Tanking crude

For years I have been saying that speculation has been behind much of the runnup in oil prices (and other commodities, more recently). It is no coincidence, then, that the drop in oil started almost to the day that the CFTC announced it would be investigating possible manipulation in the market. The media has yet to acknowledge this. Their new phrase of the dayis, "Demand Destruction." Demand destruction is nothing new; it has been happening for more than year, yet the price of oil and gasoline have been kiting higher. Dissuade speculators from buying oil--or ban them altogether--and oil prices will fall fast and sharp. That should be obvious to all by now, but, sadly, it isn't.