The price of oil is determined by speculators trading future contracts, on margin, at a detached centralized exchange.
When the price of gas goes up, there is always a great deal of anger directed at the speculators.
Perhaps, however, the problem isn't with the speculators, but with the centralized exchanges.
Prior to the centralized exchanges, people negotiated prices directly with providers and there was wild irregularities in prices and people engaged in face to face negotiation.
The centralized exchanges were designed to regulate prices.
This idea of trading future markets on margin gave the controllers of the centralized exchange multiple tools for regulating prices. With a centralized exchange, central bankers can affect prices by changing margin requirements, interest rates, etc..
The central exchanges have piled on a large number of derivatives, re-insurance and short selling. All of these derivatives and regulations were created by progressives with the claim that they would lead to price stability.
The centralized exchanges have not led to price nirvana. Instead, the centralized exchanges have created a dystopia in which rogue groups are able to capture and manipulate entire markets by capturing the central exchange.
It is human nature to blame the people at a business, when the real problem is the structure of the business.
We blame speculators who trade on the exchange, when the real rogues are the unseen progressive regulators who created the dysfunctional centralized exchange in the first place.
Centralized exchanges necessarily lead to a highly centralized market in which the insiders of the exchange are able to manipulate and control those on the outside of the exchange.
Instead of blaming the speculators who are just trying to make a buck, why don't we blame the high prices on the progressives who created the centralized exchanges with aim of regulating prices.
Speaking of centralized exchanges. The ruling progressive elite are trying to force the entire health care market into the exact same dysfunctional mold as the energy sector. Why are we letting them do this to our once free nation?