Her contention was simple, that we needed to dramatically increase the supply of oil by drilling everywhere regardless of the environmental implications. A new report out by 60 Minutes appears to put the Bachmann meme to rest and blames the spike in gas prices on rampant speculation.
The historic swings in oil prices last year were the result of financial speculation from Wall Street and not supply and demand say several sources from the financial and oil communities.
Leading the charge in making huge bets on the price of oil were investment banks and hedge funds, these sources tell 60 Minutes correspondent Steve Kroft for a report to be broadcast this Sunday, Jan. 11, at 7 p.m. ET/PT.
All the while, Amy Klobuchar was discussing the REAL problem...