By John Tamny of RealClearMarkets
In the Wall Street Journal last week, French president Nicolas Sarkozy teamed up with U.K. Prime Minister Gordon Brown on a piece meant to reduce oil-price volatility. Given their shared view that oil volatility “damages both consumers and producers”, they have called upon the International Organization of Securities Regulators “to consider improving transparency and supervision of the oil futures markets in order to reduce damaging speculation.”
Sadly, for those around the world reliant on stable oil prices, their alleged solutions completely miss the point. And they’ll do nothing to reduce substantial volatility when it comes to the price of oil.
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