‘Peak oil’? It feels more like peak political hypocrisy

Contrary to nearly all received wisdom in Washington, not to mention the rhetoric of the presumptive nominees of both major parties, the scariest moments in American politics are often its most bipartisan. Some would say this was demonstrated in the wake of 9/11, when all those allegedly terrible national security laws were enacted by both parties, or in the run-up to war, when Democrats and Republicans united to topple Saddam Hussein. But I find it is most true when Washington takes a populist turn, which it is doing now with pugnacious stupidity, attacking that classic populist bogeyman: the “oil speculator.”


Sen. John McCain has declared the profits of American oil companies “obscene” and wants to hunt down “speculators” with congressional investigations. Sen. Barack Obama also sees “speculation” as the culprit behind our energy woes. Rep. Bart Stupak, D-Mich., blames Goldman Sachs and other Wall Street star chambers. House Speaker Nancy Pelosi warns that “we are putting oil speculators on notice.” Senate Majority Leader Harry Reid vows to “end speculation on the oil markets.” Even former House Speaker Newt Gingrich