BP is clearly in the game to maximize profits, and the higher they can push prices through their trading on exchanges, the better for BP's bottom line. How many other producers worldwide are playing the same game?
Goldman/Wall Street Profiting From Housing Market's Collapse, Erosion of Municipal Bonds, Explosion in Oil Prices
Sadly, for our once respected and emulated financial system, playing a double sided game for single sided profit seems all too often the norm of the day. It just seems some are better at it than others.
Obama should threaten a veto if financial reform is impotent. Certainly the nation would feel that they regained a government responsive to them, and even if no bill is passed at this time, at least they have not been held as fools.
Government policies should address the needed steps toward lower oil consumption, not the transfer of billions to the oil companies and their allies on Wall Street.