I sent this article to the Jewish World Review in response to Dick Morris's column condemning speculators. I never heard from them, so I posted it on the Mises Blog. The opening paragraph:

In a July 21, 2008 column in the Jewish World Review with a shouting headline of STOP OIL SPECULATION NOW!, Dick Morris and Eileen McGann argued that the government should take action to restrict trading in futures markets. They are mistaken, however, in their assessment of oil speculation. Speculation is an important part of the supply and demand process.

If you want, RTWT.