The Hill News

Here we are again. Gas prices are on the rise and citizens want to know why. They feel in their gut that the system is rigged. And in fact, they are right.

The cost of gas is not going up because of decreased supply. The world oil supply rose by 1.3 million barrels per day in the last quarter of 2011.

The cost of gas is not going up because of increased demand in America. Demand for oil in America is at an 11-year low.

So what is going on? The answer in short is that the futures market for oil is being operated like a casino.

Let me explain.

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