A very smart post via The Oil Drum. When news of the CFTC declaration that speculation was the cause of last year's run-up in oil prices I thought about writing an "I told you so" post. We've done at least twenty posts on speculation in the oil markets in the last fifteen months.
Instead I confined myself to a single comment at Henry Blodget's GreenSheet:
CFTC Blames Oil Speculators For Price Spike