"We need legislation to rein in Wall Street traders who unfairly are driving up oil prices," said Senate Majority Leader Harry Reid.
There is so much buffoonery at work in this statement, it is hard to know where to begin in demolishing it. Only 'Wall Street traders' are driving up the price of oil? And they are doing so 'unfairly'?
Any effective legislative attempts to rein in oil speculators will do one thing and one thing only: drive the markets overseas. That might make the Democratic leadership feel good about themselves, but it will do scant little for anyone else.
Nevertheless, the Senate has voted 94-0 to curb oil speculation.
Good grief, not one senator opposed this?
You NDers will be glad to know that Byron Dorgan is a sponsor of this travesty.