Thanks to Liberals, We All Have to Live with High Oil Prices
- Thread starter MASTERBAKER
- Start date
Bruh...............never mind, anyway. I don't need a graph, the man told us in a speech in 2002 (The link is to a speech he made in 2002) Now, we wanna act surprised when the expansion of the money supply creates rising prices? c'mon bruh
Bernanke's stated goal is inflation
Federal Reserve Chairman Ben Bernanke uses a “core CPI index” that excludes food and energy to guide monetary policy. From Big Ben’s point of view, rising gasoline prices are not a problem. For the rest of us, they are becoming a big problem.
Over the centuries, gold has been “the golden constant”. Eventually, all prices equilibrate with gold. This is why gold represents the best available standard in terms of which to define the value of a monetary unit. Forty-one years ago, when the value of the dollar was defined in terms of gold at $35/oz, WTI Crude was selling for $3.56/bbl."
Read brotha............Read ! ! !
Or should I just bump your "Where's the Inflation" thread again?
Did China, India etc have a growing industrial oil hungry economy then?
This.
I do suspect that the Iran Embargo have a part in this but from what I've heard, we won't feel the complete effects of it till around June...so yeah, we will be hurting.
What is your point?
Oil is traded in US Dollars only, so if it affects us, it really hits other nations harder because the dollar is the worlds reserve currency. All currencies are pegged to the dollar.
4 Lies About America's Energy "Crisis"
Bob Burnett
Berkeley writer,
retired Silicon Valley executive
March 9, 2012
Oil prices are escalating and Americans soon may pay $5 for a gallon of gasoline. This grim fact has not escaped the notice of politicians. America's latest energy crisis has prompted heated rhetoric from Republicans and Democrats. Here are four lies that have been bandied about.
Lie #1. The gas crisis is President Obama's fault. In the 2012 presidential campaign, Republicans planned to run on the economy, but it's been improving. They turned to cultural issues such as contraception, but gained no traction. Now some GOP candidates are seeing rising gas prices as their opportunity. Recently, the chair of the Republican National Committee wrote, "Thanks to the president, America is running on empty."
Most Americans don't hold President Obama responsible for rising gas prices. A new Washington Post poll spread the blame around:
- 18 percent of respondents blamed President Obama,
- 14 percent the oil companies,
- 11 percent "Iran/Middle East,"
- a whopping 38 percent cited other reasons, and
- 24 percent didn't know who to blame for rising prices.
There are many theories about why gas prices have risen, but the most logical explanation was voiced by Washington Post columnist Ezra Klein:<SPAN style="BACKGROUND-COLOR: #ffff00"> Americans are caught in an economic vise between the world's largest oil producer, Saudi Arabia, which holds exports steady to keep the price up, and the world's most desperate consumer, China, which has no choice but to buy oil at whatever the price is.</span> China's demand is driving world gasoline prices up and the US is suffering.
Lie #2. President Obama hasn't done anything to increase America's energy supply. Republicans claim the president has no energy policy and that's the reason for the gas crisis.
On March 7th President Obama spoke about his energy strategy:
" If we are going to control our energy future, then we've got to have an all-of-the-above strategy. We've got to develop every source of American energy -- not just oil and gas, but wind power and solar power, nuclear power, biofuels. We need to invest in the technology that will help us use less oil in our cars and our trucks, in our buildings, in our factories. That's the only solution to the challenge. Because as we start using less, that lowers the demand, prices come down... Since I took office, America's dependence on foreign oil has gone down every single year. In fact, in 2010, it went under 50 percent for the first time in 13 years."
On February 7th, Bloomberg News reported, "The U.S. is the closest it has been in almost 20 years to achieving energy self-sufficiency... Domestic oil output is the highest in eight years..." Republicans refuse to acknowledge the truth: America has energy, in general, but not enough oil.
Lie #3. The president hasn't done enough to bring new petroleum resources on line: Republicans chant "Drill, baby, drill." Recently, Mitt Romney said. "Obama should do more to open up domestic sites for drilling, including the Arctic National Wildlife Refuge in Alaska." None of these suggestions would remedy soaring gasoline prices. For example, if the decision was made to drill in ANWR it would take 10 years before this oil reached our pumps and then it would only slightly diminish our need to import oil. Republicans refuse to acknowledge the obvious: America doesn't have enough oil and must turn to alternatives.
Many believe the solution is to increase our use of natural gas. America has humongous natural gas deposits that lie within shale. The largest is the Marcellus shale deposit running from West Virginia to upstate New York; it's thought to hold a one-hundred-year supply of natural gas. The technique used to access the natural gas is hydraulic fracturing ('fracking"): a deep hole is drilled, an explosion is set off, special solvents are injected, and the embedded gas is liberated and floats into holding containers. (While this process has produced large amounts of natural gas, it has disturbing environmental consequences. Fracking has damaged communities, polluting their drinking water and their streams and rivers: "On New Year's Eve a 4.0 magnitude earthquake in Youngstown, Ohio, was blamed on the injection of high-pressure fracking water along a seismic fault.")
Lie #4. The president has exaggerated the environmental consequences of an all-of-the-above energy strategy. Republicans claim President Obama doesn't have an effective energy strategy because he's beholden to environmentalists
The reality is that Republicans have no energy strategy because they are beholden to the oil and gas industry. Since 1990 oil and gas companies have contributed $238.7 million to candidates and parties and 75 percent has gone to Republicans -- a higher percentage this year. It's not "drill, baby, drill," it's "money, baby, money."
http://www.huffingtonpost.com/bob-burnett/energy-crisis-myths_b_1334398.html
So you what's your connection to oil inflation and QE?
BTW, forty years ago we didn't have OPEC.
QE1, QE2, stimulus, in a nutshell is creating $$$ out of thin air. When you have the increase in money supply without an equal expansion in productivity, the result is rising prices.
Also, speculation is an issue but I've always asked the question; Where do the speculators get the $$$? And the answer is they borrow it from the FED at 0% interest (You or I don't have this privilege, only the FED member banks). There is NO RISK, it is "cheap money". However, if the interest rates were set in a "free market", the speculation would tail off and prices would adjust accordingly.
Bruh, LOL, you attempt to tie EVERYTHING to the same evil, the FedRes.
Seriously, reading Theory 1a I get the feeling (and I recognize that I am 'speculating' here) that you felt the need to address the "Speculation" argument because Theory 1, alone, couldn't dismiss it. Hence, you mentioned 'speculation' in short shrift but then you quickly attempted to make it too fit into your FedRes argument. LOL
Why not just admit it: speculation is a by-product of free-market ideology/practice and, at times, threatens the equilibrium to a point that it demands regulatory consideration.
Its simple, human speculation/greed is nothing more than humans being human and we all know that human conduct does and will threaten the good order of society to a point that it demands, regulation, i.e., the criminal law.
Is it selective incompetence, willful ignorance, or just plain old dumb.
Gas prices are high because world demand is high.
Gas prices are higher than they would be because of massive printing by the Federal Reserve.
Despite dropping demand in the United States, it is more than compensated by rising demand in China and India.
The United States imports most of its oil, so it is very sensitive to world gas prices.
Add it all up, and you get gas prices that are never coming back down.
Blaming speculators is childish and asinine. It's like blaming the gas station for the high prices. It's not just speculators, or one gas station, gas prices are high everywhere in the world!
Do speculators control the price of gas in China, or Kuwait, or Brazil?
Obama could have gotten the country on track to use gas more efficiently by penalizing SUV drivers, eliminating the Fed/bailout banks, stopping the wars, and reducing the military, all of which would save HUGE AMOUNTS OF GAS and keep gas prices lower.
No. Instead, Obama spent all his political capital on the non-issue of healthcare. In the meantime, jobs are disappearing, food costs are skyrocketing, and gas is rising to the stratosphere.
And, there are people who want 4 more years of that? This country is doomed.
Gas prices are high because world demand is high.
Gas prices are higher than they would be because of massive printing by the Federal Reserve.
Despite dropping demand in the United States, it is more than compensated by rising demand in China and India.
The United States imports most of its oil, so it is very sensitive to world gas prices.
Add it all up, and you get gas prices that are never coming back down.
Blaming speculators is childish and asinine. It's like blaming the gas station for the high prices. It's not just speculators, or one gas station, gas prices are high everywhere in the world!
Do speculators control the price of gas in China, or Kuwait, or Brazil?
Obama could have gotten the country on track to use gas more efficiently by penalizing SUV drivers, eliminating the Fed/bailout banks, stopping the wars, and reducing the military, all of which would save HUGE AMOUNTS OF GAS and keep gas prices lower.
No. Instead, Obama spent all his political capital on the non-issue of healthcare. In the meantime, jobs are disappearing, food costs are skyrocketing, and gas is rising to the stratosphere.
And, there are people who want 4 more years of that? This country is doomed.
Jobs are not disappearing, you're wrong.
Health care is both a social and economic issue that you clearly don't understand.
You scoff at 4 more years of Obama so which alternative do you prefer and why?
Okay, the high-paying industrial, manufacturing, technical jobs are disappearing and are replaced with low-paying service, sales, clerical jobs.
Happy now?
What good is health care if no one has a job that can pay for it?
My alternative is to disband the United States corporation and start from scratch. The United States is a failure and there needs to be another organizational structure, if any of us stand a chance for the future.
You are still incorrect about the jobs. There are high paying industrial jobs right now that can't be filled because of the lack of qualified workers.
Since you got the jobs part wrong, your part about healthcare is wrong as well. In fact more jobs are offering healthcare because of the insurance reform bill. I posted that fact months ago.
Your solution is a farce and one of those things people say when they don't really want to do anything.
And you didn't answer my question about alternatives to Obama since Dissolution of the US isn't on the ballot.
So you have all the facts. I guess you must be perfect then?
I won't let the reality of empty office space, struggling businesses, disappearing home equity, collapsing municipal tax rolls, and rampant abandonment interfere with your delusions about Obama.
Sure, there are lots of jobs out there. I see them all around my community and city. It is magical. All these homeless people and lines at the unemployment office are pure figments of the imagination.
It seems you think the only possibilities are the ones the politicians put in front of you. Yep, that has worked so well in the past. Look where we are today, because of it.
Wow.
How dare I want to argue using facts, old facts at that. I'm such a snob.
Clearly, you won't let any reality influence you're opinion. You long ago established that but thanks for the reminder.
In your mind, with your limited imagination and information, you see homeless people and think "there can't be any jobs available". There are lines at the unemployment office because people are now back trying to get jobs that they've heard are now available just like there are people there who aren't working who need to file for their unemployment.
The only possibilities I even entertain are ones that may actually come to pass.
Again "Dissolution of the United States" isn't on the ballot,so which alternative do you prefer and why? What makes them better than the current office holder? If this question is too hard or you know your answer is stupid, just say so. I will understand. I work with special needs adults every day. I get you.
I admittedly have little knowledge on our oil supply or the oil futures market. I understand renewable energy and all that. But the oil supply debate has always baffled me.
Can someone explain this? I am dead ass serious. You can call me dumb or whatever but I know bgol will have the answer.
Lets say we drill baby drill and increase our oil supply. Its not like we have nationalized oil companies. We would be opening up our oil to Shell/BP/ect... now if we did that - wouldn't that just take that oil and mix it with the rest of the oil they have around the world or just simply sell it on the world market (for more profit)? Why would they save that for Americans only? Wouldn't then the world market kinda dilute the new influx of oil and the prices might come down only a little?
Okay - lets say we keep it only to be sold to us. Why wouldn't the Saudis and everyone else simply reduce their supply to keep the market going? Sure with us out - China would not pay as much, but if they manipulate supply - it means their oil would be priced higher than our special oil. The oil companies would go ham and either raise their prices or sell to other countries. Profit would be king.
It seems the only way to be truely dependent is to nationalize our oil or build alternative energy that can't be readily sold to other countries for profit. That's the only way to turn private business nationalistic.
I could be very wrong and will gladly take the criticism if I could get this knowledge. Peace.
Can someone explain this? I am dead ass serious. You can call me dumb or whatever but I know bgol will have the answer.
Lets say we drill baby drill and increase our oil supply. Its not like we have nationalized oil companies. We would be opening up our oil to Shell/BP/ect... now if we did that - wouldn't that just take that oil and mix it with the rest of the oil they have around the world or just simply sell it on the world market (for more profit)? Why would they save that for Americans only? Wouldn't then the world market kinda dilute the new influx of oil and the prices might come down only a little?
Okay - lets say we keep it only to be sold to us. Why wouldn't the Saudis and everyone else simply reduce their supply to keep the market going? Sure with us out - China would not pay as much, but if they manipulate supply - it means their oil would be priced higher than our special oil. The oil companies would go ham and either raise their prices or sell to other countries. Profit would be king.
It seems the only way to be truely dependent is to nationalize our oil or build alternative energy that can't be readily sold to other countries for profit. That's the only way to turn private business nationalistic.
I could be very wrong and will gladly take the criticism if I could get this knowledge. Peace.
You are not wrong. If you reached your conclusions based on supposition, then your intuition is very good. Many of the critical facts on this issue that are never mentioned or discussed on television news — (CNN, NBC/MSNBC, CBS, ABC, <s>FOX</s> FAKE) — which sad-to-say, is the sole source of “news” for almost 90% of americans — these critical facts were spelled out in another post on the Politics board. – http://www.bgol.us/board/showthread.php?t=493938
Now let’s deal with the Oil Mafia’s lies of 2012. The Oil Mafia wants to build a Tar Sands Oil Pipeline from Canada 1,700 miles through the middle of America, crossing over a precious Nebraska resource, the huge Ogallala Aquifer (clean drinkable water) that covers 174,000 square miles under eight states.
The RepubliKlan governor of Nebraska opposed the Tar sands pipeline due to justifiable concerns that it will rupture and contaminate the aquifer. His concerns are justified, an existing TransCanada’s pipeline has already leaked 12 times in six states during its first year of operation.
Here are some facts that the “corporate television media” won’t tell the American sheeple.
1) None of the oil that is extracted from the tar sands after it travels 1,700 miles from Canada down to the Gulf, and is refined into gasoline, heating oil & diesel, will go to the domestic market — NONE!! — It will ALL be exported overseas.
2) The Oil Mafia continues to propagandize about the thousands of jobs that the Tar Sands Pipeline would create. Their talking points first included chatter about “tens-of-thousands of jobs” — then when challenged the Oil Mafia scaled that number back to “about 5000 jobs” . In fact several labor unions have given support to the project based upon these speculations. Cornell University just finished a comprehensive study at the behest of some labor unions who have voiced support for the project — their amazing conclusion is that the Tar Sands pipeline will produce – TWENTY (20) Permanent JOBS, 20!! - READ: HERE
The Democratic US Senator from the state of Oregon Ron Wyden flushed out the lying ‘slave bitch’ RepubliKlan US Senators, who are all 100% owned by the Oil Mafia, by offering an amendment to a Tar Sands pipeline approval bill that would mandate that:
1) Only US produced steel be used in the construction of the pipeline and that ALL oil products refined in Houston from the tar sands (gasoline, heating oil etc.) be used EXCLUSIVELY in the United States.
Needless to say Every RepubliKlan Senator Voted Against Wyden’s Amendment. RepubliKlan Senator John Hoeven of North Dakota admitted before the vote, that the passage of this amendment would doom the project — because the Tar Sands pipeline owner, TransCanada, intends to build the pipeline with foreign steel and ship its foreign oil for export to foreign markets. Bet you didn’t hear about this on the “corporate television media”. READ: HERE
Now let’s address the incessantly repeated RepubliKlan Lie that is shamelessly regurgitated, perpetually on most of the “corporate television media”— (CNN, NBC/MSNBC, CBS, ABC, <s>FOX</s> FAKE) — the LIE that the Obama administration is stifling US oil production because it is more interested in “GREEN” energy. What a bold face lie! Look at the chart below; you won’t see it displayed on the “corporate television media”. If you have a bloomberg terminal you can pull it up youself.
It shows that since Obama was elected the Oil Mafia has exported more oil than ever. In fact they are exporting the most oil in US history. Furthermore Obama has reopened deep water drilling in the Gulf and Obama has even approved a new nuclear power plant in Georgia; the first new US nuclear plant since the 1980’s. US imports of oil are at the lowest levels in decades. When you see these RepubliKlan liars on television talking about Obama NOT breaking US dependency on foreign oil; now you know they are lying. Don’t be a typical American sheeple; conned by the oligarchs. What do you think would happen to the price of gasoline in the US if less gasoline was exported overseas and mandated for domestic consumption?? You know the answer!
[/color]
You are not wrong. If you reached your conclusions based on supposition, then your intuition is very good. Many of the critical facts on this issue that are never mentioned or discussed on television news — (CNN, NBC/MSNBC, CBS, ABC, <s>FOX</s> FAKE) — which sad-to-say, is the sole source of “news” for almost 90% of americans — these critical facts were spelled out in another post on the Politics board. – http://www.bgol.us/board/showthread.php?t=493938
Now let’s deal with the Oil Mafia’s lies of 2012. The Oil Mafia wants to build a Tar Sands Oil Pipeline from Canada 1,700 miles through the middle of America, crossing over a precious Nebraska resource, the huge Ogallala Aquifer (clean drinkable water) that covers 174,000 square miles under eight states.
The RepubliKlan governor of Nebraska opposed the Tar sands pipeline due to justifiable concerns that it will rupture and contaminate the aquifer. His concerns are justified, an existing TransCanada’s pipeline has already leaked 12 times in six states during its first year of operation.
Here are some facts that the “corporate television media” won’t tell the American sheeple.
1) None of the oil that is extracted from the tar sands after it travels 1,700 miles from Canada down to the Gulf, and is refined into gasoline, heating oil & diesel, will go to the domestic market — NONE!! — It will ALL be exported overseas.
2) The Oil Mafia continues to propagandize about the thousands of jobs that the Tar Sands Pipeline would create. Their talking points first included chatter about “tens-of-thousands of jobs” — then when challenged the Oil Mafia scaled that number back to “about 5000 jobs” . In fact several labor unions have given support to the project based upon these speculations. Cornell University just finished a comprehensive study at the behest of some labor unions who have voiced support for the project — their amazing conclusion is that the Tar Sands pipeline will produce – TWENTY (20) Permanent JOBS, 20!! - READ: HERE
The Democratic US Senator from the state of Oregon Ron Wyden flushed out the lying ‘slave bitch’ RepubliKlan US Senators, who are all 100% owned by the Oil Mafia, by offering an amendment to a Tar Sands pipeline approval bill that would mandate that:
1) Only US produced steel be used in the construction of the pipeline and that ALL oil products refined in Houston from the tar sands (gasoline, heating oil etc.) be used EXCLUSIVELY in the United States.
Needless to say Every RepubliKlan Senator Voted Against Wyden’s Amendment. RepubliKlan Senator John Hoeven of North Dakota admitted before the vote, that the passage of this amendment would doom the project — because the Tar Sands pipeline owner, TransCanada, intends to build the pipeline with foreign steel and ship its foreign oil for export to foreign markets. Bet you didn’t hear about this on the “corporate television media”. READ: HERE
Now let’s address the incessantly repeated RepubliKlan Lie that is shamelessly regurgitated, perpetually on most of the “corporate television media”— (CNN, NBC/MSNBC, CBS, ABC, <s>FOX</s> FAKE) — the LIE that the Obama administration is stifling US oil production because it is more interested in “GREEN” energy. What a bold face lie! Look at the chart below; you won’t see it displayed on the “corporate television media”. If you have a bloomberg terminal you can pull it up youself.
It shows that since Obama was elected the Oil Mafia has exported more oil than ever. In fact they are exporting the most oil in US history. Furthermore Obama has reopened deep water drilling in the Gulf and Obama has even approved a new nuclear power plant in Georgia; the first new US nuclear plant since the 1980’s. US imports of oil are at the lowest levels in decades. When you see these RepubliKlan liars on television talking about Obama NOT breaking US dependency on foreign oil; now you know they are lying. Don’t be a typical American sheeple; conned by the oligarchs. What do you think would happen to the price of gasoline in the US if less gasoline was exported overseas and mandated for domestic consumption?? You know the answer!
Appreciate it man - this shed a lot of light on the subject. It just never made sense. I was arguing with my law professor the other day about relying on big business to "bring us out of the recession" when they are not nationalistic. Their only motive is profit. They are like little children - you let them play unattended and unsupervised and they will blow the house down.
source: Solar & Wind Living
Oil Speculators Are Now In Control Of 80% Of The Oil Futures Market
The American Automobile Association expects the average price of gasoline to reach $4.50 a gallon by Memorial Day. Sen. Bernie Sanders on Monday renewed his call for federal regulators to stop Wall Street speculators from pushing up crude oil prices. Bart Chilton, one member of the Commodity Futures Trading Commission, told Sanders he was drafting regulations to curtail "excessive speculative trading." President Obama, Sanders said, should be more aggressive. He should tell Gary Gensler, the chairman of the five-member commission, that "you've got to do it and you've got to do it now."
In a letter to the Chairman of the Commodity Futures Trading commission and it’s Commissioners, Bernie Sanders and 69 other fellow Senators asked that the commission take immediate action to impose strong and meaningful position limits, and to utilize all authorities available to make sure that the price of oil and gasoline reflect the fundamentals of supply and demand.
The letter also points out that the debate as to whether spikes in oil prices are caused by the fundamentals of supply and demand is over. Speculation is now playing a big role. According to a Goldman Sachs report, that debate is surely over, and guess what? Exxon Mobile, the Saudi Government, the American Trucking Association, Delta Airlines, the Petroleum Marketers Association and even the St. Louis Federal Reserve have all taken the position that excessive speculation increases oil and gasoline prices.
According to the Energy Information Administration, the supply of oil and gasoline is higher today than three years ago, when the national price for a gallon was $1.90. And while the national price of gasoline has almost hit $4, the demand for oil in the U.S. is at its lowest level since April of 1997.The global supply of oil is not the issue. According to the letter written by the Senators the world supply of oil has outpaced the demand while at the same time the price of Texas light sweet has risen 12%. Oil speculators are now in control of 80% of the oil futures market, double what it was ten years ago.
It wasn’t that long ago, speculators and their self serving actions brought down our economy. Now while we are still recovering from that disaster, those same speculators are now creating a similar situation in the oil markets. Dodd-Frank legislation mandated a control of these excesses in speculation and were supposed to be in place no later than January 17<SUP>th</SUP> of 2011, but a year later and still nothing has been done.
Bart Chilton, a Commissioner at the Commodity Futures Trading Commission whose primary and most important mission is to insure that prices Americans pay at the pump is fair and free from fraud, abuse and manipulation wrote a reply to the senators. In his reply he admittedly pointed that speculation in the market drives up the price so much that a single F-150 will pay more than $700 at the pump yearly, now multiply that number times how many F-150s are on the road and you begin to see the extent of the pressure this speculation puts on our recovering economy.
But don’t look to the industry to help, the oil and gas folks are in it to win it and if the speculators have their way as they did in the housing market, the crash will be hard but not before the pain is felt. Politicians are wrong to blame the President on this one. He seems to be the only one with the courage to push for renewable energy. Pick up your phone and call your politicians. The only way we can continue our recovery is to stay informed and ahead of the problem. Our recovery will be short-lived if we allow the fleecing to continue.
Oil Speculators Are Now In Control Of 80% Of The Oil Futures Market
The American Automobile Association expects the average price of gasoline to reach $4.50 a gallon by Memorial Day. Sen. Bernie Sanders on Monday renewed his call for federal regulators to stop Wall Street speculators from pushing up crude oil prices. Bart Chilton, one member of the Commodity Futures Trading Commission, told Sanders he was drafting regulations to curtail "excessive speculative trading." President Obama, Sanders said, should be more aggressive. He should tell Gary Gensler, the chairman of the five-member commission, that "you've got to do it and you've got to do it now."
In a letter to the Chairman of the Commodity Futures Trading commission and it’s Commissioners, Bernie Sanders and 69 other fellow Senators asked that the commission take immediate action to impose strong and meaningful position limits, and to utilize all authorities available to make sure that the price of oil and gasoline reflect the fundamentals of supply and demand.
The letter also points out that the debate as to whether spikes in oil prices are caused by the fundamentals of supply and demand is over. Speculation is now playing a big role. According to a Goldman Sachs report, that debate is surely over, and guess what? Exxon Mobile, the Saudi Government, the American Trucking Association, Delta Airlines, the Petroleum Marketers Association and even the St. Louis Federal Reserve have all taken the position that excessive speculation increases oil and gasoline prices.
According to the Energy Information Administration, the supply of oil and gasoline is higher today than three years ago, when the national price for a gallon was $1.90. And while the national price of gasoline has almost hit $4, the demand for oil in the U.S. is at its lowest level since April of 1997.The global supply of oil is not the issue. According to the letter written by the Senators the world supply of oil has outpaced the demand while at the same time the price of Texas light sweet has risen 12%. Oil speculators are now in control of 80% of the oil futures market, double what it was ten years ago.
It wasn’t that long ago, speculators and their self serving actions brought down our economy. Now while we are still recovering from that disaster, those same speculators are now creating a similar situation in the oil markets. Dodd-Frank legislation mandated a control of these excesses in speculation and were supposed to be in place no later than January 17<SUP>th</SUP> of 2011, but a year later and still nothing has been done.
Bart Chilton, a Commissioner at the Commodity Futures Trading Commission whose primary and most important mission is to insure that prices Americans pay at the pump is fair and free from fraud, abuse and manipulation wrote a reply to the senators. In his reply he admittedly pointed that speculation in the market drives up the price so much that a single F-150 will pay more than $700 at the pump yearly, now multiply that number times how many F-150s are on the road and you begin to see the extent of the pressure this speculation puts on our recovering economy.
But don’t look to the industry to help, the oil and gas folks are in it to win it and if the speculators have their way as they did in the housing market, the crash will be hard but not before the pain is felt. Politicians are wrong to blame the President on this one. He seems to be the only one with the courage to push for renewable energy. Pick up your phone and call your politicians. The only way we can continue our recovery is to stay informed and ahead of the problem. Our recovery will be short-lived if we allow the fleecing to continue.
. . . this guy could really learn a thing or two from the people over at Lamar Cruise.nah thanks to mothafuckas being passive
and lazy and greedy and relying on government
and thinking that if bush sent troops over to kill in iraq
gas would get cheaper
mothafuckas were all for killing those people
now the same mothafuckas are killing their pockets.
that kony shit backfired...prepare for the next attempt
they might just be like fuck all that and just invade
aint like the American public can do shit.
and lazy and greedy and relying on government
and thinking that if bush sent troops over to kill in iraq
gas would get cheaper
mothafuckas were all for killing those people
now the same mothafuckas are killing their pockets.
that kony shit backfired...prepare for the next attempt
they might just be like fuck all that and just invade
aint like the American public can do shit.
