Feds must prohibit oil “speculation”

Speculating is and was 100% our problem…

By Jack E. Lohman

“Speculating” is where financial vulchers buy up the inventory of, say, petroleum, and hang on to it, thus driving the price of gas to $4.00 per gallon. While they can’t control demand, they can hoard supply and accomplish their goals.

When they sense they’ve drained from the public as much as they can get away with, they back off, sell their oil back into the market, and walk away with all of the cash the middle-class otherwise would have spent on clothing for their kids. When you control the supply of a vital commodity, you have control of the desperate buyers.

And when gas gets back down to $2 per gallon, we idiots breathe a sigh of relief and wait until the speculators decide they can get away with it again! And the politicians that we re-elect repeatedly, let them get away with it because they share in the spoils.

In May 2008, German leaders proposed a worldwide ban on oil trading by speculators, blaming the 2008 oil price rises on manipulation by hedge funds. They were absolutely correct to do so, and if our politicians weren’t on the speculators payroll, they’d get behind it. Note that the top 10 hedge fund managers make salaries averaging $250 million per year, obviously thanks to $4.00 gas prices and diverting wealth from the middle class.

But our trusted politicians once again are paid handsomely by the special interests to sit back and watch it all happen. And they do this job well.

Both of these market manipulations are a major threat to the security and sovereignty of our nation. They have forced us to sell U.S. assets to other countries, who will soon own more of our country than we do. Should there be a war and we need parts from China, don’t even think about getting them.

But worse, our state and federal politicians are complicit in all of the things wrong with America. They have put their pocketbook ahead of the public.  It is their thirst for campaign contributions that stand before the good of the taxpayers for whom they work. With friends like these, we don’t need enemies.

Tidbits:

  • Taxpayers should do with oil what we do with mail; compete with the private sector. Start our own off-shore drilling and send supply up anytime  OPEC drives it down. (However, this could instead just drive up speculating, so eliminating speculation should be fix #1.)
  • Were it not for the US Postal service, FedEx and UPS prices would be much higher. But even with the USPS competition, FedEx and UPS are doing just fine. We should also have a taxpayer-owned bank to loan when other banks refuse to.
  • So here the taxpayers would be competing with OPEC and Mobil, and they’d both stay in business. Oil is too important to our nation’s security to turn over to profit mongers, either foreign or domestic.
  • It boggles my mind that, with the US economy going down the tubes, almost exclusively because of the taxpayer-paid subsidies and deregulation given away by politicians, that we continue to look on as our representatives take even more money from special interests.
  • Excuse me if I vomit when hearing House Minority Leader John Boehner say that the republicans are going to protect the taxpayers. Really? Finally? I doubt it.  They will first protect their contributors. Always has been, always will be. Unless we fix the system.
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