07/03/2008 05:12 am ET Updated May 25, 2011

Daniel Yergin, Oil Expert, Doesn't Blame Speculators For Oil Prices

One of the most dangerous places to be is between a politician and a TV camera. The orgy of self-importance going on in Washington over the role of "speculators" in the energy market has caused a dangerous stampede to get on the air with vehement, if inaccurate, denunciations of the evil folk who trade in the futures market.

At least today, Wednesday, we will see a grown-up take the stand.

Daniel Yergin of Cambridge Energy will appear. In 1991, Yergin wrote the best book I have ever read about the oil industry, called "The Prize."

The New York Times highlighted what will likely be his testimony today. Yergin will say that "the rise in oil prices can be explained by basis economic factors, such as limited growth in supplies in recent years, a weakening dollar, a global surge in energy demand and a string of production disruptions in countries like Nigeria."