NEW YORK, NY July 09, 2008 —Mayor Michael Bloomberg says it's a mistake to blame the global run up in energy prices on speculators. WNYC's Bob Hennelly has more.

REPORTER: While Congress looks to put the brakes on energy speculators, Mayor Bloomberg says the government should push to cut oil consumption while promoting energy alternatives that also reduce greenhouse emissions.

BLOOMBERG: The big run up is not because of speculators. The big run up is because more and more people are using energy.

REPORTER: For weeks Congress has heard from experts like University of Maryland law professor Michael Greenberger who says the combination of deregulation of energy trading and the role of hedge funds and off-shore banking is leaving consumers vulnerable to wild market gyrations.

GREENBERGER: All of this could be laid at the steps of thinking that free markets will protect themselves. They need regulation and we learned that in the 1920s.

REPORTER: Yesterday oil prices backed of slightly from their recent record high of more than $140, giving bulls on Wall Street a day pass. For WNYC I am Bob Hennelly.