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Speculators are driving up gasoline prices

April 9, 2012
The Maui News

The April 1 editorial supported strict limits on the ability of speculators to influence the price of gasoline. Extremely rich people are driving up the price of crude oil by buying futures contracts, like bets at a craps table. These gamblers, or speculators as they prefer, are an integral part of an oil industry that handcuffs the guiding force of entrepreneurial competition and causes prices and profits to rise almost regardless of the law of supply and demand. This is one of many examples of corruption within capitalism, a literal mutation of the system. While some mutations are necessary in order for a system to evolve, others are simply grotesque and should be eliminated.



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