http://www.zerohedge.com/article/obama-holder-declare-war-oil-traders-speculators ( RTR ) 04/21 02:30PM OBAMA SAYS HAS ASKED ATTORNEY GENERAL TO CREATE TEAM TO "ROOT OUT" FRAUD, MANIPULATION IN OIL MARKETS THAT COULD HIT GAS PRICES ( RTR ) 04/21 02:31PM OBAMA, IN PREPARED REMARKS, SAYS TEAM'S FOCUS WILL INCLUDE OIL MARKET TRADERS AND SPECULATORS ( RTR ) 04/21 02:31PM OBAMA SAYS WILL MAKE SURE THAT NO ONE IN OIL MARKET IS TAKING ADVANTAGE OF THE AMERICAN PEOPLE FOR THEIR OWN SHORT-TERM GAIN now, i'm all for making the energy market a bit less speculative, but obama is either trying to deflect blame, or is too stupid to realize it is his own federal reserve chairman (the one who "hope and change" had reappointed) at the helm of the latest rise. what a meathead.
I suppose trading in the ole SUV isn't going according to plan. Or Obama is going short, Or those GS analysts need cover. ------------------- But we need to remember Barry did call the bottom in equities way back in March (wtf 09 or 10? Time flies)
Idiots. A community organizer clearly would have no clue about how a market functions or the necessity to a market that speculators participate. Who will take the other side of the trade when a company wants to hedge? Perhaps Obama should look at his own countries policies first before blaming the dirty speculators for the rise in oil. The war against Libya, USA paying opposition in Syria to to create unrest, bans on offshore drilling, all of these situations are understandably going to contribute to a higher oil price.
futures markets influence the spot price of oil like betting against the patriots influences tom brady.
Will he do the same in grains, livestock, metals, foods & fibers, equities, foreign currencies and the bond market? :eek:
Exactly. If "speculation" is driving up the price of oil, and that shoe falls, then I can't imagine any scenario where "speculation" won't be banned on every single other commodity that increases in price.
He can't be serious! I have a feeling he will make a show of regulating the oil market more heavily to appease the public's anger toward us speculators. There is no way he can derail the current status quo, there is too much money in it.
Heard this is "in the works".... Odumbo is ironing out the details on a plan for the rich to pay $20/gal so that those who don't pay Federal Income Tax can also get their gas for "free". Should guarantee a win in 2012.