A Different Take on Speculators and Oil

We ref'd. Michael Masters testimony before the Senate Homeland Security and Government Affairs committee in a couple posts last week:

Commodity Prices: Hedge Fund says it's University Endowments and Pension Funds

Oil Prices: Are Pension Funds Fueling High Oil Prices

Here's The Mess That Greenspan Made arguing:

Fun with the Michael Masters report

Among many other things that Michael Masters might have you believe is that soaring commodity prices are somehow unprecedented in history. The chart below was an integral part of his congressional testimony (.pdf) last week when he asserted that institutional investors "are one of, if not the primary, factors affecting commodities prices today."...continued (with charts)