High Oil and Speculation

Americans believe in markets, and, over time, markets have worked very well for Americans. But what about now, when oil markets and oil prices and speculation in those markets are sky high and still climbing?

We know oil supply is not infinite, and demand is huge. We knew cheap oil couldn't last forever. But with oil at $138 dollars a barrel and forecast for 200, are we being taken to the cleaners by speculators?

Congress, Barack Obama, and John McCain are saying maybe so.

This hour, On Point: Markets, the price of oil, and the weight of speculation.Guests:

Ian Talley, energy reporter for The Wall Street Journal, he covered the Congressional hearings yesterday on energy speculation.

James Hamilton, professor of economics at the University of California at San Diego. He has looked closely at the after-effects of oil price shocks.

Mark Cooper, director of research at the Consumer Federation of America, he testified last week before the Senate on energy speculation, arguing for more regulation in the commodities markets.

Rep. Bart Stupak, Democratic Congressman from Michigan's 1st District, member of the House Energy and Commerce Committee, and Chairman of the Subcommittee on Oversight and Investigations, which held the hearing yesterday on energy speculation.