laws, mortgage lending...what the heck is really happening and how do we regain control as a society?

The next question is if individuals perpetrate an event that leads to local or even global devastation, why not pursue their actions to a level that matches the impact? I think we need to get aggressive with a response...is that valid? Is speculator greed a crime against humanity?

Answer 1

The government needs to do something or the American people need to get more informed and learn that 60% of oil prices are based on pure speculation.  They need to be stopped they are making a ridiculous amount of money.

Answer 2

you've read wrong and do not truly understand how futures markets work. It is easy for politicians to blame speculators w/o understanding how crude futures work.

unheralded demand is the main cause for the rise in oil futures.

futures market mitigate this effect.