Today, the award for the “day late and a dollar short” demagoguery award goes to Democratic Senator Byron Dorgan, who in addition to being completely wrong yesterday, probably shouldn’t be allowed near fireworks

The reason we have oil at $130, $140, $145 a barrel - like a roman candle going up, up, up - is because we have excessive, relentless speculation in these markets.

Except, as I noted earlier, we actually have oil at $125 a barrel today. Looks like someone wasn’t paying much attention to the news over the past two weeks, huh? Perhaps before Senator Know-It-All injects himself into our economy as the Great Arbiter of Excess, he should check his numbers.

I’m always interested when a government official uses the word “excessive” when talking about our economy. It makes me wonder who, exactly, the official believes should decide what is an acceptable level of activity and how they will decide it.

Bet you dollars to doughnuts the person Byron Dorgan would pick to decide how much speculation shold be allowed before it’s “excessive” is Byron Dorgan.

Other Posts of Interest:

• Democrats Vote to Drive Gas Prices Higher
• Oil Prices Go the Way of Congress’ Approval Ratings.
• The Democrats’ Last-Ditch Energy Plan is a Temper Tantrum.