If you're a frequent flyer, you've probably seen this letter from the CEOs of your favorite airlines (or the Teamsters) calling on Congress to punish Big Oil speculators from artificially driving up the price of fuel (and therefore the cost of your food, goods, and now airline prices).

Twenty years ago, 21 percent of oil contracts were purchased by speculators who trade oil on paper with no intention of ever taking delivery. Today, oil speculators purchase 66 percent of all oil futures contracts, and that reflects just the transactions that are known. Speculators buy up large amounts of oil and then sell it to each other again and again. A barrel of oil may trade 20-plus times before it is delivered and used; the price goes up with each trade and consumers pick up the final tab. Some market experts estimate that current prices reflect as much as $30 to $60 per barrel in unnecessary speculative costs.

Let me repeat that last part.

Some market experts estimate that current prices reflect as much as $30 to $60 per barrel in unnecessary speculative costs.

On June 24, Tom Udall voted to regulate this speculation to help bring the price of oil down. Steve Pearce voted against it.

Probably not too surprising that he's gotten $596,324 in political donations from the oil and gas industry. Just thought you should know.