Las Vegas Sun

March 29, 2024

LETTER TO THE EDITOR:

Speculators influence oil prices

With fuel prices on the rise comes the avalanche of news stories, editorials, cartoons and letters to the editor bemoaning the price increases. Most of these end up demonizing oil companies and various parts of the federal government. Calls are heard to increase domestic production, which would take several years to have any real effect on U.S. prices.

Seldom mentioned are the commodities traders (or speculators), both here and abroad, who run up the price of oil on their whims, with little or no regard to supply or demand. They always have an excuse to raise prices that are never completely lowered again. The news media and even our liberal politicians always seem to forget these market players.

Forgotten, too, is the amount of oil we import that goes into the production of plastic products. Products that once again could be made of wood (paper) or glass.

But one thing for sure happens. As fuel prices go up, American environmental zeal goes down. Wildlife refuges seem to lose importance with $4-plus-per-gallon prices.

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