Everybody is running with the same basic story on oil prices. Here's the BBC version:

"...oil prices are still almost 40% higher than they were at the beginning of the year and, increasingly, this surge is being blamed on speculation by large investors, including hedge funds and banking giants.

"They are being accused of pushing commodity prices way above the level they would trade at to satisfy supply and demand trends.

"Representing US airlines, the ATA is one group pressing for tighter regulation and increased transparency in the energy markets.

"Its head James May told a joint US Senate hearing on speculative oil trading that up to 200 US communities could lose airline service as a result of capacity cuts to save money."

Keep the ATA request in mind when the pols go back to talking about big government and lauding Ronald Regan et seq. for his deregulation. And supply side economics.