17 replies to this topic

[FurdTurgason]

On January 20, 2009 the average price of a gallon of gasoline across the U.S. was just $1.84 a gallon. Since that time the price has spiked, and the average price of gasoline is $3.72.


Hope and change!

[Kuech Da Sneak]

Funny how Bush's high of $4.11 in August 08 dropped to one of the lowest points in many years under his reign, all within the span of 5 months, leading right up to the inauguration of Obama.

You're blind if you can't see the obvious oil speculation manipulation.

[Kurb]

and neither side will do a damn thing about it b/c the people making the $$$ put/keep Washington stooges well paid.

[I Registered To Post This]

yeah it almost seems like the unusually low gas prices seen in late 2008-2009 were closely correlated with a major worldwide economic downturn that sent oil prices tumbling.

obama should just pull on that lever installed in the oval office that controls gas prices and knock off about $2/gallon.

[I Registered To Post This]

Funny how Bush's high of $4.11 in August 08 dropped to one of the lowest points in many years under his reign, all within the span of 5 months, leading right up to the inauguration of Obama.

You're blind if you can't see the obvious oil speculation manipulation.

the price of gas was actually +/- $0.10 of $4.00/gallon for several months in mid 2008. THANKS BUSH.

[NanuqoftheNorth]

and neither side will do a damn thing about it b/c the people making the $$$ put/keep Washington stooges well paid.

Excessive speculation in the oil futures market may be costing you 15 percent or more at the gas pump and playing a "significant" role in rising gasoline prices, according to a joint letter from 68 members of Congress that ABC News has obtained.

"If the St. Louis Federal Reserve, a conservative institution, is saying speculation is contributing significantly to the high price of oil and gas at the pump, then I think that is clearly what the case is," Sen. Bernie Sanders said.

Sanders authored the joint letter and plans to send it Monday afternoon, once his staff has formally gathered the signatures of the 67 other members of Congress who have pledged to sign on.

The letter cites a failure on the part of the CFTC to enact "position limits" on those who trade in the oil futures markets. The Dodd Frank Act required the CFTC develop and enforce those limits by January 2011. More than a year later, they are not in force.

"As the cost for American people to fill their gas tanks continues to skyrocket, the CFTC continues to drag its feet on imposing strict speculation limits to eliminate, prevent, or diminish excessive oil speculation as required by the Dodd-Frank Act," they write. " Although the CFTC has adopted initial position limits, they are not strong enough and not yet in force owing to industry opposition, delays in swaps oversight and data collection. This is simply unacceptable and must change."

The letter and renewed calls for reform from Democratic leaders in Congress comes on the heels of an ABC News report from February 23, in which CFTC Commissioner Bart Chilton spoke out.
Chilton got his hands on a Wall Street research paper written by Goldman Sachs, which revealed how the firm's own research quantified specifically how much it estimated the price of oil would rise with each large speculative trade.

http://abcnews.go.co...ory?id=15847114

[TANTRIC-NINJA]

Oil lobbies pay for elections..no one is going to make a stand to those deep pockets..not Obama...and Im pretty sure Mitty has a few Big Oil buddies....maybe?

[Davidson Deac II]

Despite conspiracy theories to the contrary, the president has no direct impact on the price of oil.

[Jase]

when markets crash, commodities crash with them

Just so happens that markets crashed at the end of bush's term, and the federal reserve inflated the markets over the next four years, in order to get investors to do exactly what is reviled in this thread...speculate.

[cookinwithgas]

Looks like Meat is officially one of these idiots that think the President controls gas prices. Good job, Meat.

PS gas prices are also lower when the economy sucks because demand is lower, and get higher when demand is higher because people are driving/shipping more stuff (one item among many controlling this of course). So higher gas prices could be caused in some part due to increased demand because things are improving economically.

[I Registered To Post This]

January 2009 - Obama inaugurated
March 2009 - Taco Bell discontinues spicy chicken

HOPE AND CHANGE

[Jase]

Looks like Meat is officially one of these idiots that think the President controls gas prices. Good job, Meat.

PS gas prices are also lower when the economy sucks because demand is lower, and get higher when demand is higher because people are driving/shipping more stuff (one item among many controlling this of course). So higher gas prices could be caused in some part due to increased demand because things are improving economically.

This is true generally, however US oil demand is much lower now than when oil was at a similar price in 2007. (and still falling)



The federal reserve and the resulting speculation has played a role in this, also emerging international markets are making the us a smaller player in oil prices every day.

[cookinwithgas]

Yea (and thanks for that info!) I was just kinda pointing out something about supply and demand to "Mister The President Controls Gas Prices" there

[SZ James]

Good thing gas prices haven't affected drive-bys like the OP's

[FurdTurgason]

Who's Meat? And this cookinwithgas fellow seems very tightly wound.