Krugman on high oil prices - don't blame speculators

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Monday May 12, 2008 · 12:17 AM PDT

2008/05/12 · 00:17

What's to blame for high oil prices? Republicans blame failure to open up ANWR and other off limit areas to drilling. Democrats blame oil company price gouging and failure of BushCo to have a comprehensive energy policy. Both of them blame commodity market speculators.

New York Times columnist and Princeton professor of economics Paul Krugman explores the popular view that market speculation is a major reason why oil prices increased from $25 per barrel to $125 per barrel over the past several years.

Krugman writes

Now, speculators do sometimes push commodity prices far above the level justified by [supply and demand] fundamentals. But when that happens, there are telltale signs that just aren’t there in today’s oil market.

CalGal47

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Friday April 25, 2008 · 6:32 PM PDT

2008/04/25 · 18:32

Environmental superstar and progressive Democrat Fran Pavley is running for California State Senate (SD-23). Pavley termed out in 2006 after serving in the State Assembly, where she earned a reputation as one of the most effective legislators in California.

California, and all of America, will benefit if Fran Pavley is back in the California State legislature.

The California League of Conservation Voters writes:

Bringing Back the Environmental Champion

The primary in Senate District 23, a seat currently occupied by retiring State Senator Sheila Kuehl, may be the single most watched race by the environmental community this year simply because Fran Pavley is running. Author of landmark global warming legislation including AB 1493 and AB 32, Pavley has achieved acclaim around the world for her leadership on the issue.

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Krugman on high oil prices - don't blame speculators

Fight Global Warming - Bring Back the Environmental Champion