In the endless search for culprits, a new explanation for high gas prices has recently surfaced: speculators. On June 20, Rep. Bart Stupak (D-Mich.) introduced revised legislation to address "excessive energy speculation." On July 1, Sen. Johnny Isakson (R-Ga.) argued for oil independence, saying "[I]t will have a positive impact on speculation."

Before condemning speculators and passing burdensome legislation, perhaps politicians should take a deep breath and think about the important, and absolutely necessary, social function speculators play in our economy.

In fact, it is hard to imagine a world without speculation. The authors of this editorial both speculated when signing contracts with Mercer University — we placed a bet that for the next academic year, Mercer provides the best employment opportunity for the two of us. Our students are speculating that the up-front cost they are incurring to obtain their undergraduate and MBA degrees is a gamble worth taking — they all hope to make higher returns in the future, but this is uncertain and clearly speculation.

Even readers of The Atlanta Journal-Constitution speculate each morning when purchasing a paper: They are betting that the value they receive from reading the paper (and, perhaps, cutting a few coupons) is greater than the price they are paying. There's no guarantee that these bets will pay off, but we allow and embrace this kind of gambling.

So what, we wonder, makes oil different? In our minds, there is no real difference between oil and education or newspapers — they are all goods/services that better satisfy consumer desires. The goal of oil speculators, students, professors and readers of the AJC is the same: to derive value from the exchanges we make on an everyday basis. That's all that people are after. Day in and day out we speculate, hoping that the fruit we consume will bring greater happiness than the price we paid for it. Simply put, we are self-interested and this motivator is a powerful force for good.

Self-interest is a good and powerful motivator of individual behavior and, more importantly, helps to make society better off. The high prices at the gasoline pump cause consumers to drive less and encourage producers to find more oil. As consumers, we also want gasoline to be available to us tomorrow. How is the future need for gas and oil incorporated into the market? It is by the demonized, greedy, self-interested speculators looking to make a buck.

The actions of oil speculators make sure that gas will be available for you and me in the future. If we were to abolish speculation, valuable information about the future price of oil would be lost. Excessive oil would be consumed in the present, and we would have nobody committed to providing oil in the future. By limiting speculation, the government distorts the market and makes us all worse off.