Speculation and Energy Prices: Legislative Responses
"While most observers recognize that the fundamentals of supply and demand have contributed to record energy prices in 2008, many also believe that the price of oil and other commodities includes a "speculative premium." In other words, speculators who seek to profit by forecasting price trends are blamed for driving prices higher than is justified by fundamentals. In theory, this should not happen. Speculation is not a new phenomenon in futures markets -- the futures exchanges are essentially associations of professional speculators...

This report provides basic information and analysis on the issue of commodity speculation and summarizes the numerous legislative proposals for controlling excessive speculation."