Thank Wall Street for rising gas prices - by Robert Reich

Nothing drives voter sentiment like the price of gas – already up nearly 30 cents from the start of the year and hitting $4 in many places. The last time gas topped $4 was 2008.

And nothing energizes Republicans like rising energy prices. House Speaker John Boehner is telling Republicans to take advantage of voters’ looming anger over rising prices at the pump. House Republicans have passed a bill to expand offshore drilling and pressure the White House into issuing a permit for the Keystone XL pipeline. The tumult has already prompted the Interior Department to announce expanded oil exploration in the Arctic.

But the current surge in gas prices has almost nothing to do with energy policy. It doesn’t even have much to do with global supply and demand. It has most to do with America’s continuing failure to adequately regulate Wall Street. In other words, a relatively few players with very deep pockets are placing huge bets on oil — and you’re paying.

For more: Reich: Thank Wall Street for rising gas prices - Dedham, Massachusetts - The Dedham Transcript