Obama to confront Speculation...Or so he says.
http://abcnews.go.com/blogs/politics/2012/03/obamas-weekly-address-no-quick-fixes-to-lower-gas-prices/
One month ago today Obama said “there is no quick fix for oil prices”. We need green energy. We need to not depend on foreign oil. We need to end tax breaks. Not one mention of speculation.
http://www.cbsnews.com/8301-250_162-57415066/obama-seeks-to-confront-oil-market-manipulation/
Today Obama wants to “confront” speculation. Finally! Now he wants regulations and oversight. What a novel idea. Who could have thought of that idea? What changed in the last 30 days? Did Obama read my email? Oh right we are getting closer to his election and gas is $4.00. Nothing pisses off voters more then high gas prices.
Of course it is one thing to talk about dealing with speculation. It is another to actually do something. My guess is this is just election year dramatics and nothing will change. That is just the way Obama wants it. He wants you to believe he is dealing with the problem and also wants to help his rich oil buddies. I will believe he is serious when the price is $1.28.
Under pressure to take action on rising gasoline prices, President Obama on Tuesday will ask Congress to implement a plan that entails strengthening federal supervision of oil markets and increasing penalties for market manipulation, a senior administration official confirms to CBS News.
Obama will spell out his $52 million proposal Tuesday at the White House (Why does this have to cost anything? Can Obama do anything without spending more money. I have never seen anyone spend so much and accomplish absolutely nothing.)
At issue is the increasing role of investment in oil futures contracts by pension funds, mutual funds, hedge funds, exchange traded funds and other investors. Much of that money is betting that oil prices will rise. Analysts say it is possible that such speculation has somewhat inflated the price of oil. (It is possible??? How about it is guaranteed)
Obama's plan this time calls on Congress to:
-- Increase six-fold the surveillance and enforcement staff of the Commodity Futures Trading Commission to better deter oil market manipulation.
-- Increase spending on technology (What technology?) to provide better oversight and surveillance of energy markets.
-- Increase civil and criminal penalties against firms that engage in market manipulation from $1 million to $10 million. (They should be putting people in jail. Jail is a lot more effective then fines. Put the speculators in orange jump suits. Put them in jail cells. Close and lock the doors. Hang the keys on the wall and leave them there for 10 years. Then enjoy the affordable gas.)
One month ago today Obama said “there is no quick fix for oil prices”. We need green energy. We need to not depend on foreign oil. We need to end tax breaks. Not one mention of speculation.
http://www.cbsnews.com/8301-250_162-57415066/obama-seeks-to-confront-oil-market-manipulation/
Today Obama wants to “confront” speculation. Finally! Now he wants regulations and oversight. What a novel idea. Who could have thought of that idea? What changed in the last 30 days? Did Obama read my email? Oh right we are getting closer to his election and gas is $4.00. Nothing pisses off voters more then high gas prices.
Of course it is one thing to talk about dealing with speculation. It is another to actually do something. My guess is this is just election year dramatics and nothing will change. That is just the way Obama wants it. He wants you to believe he is dealing with the problem and also wants to help his rich oil buddies. I will believe he is serious when the price is $1.28.
Under pressure to take action on rising gasoline prices, President Obama on Tuesday will ask Congress to implement a plan that entails strengthening federal supervision of oil markets and increasing penalties for market manipulation, a senior administration official confirms to CBS News.
Obama will spell out his $52 million proposal Tuesday at the White House (Why does this have to cost anything? Can Obama do anything without spending more money. I have never seen anyone spend so much and accomplish absolutely nothing.)
At issue is the increasing role of investment in oil futures contracts by pension funds, mutual funds, hedge funds, exchange traded funds and other investors. Much of that money is betting that oil prices will rise. Analysts say it is possible that such speculation has somewhat inflated the price of oil. (It is possible??? How about it is guaranteed)
Obama's plan this time calls on Congress to:
-- Increase six-fold the surveillance and enforcement staff of the Commodity Futures Trading Commission to better deter oil market manipulation.
-- Increase spending on technology (What technology?) to provide better oversight and surveillance of energy markets.
-- Increase civil and criminal penalties against firms that engage in market manipulation from $1 million to $10 million. (They should be putting people in jail. Jail is a lot more effective then fines. Put the speculators in orange jump suits. Put them in jail cells. Close and lock the doors. Hang the keys on the wall and leave them there for 10 years. Then enjoy the affordable gas.)
posted by res17 at
April 17, 2012
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