President Obama Announces Initiative To "Curb" Oil Futures Speculation -- Needs Congressional Action

His proposal: larger government -- increase the oversight of the free market system

Earlier this a.m. oil was up about 80 cents, prior to the speech.

At noon, oil is up about $1.65, following the speech.

Talking heads on CNBC suggest, and I agree with this, "speculators" don't care what the absolute price is; they are looking for volatility. Take away the "speculators" and the volatility goes away, and price of oil would probably trend higher over time, with less volatility.

Investors and mineral owners would benefit. At least that's the 30-second soundbite from the CNBC talking heads. I don't know about all of that, but there's no question "speculators" want volatility; absolute price doesn't mean a whole lot to them.