Deregulation costing you $600.00 a year....
http://money.cnn.com/2011/10/13/news/economy/gasoline_cost_speculation/
"Speculation will add $600 to the average household expenditures on gasoline in 2011," a report released Thursday by the Consumer Federation of America said, "resulting in the highest level of spending ever of almost $2,900."
The oil market was deregulated in December of 2000, creating opportunities for excessive speculation and a massive increase in the market's size, the report states. Prior to this change in policy, speculation didn't have a heavy impact on oil prices, nor was it so widespread.
"This report provides a timely reminder that it was weak regulation that landed us in our current economic mess," CFA Director of Investor Protection Barb Roper said, "and it will take a strong policy response to restore the economy to health."
The CFA said deregulation added about $30 per barrel to the cost of oil in 2011, draining more than $200 billion -- 1% of gross domestic product and 2% of consumer spending -- from the economy. A 2% reduction in consumer spending on goods and services translates into the loss of hundreds of thousands of jobs, according to the CFA. Deregulation is the root of all evil.
Every time you hear the word spoken (by democrats and Republicans) know what it really means. You are about to get screwed. Enjoy!
"Speculation will add $600 to the average household expenditures on gasoline in 2011," a report released Thursday by the Consumer Federation of America said, "resulting in the highest level of spending ever of almost $2,900."
The oil market was deregulated in December of 2000, creating opportunities for excessive speculation and a massive increase in the market's size, the report states. Prior to this change in policy, speculation didn't have a heavy impact on oil prices, nor was it so widespread.
"This report provides a timely reminder that it was weak regulation that landed us in our current economic mess," CFA Director of Investor Protection Barb Roper said, "and it will take a strong policy response to restore the economy to health."
The CFA said deregulation added about $30 per barrel to the cost of oil in 2011, draining more than $200 billion -- 1% of gross domestic product and 2% of consumer spending -- from the economy. A 2% reduction in consumer spending on goods and services translates into the loss of hundreds of thousands of jobs, according to the CFA. Deregulation is the root of all evil.
Every time you hear the word spoken (by democrats and Republicans) know what it really means. You are about to get screwed. Enjoy!
posted by res17 at
October 13, 2011
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