Could the timing of the recent runup in oil prices be any more perfect?
First, it’s coming (naturally) at the same time the economy seems to be hitting its stride.
It’s also coming in the Spring, ahead of the so-called Summer Driving Season, as summer is known in the media.
It’s also coming right as the Congress is debating financial reform, a debate that will revolve around derivatives and speculation.
This is a perfect storm and speculators should be ready to come under withering scrutiny in the coming weeks and months.
Now the question is: Who in Congress will lead the charge against speculators?
Our guess: Bart Stupak. He’s the embattled Michigan Democrat that caved on healthcare reform and is now facing a serious revolt from anti-abortion, anti-healthcare reform voters in his district. In 2008 he introduced a bill that went after speculators with over 50 sponsors, and he’s still the head of the Energy and Commerce Committee’s Oversight and Investigations Subcommittee.
Now’s the time for him to reclaim this issue again, and change the debate from his healthcare cave.
Watch for it.
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