Goldman Sachs asked the Commodity Futures Trading Commission to cancel the controls on commodity speculating in 1991. Their placeman in government agreed to their request. This is where the oil bubble came from, and is why fuel prices have doubled. It is also the reason why food prices have doubled, driving the poorest of the world into hunger. Futures traders speculating are responsible for controlling all commodity markets. Market prices are based on betting, not on demand from the cash markets.
Russia cut off its wheat exports last year, because futures traders asked them to.
The use of QE by the Federal Reserve, a private bank operated by the same people who run Goldman Sachs and the like, has driven up the level of futures speculation to even greater heights, sending many more millions of people into hunger. It does all seem a tad unfair.
Real Econ TV.