[SinyugiN]

The argument is that they would put their money in less risky investments if Feds would let interest rates rise.

While I agree the Fed needs to let interest rates rise, the basic premise of the argument is flawed. Speculators put their money where they can get the best return. Since heroin and cocaine are illegal, oil is the next best thing. Addict is going to pay whatever it takes--oil is not a high-risk investment.