Bloomberg:

The role that is played by non-traditional participants such as index investors and other financial participants often has been mischaracterized,” Don Casturo, a Goldman Sachs managing director, said in prepared remarks today for hearings at the Commodity Futures Trading Commission (CFTC) in Washington.

The gentleman who will decide the issue, CFTC Chief Gary Gensler, is a Goldman Sachs alum. He claims to now favor reigning in speculation in oil and other markets. I guess we have no choice other than to give him the benefit of the doubt.

He talks a good game, at least. Excerpt from a recent Washington Post article:

Using existing powers, Gensler is pushing for tighter regulation of the trade in oil, wheat and other commodities as evidence grows that speculators have been inflating prices.