The "Prevent Unfair Manipulation of Prices Act" takes junk science to a whole new level!

University of Houston finance professor Craig Pirrong understands well how energy futures markets function in the real world (see his Wall Street Journal essay entitled “Restricting Speculators Will Not Reduce Oil Prices”). While Congress’s “Prevent Unfair Manipulation of Prices Act” makes for some interesting political theater, it won’t put a dent in the energy crisis. Finally, “The Onion Ringer” provides a cautionary tale from some 50 years ago when Congress last tried to implement a similar strategy for dealing with an economic crisis (AKA the “onion crisis”).

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