On Tuesday President Barack Obama gave a speech about . . . nothing. At 11:27 a.m. in the Rose Garden, Mr. Obama did announce a crackdown on speculators in the oil markets. And he did call for more investigations, more regulation and more money for regulators. But we couldn't help wondering if perhaps a few pages had been left out of the TelePrompter.

Nowhere in his remarks did the President claim that speculation is doing any harm. He did not cite any negative impact on the oil market. He did not say that speculators are manipulating oil prices, nor did ...