But the way I read it, the impact of speculation is such that any obvious steps we take toward energy independence (drilling, alternate fuels, conservation, efficient vehicles) will affect prices much more quickly than one might expect if supply and demand were the only variables involved.

(Yes; I got the schedule mixed up; I thought I was posting today instead of Monday. So that’s what I shall do, and my apologies to Mr. Hawkins.)

Cross-posted at Little Miss Attila.

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