Pete has an excellent post below on gasoline prices that has garnered a great deal of attention.  Take a look, for example, at this from Real Time Economics, which is part of the Wall Street Journal online.

First, it's great to be in the company of bloggers-in-crime like Pete and Andrew.

But beyond the self congratulation is a question: Why should anyone be surprised that there may be...or are...speculators on the price of oil?

If U.S. consumers are willing to pay ever higher prices for gasoline -- and so far there's absolutely no indication that they're not -- why shouldn't energy companies continue to raise those prices. That's textbook economic theory.  And if prices are going to continue to rise, or if some believe they will, isn't speculation likely?

In other words, why blame the oil companies and speculators if consumers have convincingly proven they wlll keep paying more for the same goods and services and show only limited indcations that they will change their behavior as the prices.

Aren't speculators really just betting that consumer behavior isn't going to change any time soon?