Will Wall Street Lobbying Stop Brakes on Oil Speculation

Jeffrey H. Birnbaum’s June 19 WaPo article, “Wall Street Lobbies to Protect Speculative Oil Trades” has be wondering how soon we’ll be hearing that speculation is not the problem at all. And whether anyone in the media will help decipher the facts from the spin.

Wall Street banks and other large financial institutions have begun putting intense pressure on Congress to hold off on legislation that would curtail their highly profitable trading in oil contracts — an activity increasingly blamed by lawmakers for driving up prices to record levels.

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