Obama Targets Speculators in Latest Gambit of Oil-Price Politics

Oh, CNN. This has nothing to do with politics.

Because oil is traded on a world market, more U.S. drilling doesn’t reduce the price of oil in the U.S. On the contrary, 80 percent of the U.S. oil futures market is speculation. And Rex Tillerson, the CEO of ExxonMobil, told Congress that speculation jacks up the price of oil by up to 40 percent.

As I said, targeting oil speculators has nothing to do with politics. It’s solely about lowering gas prices.

Obama Targets Speculators in Latest Gambit of Oil-Price Politics