Ahhh...the dumbest of the dumb (aka as democrats) are at it again blaming traders: http://thehill.com/blogs/e2-wire/e2...as-price-rise-press-cftc-on-speculation-curbs All the dem's know how to do is blame everyone else, place the race card, raise taxes to spend more to keep more people on the guberment dole so they can buy votes, and circle jerk with the unions.
Don't forget, these are the same people who think rent control is an effective way to deal with an apartment shortage. Of course speculators have driven up the price of oil. They've also driven up the price of AAPL. but I don't hear anyone complaining about that. It's what markets are supposed to do.
You think they would have some law grad get up in front of congress and tell them how she can't afford stay in school with the cost of gasoline, nearly $3000.00 a year to make the round trip commute 3 times a day..... JoeTaxpayer needs to pay her gas bill. Lets get the government waist deep in the gas business, can you imagine the bureaucratic-red-tape-cluster-fuck that would be..... cheap tax subsidized gas for everyone who doesn't pay income tax.
I'm sure that will come, even as they also take steps to keep prices high. After all, most of obama's constituents live in big cities and don't drive much or else have limos and private jets.
Please don't give Obama any more ideas. Will Americans ever grow up and realize that God never promised them cheap gas? Will they ever recognize that it is not the responsibility of congress or the president to set commodity prices? The one thing useful our government could do to bring gas prices down in the short term and that it actually is responsible for would be to stop threatening war with Iran. That's the one thing they won't do.
Speculators don't get credit when they drive the price of oil down, only blame when they drive it up.
Yup. We all know that professional traders are as likely to go short as go long. But they only get blamed when they go long. Unless the commodity is gold or silver, in which case they get blamed by the GATA crowd when they go short.
I think it is the gov'ts responsibility to a degree. And to a degree most Presidents have influenced commodity prices, sometime for good reasoon and sometimes not.