I agree that speculation isn't the sole cause of the price increase in oil since there are other buyers besides speculators and the post's long quote from Matt

I agree that speculation isn't the sole cause of the price increase in oil since there are other buyers besides speculators and the post's long quote from Matt Taibbi’s Griftopia acknowledges this. The quote gives facts to show the increase in speculative demand for oil was more or less equal to the increase in China's demand. If China makes up a substantial amount of the change in demand that drives up the price of oil then speculation does as well. I agree with you about the effect of inflation and the post only covers 15 foods and oil in detail so an argument that speculation is the sole cause of price increases would be false. An argument that speculation is a driver in the prices of all commodities would be an extrapolation that requires more evidence. However, breakthroughs in drilling for natural gas gives a reason for natural gas to be an exception, not for all commodities to be devoid of speculation's influence.