Yes, I've been hearing reasons. Both China and India's economies grew at over 10% in 2010. That's enormous growth in countries with over a billion people each.
I don't pretend to understand very well just how speculation works. The one thing I do know is that people make a lot and lose a lot doing it. There is a lot of government regulation there, so I don't know how there could be continued gross criminal acts be committed. I think rrlund made the point that it's not just speculators making money when commodities rise. Many pension funds and mutual funds are invested in those markets. That means grandma and grampa's retiement funds.
There is a lot of oil in the Gulf. Many other countries are producing oil there, I don't think they would be if it weren't a good place to do so. China, Venzuela, Norway, and others wouldn't spend the investment money required to put rigs there if they weren't paying off. So I'm not sure that I agree with you about why we are drilling there. The way I understand it is that it's more expensive drilling offshore than on land, and that makes sense to me. So much land that could produce oil has been closed to drilling by government agencies that oil companies have been forced to go offshore.
I don't pretend to know everything, or even all that much. But I do know that if we produce our own oil we will create hundreds of thousands of jobs, and we will lower the cost, both very good things.
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