Originally Posted by TimSmith

I agree that speculation is approximately 30% of the price of oil right now, maybe higher. The sad reality of it is we are stuck with the inflated prices until the "bubble" pops. We can expedite that pop by consuming less and putting down pressure on the price, even more than is already happening. That would get the hedge funds in faster and their short positions will cause it to tumble down. This bubble is hurting "main street" people just as the housing bubble did. My wife and I can't justify $500K+ on an 1800 square foot house in the mountains where we would like to live. The speculators and cheap money drove the price to those levels. Now the bubble popped, we may get a deal yet. In some areas of California the prices of houses has dropped 50%. They are actually coming down to levels real people with real incomes can afford. I do not wish ill on anyone, but I will be madder than a hornet if the government bails people out of financial obligations they signed and supports inflated housing prices.

I will be equally angry if the government tries to bail out any more investment houses which facilitate these speculative bubbles, or worse yet, instigates them.

We need to hold fast and try to individually put downward market pressure on energy prices. Then our collective efforts may pop this bubble quickly and we can all get back some sense of security, jobwise and personally.

Good luck folks! Let's get it done!