Here is an interesting video news story from 60 Minutes that aired Jan. 12th 2009. It is being claimed that investment bankers speculating in the commodities markets were dramatically affecting the prices of crude oil and that the resulting price at the pump was due to the speculation and not supply and demand. In the end of the video it is stated that "regulatory lapses in the commodities markets that many believe fomented the rapid speculation in oil has still not been addressed although the incoming Obama administration has promised to do so." One has to wonder what kind of regulation on commodities will be coming and who will be doing the regulating. This appears to be another problem - reaction - solution scenario unfolding with the Federal Reserve grabbing more power.