Speculators are often scapegoats, economists say

By William L. Watts, MarketWatch

LONDON (MarketWatch) -- Once again, it's open season on speculators.

The popular tale holds that with the rise of long-only commodity index funds and increased interest in commodities from pension funds and other players, speculators must be to blame for surging oil prices and have probably been the prime culprit in the steep rice in prices for food and other commodities as well

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Paul Krugman has commented on this article too:

I also believe that the tell tale signs of speculation are missing from the current boom in oil prices. It is only time which will tell how much of the oil demand actually gets reduced.

Rritu