Rove and Hannity's Barely Conceal Glee Over Rising Gas Prices Ignoring Primary Cause -- Oil Speculators | Crooks and Liars

We can fix this problem. Let's nationalize one of the large oil companies and break their cabal, monopoly, and stranglehold. A little competition would serve our nation well.

Maybe the reason why gas is high is because the US is suddenly exporting millions of barrels???

The number of rigs in U.S. oil fields has more than quad­rupled in the past three years to 1,272, according to the Baker Hughes rig count. Including those in natural gas fields, the United States now has more rigs at work than the entire rest of the world.

Who has been president for the past three years??

madvargr

Maybe the reason why gas is high is because the US is suddenly exporting millions of barrels???

The number of rigs in U.S. oil fields has more than quad­rupled in the past three years to 1,272, according to the Baker Hughes rig count. Including those in natural gas fields, the United States now has more rigs at work than the entire rest of the world.

Who has been president for the past three years??

are you suggesting the president should have control of oil companies and a say as to where the oil goes ?

in that same vein one could say the president should be able to control all companies ... even small business.

Maybe congress could do something ? but that too would be government in control of business.

is that what you approve of ?

They know who is behind it and Bernie Sanders has the good. No one will publish it.

http://crooksandliars.com/susie-madrak/sen-bernie-sanders-leaks-oil-trading-

Wow. This is amazing, and although the article doesn't confirm it, the data must reflect market manipulation or Bernie wouldn't have leaked it:

WASHINGTON (Reuters) - Oil trading data that exposed the extensive positions speculators held in the run-up to record high prices in 2008 were intentionally leaked by a U.S. senator, sparking broader concern about industry confidentiality as Congress moves on Wall Street reform.

Senator Bernie Sanders, a staunch critic of oil speculators, leaked the information to a major newspaper in a move that has unsettled both regulators and Wall Street alike.

In a June 16 e-mail reviewed by Reuters, a senior policy adviser to Sanders discusses how his office received private data with the names and positions of traders and forwarded it exclusively to a Wall Street Journal reporter.

The e-mail, which also attaches two files with the data, was sent to Public Citizen's Tyson Slocum asking him to review it and speak with the newspaper about his observations.

In a statement from Sanders provided to Reuters, Sanders said he felt the data needed to be publicly aired.

"The CFTC has kept this information hidden from the American public for nearly three years," he said. "This is an outrage. The American people have a right to know exactly who caused gas prices to skyrocket in 2008 and who is causing them to spike today."

The leaked information has sparked concern at the Commodity Futures Trading Commission, which is legally prohibited from releasing confidential information that identifies trader positions and identities.

The leak also raises broader questions as U.S. regulators gear up to collect massive new amounts of private data from market players on everything from swaps and hedge funds to blueprints for how large financial firms can be liquidated. The breach of data could make Wall Street less reluctant to hand over sensitive information if they fear it is not appropriately safeguarded.

"This type of incident will have a chilling effect on derivatives trading in the U.S. because market participants will be reluctant to take the risk that their positions will be exposed to the public-and their competitors," John Damgard, president of the Futures Industry Association, said in a statement sent to Reuters.

Good for America= bad for the GOTP

Bad for the GOTP=good for America

Here is an article I came across that talks about the effect of oil speculation.

The CEO of Exxon admitted to congress that the cost of oil should be around $60 - $70 a barrel. He said that the reason that oil was so high (it was around $100 a barrel at the time) was because of oil speculating.

So,

Given the current price of oil (New York Mercantile Exchange quoted at $98bbl, Brent Crude $115/bbl) at say $100/bbl and Tillerson's speculation free $60/bbl. makes a difference of $40/bbl. The U.S. alone consumes some 20 million barrels/day. In other words we are paying a $800,000,000 speculation premium a day ($40 x 20 million barrels) or $292 billion/year

That's something to think about, isn't it?

the new Fox talking points...... high gasoline prices, blame Obama........high gasoline prices, give the speculators a pass.......high gasoline prices, give the oil companies a pass........high gasoline prices..... challenge Obama's foreign policy.......Hannity, Rove, and O'Reilly should all be ashamed of themselves, except they have no shame.

If Obama fixed this problem the right-wing would have fits. High oil and gasoline prices are something they favor and seek. They should shut up and enjoy the fruits of their plunder. However, shutting up is not what they do, even in their own best interests.

It's doubly stupid to shoot yourself in the foot, when you have that foot lodged firmly in your mouth.