So, the excuse being given for spiking gas prices is news that Iran would halt shipment of oil to Britain and France. The problem with this excuse is that both Britain and France had already stopped buying oil from Iran. Not only that, but a director of the International Energy Agency points out that there are alternative supplies that would compensate even if we lost all exports of Iranian oil (which is unlikely, since they need the cash too).
Even so, the price of a barrel of oil zoomed from $79 to over $106 in less than four months. The only possible reason for this is Wall Street speculation.
Contact your Congress-critters and demand the CFTC set real position limits on speculators. That will allow market hedging to do its proper role, instead of just fueling bubble after bubble.
Also, support Obama’s efforts to repeal federal subsidies to the oil industry. Just like the income tax deduction for home mortgages fueled the housing bubble, even more outrageous subsidies, which the oil companies themselves admit they don’t need, are prolonging our dependence on foreign oil and artificially suppressing alternatives.