Federal regulators charged five oil speculators Tuesday with manipulating the price of crude and making a $50 million profit from the scheme.
I suspect that the Obama Administration is doing this for political reasons. They are feeling the heat for the high gasoline prices and are attempting to deflect attention away from their own policies.
Their own policies are to get higher energy prices so that uneconomical "green" energy will be more competitive with oil. A better strategy would be to make so called "green" energy more competitively priced than oil is now. Then there would be no need for subsidies. In my opinion, it is a mistake to make war on oil just because you believe that it is the energy of the past. It is still the energy of the present until something better comes along. Obama should just leave it alone. The problem will take care of itself.
3 comments:
the problem will take care of itself? that's as moronic as claiming if we stop prosecuting bank robbery the robberies will stop. no you educated moron, when we start prosecuting the social parasites manipulating the oil futures market oil will drop back to reality and our economy will pick up again. DUH
A 50 million dollar profit is going to make oil prices go to 150 dollars a barrel? Prices went that high because of weak dollar policies, failure to end the offshore drilling ban, and excessively loose monetary policy. All of which this current president is repeating while claiming to provide change.
The oil futures market is the reality now because it reflects the intended policies of this administration. If you would bother reading about this then you would know.
The problem that I referred to is high prices. These will come down when new sources of energy are found. That includes all forms of energy, including oil. Your president seems to think otherwise. If he was providing real leadership, he would leave the oil industry alone. Private enterprise will do the job, if big government politicians will stay out of the way.
Steve, you must be a plant. Nobody would ever call someone an "educated moron",would they? That's like being the world's tallest midget. While there is no doubt profiteers are gaming the system, an increase in production would solve the price problem. By the way, would the opposite of an educated moron be an uneducated genius?
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