"'It is now evident that speculators in the energy futures markets play a much larger role than previously thought, and it is now even harder to accept the agency's laughable assertion that excessive speculation has not contributed to rising energy prices,' said Rep. John D. Dingell (D-Mich.)."

There are two parties to every contract, one betting the contract will increase in value, one betting it will devalue. To the extent that any contract increases the price of oil it also decreases the price of oil. FAIL

Rep. Dingell of MI is also perfectly aware that big 3 automakers fail without speculative trading. Since, though, high energy prices dampen auto sales, Dingell has an agenda. FAIL

"'When the CFTC granted the 1991 hedging exemption to J. Aron (a division of Goldman Sachs), it signaled a major shift that has since allowed investors to accumulate enormous positions for purely speculative purposes,' said Rep. Bart Stupak (D-Mich.) Now, he added, 'legitimate businesses that hedge and take physical delivery of oil are being trampled by the speculators who are in the market purely to make profit.'"

Businesses that hedge and take physical delivery are not-for-profit? Rep. Stupak (also of MI) doesn't take a salary (profit) for his work? FAIL