It should be about a market for buyers and sellers - not middle men and brokers. I know, there's a thousand reasons why it's a good thing - but I have one reason why it's bad....it adds cost to the product - pure and simple. Some will say it balances out during the long term - but remember that Milton Friedman [one of the fathers of modern economics] said that the problem with long term planning is that most of us are dead in the long term [I paraphrase].
But I don't believe it does zero out in the long term. I believe one of the reasons we fell into the great depression of 2009 was the rising gas prices. I caused a slow down of spending in other areas - and that combined with some interesting financial system trickery - the world economy blew up. We are on the same path now - and I believe it's because we have people trying to hedge large currency plays - they don't care if it's factional gains or losses - it's about keeping their "money in motion".
Buying and selling contracts on the commodities market is just good business when you need to to move huge sums of money. Unless you are actually a "buyer" of the raw material [crude or gasoline]. Your goal it to match and balance three things - your raw materials, your production and your inventory. Buy too much and you loose money - but too little and you miss out on revenue and profits. Those are real business concerns. And they have a huge impact on the lives of millions of people in the country.
Our law makers need to actually do something - quit having meeting, quit taking money from the power brokers, and actually think through what is in the best interest of this country, rather than their own best interest - or their next re-election campaign.
I may not be simple - but it can be done.