Robert B. Reich: The extra dollars you’re paying at the pump are going to Wall Street speculators – chicagotribune.com

Robert B. Reich: The extra dollars you’re paying at the pump are going to Wall Street speculators – chicagotribune.com.

“Wall Street speculators also assume global demand for oil will rise in the coming year as American consumers bounce back to life. They figure Europe’s debt crisis will be resolved. And they assume China’s central bank will make money more readily available, thereby sparking faster growth in China. These are just expectations, not today’s realities. But they’re pushing up oil prices just the same, because Wall Street firms and other big financial players now dominate oil trading.”

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