I typically skip over the periodic emails that I get from various airlines for being part of their frequent flier programs, but the subject line of the email from Delta yesterday -- "An Open Letter to All Airline Customers" -- caught my eye. And it's a good thing I read it, because the letter brought it to my attention that there's an evil group of speculators out there that are driving up oil prices and making all of our lives miserable (please be sure to note my sarcasm).
The letter ended with the plea "We need your help. Get more information and contact Congress by visiting www.StopOilSpeculationNow.com." Interested to find out if the airlines actually have found conclusive evidence that speculators are responsible for pushing up oil prices I followed the link. Unfortunately, instead of evidence I got "While everyone is aware that supply and demand constraints contribute to price increases, there’s another force at work that, like gravity, is invisible yet powerful. This force is rampant speculation.
Read More...
