The truth behind the latest energy price spikes. Hint: it involves Wall Street

The news is abuzz with turmoil in the Middle East and what that might mean for Americans who are already seeing higher energy prices at the pump. Yahoo Tech|Ticker’s Aaron Task just interviewed Public Citizen’s Tyson Slocum about recent energy price spikes. In the interview, Slocum, head of Public Citizen’s energy division, explains that there is plenty of crud oil to go around and the unrest in Libya doesn’t statistically justify the current $100 a barrel oil prices.

In a blog post following his interview with Slocum Task writes,

Because of the profitability of proprietary trading, Wall Street firms are keen on ‘preserving access to this under-regulated markets,’ [Slocum] says, referring to derivatives generally and energy futures specifically. ‘But what’s good for Goldman Sachs is not necessarily good for motorists, small businesses or anybody else exposed to higher energy prices.’

Watch Tech|Ticker’s interview with Tyson Slocum to learn more about this issue.

Learn more about Public Citizen’s work on important energy issue’s like this by visiting our energy page online.