High oil prices likely unrelated to speculation
A new bill aimed at curbing oil price speculation gets a test vote today in the U.S. Senate.
Some lawmakers, U.S. Sen. Amy Klobuchar, DFL-Minn., blame the sharp run up in crude oil and gasoline prices on excessive speculation, while others say the increase simply reflects tight supply and strong demand.
To get a better idea of how speculation affects the price of oil, Minnesota Public Radio's Cathy Wurzer talked with V.V. Chari, professor of economics at the University of Minnesota and an adviser to the Federal Reserve Bank.
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