Skip to comments.Pelosi Statement on President Obama’s Plan to Crack Down on Oil Market Manipulation
Posted on 04/17/2012 10:15:23 AM PDT by Sub-Driver
Pelosi Statement on President Obamas Plan to Crack Down on Oil Market Manipulation April 17, 2012
Washington, D.C. Democratic Leader Nancy Pelosi released the following statement today after President Obama announced a five-part initiative to increase oversight and crack down on excess speculation and price manipulation in oil markets:
Today, the President announced responsible actions to curb excess speculation in energy markets that drives up prices at the pump and causes pain for millions of middle class Americans. Democrats stand ready to act on these proposals now to put more cops on the beat overseeing oil markets, to increase accountability for any Wall Street speculators that manipulate markets, and to protect the pocketbooks of Americas working families.
The Republican record is clear: they have consistently sought to defang and defund federal efforts to crack down on excess speculation in energy markets. They have stood on the side of those on Wall Street who profiteer from excess speculation while Main Street workers pay the price. And they have backed a budget that slashes federal resources to rein in the excess speculation thats driving up the costs of energy.
Republicans have the opportunity to change course to stop protecting the bottom lines of market manipulators and to start standing up for our nations consumers. It is time to work together to lower gas prices.
Why is she still allowed to emote?
Rather than being set by supply and demand, oil prices will now be set by the Obama reelection campaign staff.
TRANSLATION: To slap price controls on the oil industry.
Of course, 0bama and gang won't tell you that as soon as they even begin, the oil industry will just sell the products to foreign markets, causing a shortage here in the US.
Now if they understood the principal of supply and demand, they would allow more exploration, drilling and production here in the US, thus driving down prices.
All we need to do is run commercials reminding the sheeple who these VERY SAME PEOPLE blamed for high gas prices in 2008.
WHERE IS THE RNC?
When G.W.B. was president, and oil prices spiked, Pelousi, Boxer (woman needs a dog collar), FienStien (mispelled on purpose), and other democRATS ALL stated there was no price fixing going on in the oil industry or on Wall Street. But, now that Obozo needs an October surprise, the RATS are jumping aboard this sinking ship looking for some way to save Obozo’s arse.
They understand that principle very well. You make the common mistake of thinking Obamao really wants to solve the problem when, in fact, he's 100% focused on telling the public any lies they want to hear to bolster his re-election numbers.
If elected he'll work hard to strangle supply/demand capitalism and replace it with a Brussels-type command economy. Marxists always promise the electorate pie and when they're served mud it's blamed on the"evil" capitalists. The tragedy is, it works.
all the sermonizing about speculators is a long standing, disreputable abuse of the public raised by political scoundrels every time oil prices rise. Oil prices are set in a world oil market. Speculators speculate that oil prices will fall as well as that they will rise. If they speculate the wrong way, they lose their shirts. That is why an exhaustive investigation in 2008 by the Commodities Futures Trading Commission, which unlike Obama’s politicized Justice Department actually enjoys expertise on the issue, concluded that the net effect of speculation was to reduce prices. That is because all the speculation just nets out to accelerating market recognition of supply and demand conditions, making oil prices smoother and less volatile, reducing risk and hence price.
That is why as Investors Business Daily editorialized on April 26, “At last count, 35 such investigations have been conducted over the decades, and none — not a single one — has turned up wrongdoing by investors or oilmen.” All of this talk of speculation is just boob bait for bubbas, intentionally misleading the gullible, uneducated, and easy to command. As IBD added, “Rather than carry out another useless inquisition of private citizens, our political class should be investigating its own role in the price crisis. The result would be a revelation for those who fall for Washington’s line about greedy businessmen whenever gasoline prices become painfully high.”
But President Obama does have a policy answer to the question, what is your plan to address rising gas prices?
Now that they can't influence it to go down to help save their puppet boy, they are mad and in a panic.
So sad, too bad.
It hurts like crazy to fuel up, but I hope prices go up to 8 bucks a gallon before the election.
Simple minded Barry, "Possibly the smartest POTUS ever" and "in the top four of POTUSs" (BARF!!!) has a policy answer for everything. The only problem is that they don't work, most are simplistic and idiotic, but they fit and placate his constituency very well. He has already solved the problem, but doesn't know it yet - put everyone out of work so they have nowhere to go, no need to drive, and thus don't need to buy high priced gas.
Jed: "Well... don't rightly know what a speceelater is, but I seen Granny shoot at some revenuers snoop'n 'round her still. Kept us from pay'n more fer her authritis medicine...and I only did some shoot'n at some food. If you'd jest let me get back to some good 'ol fashion, down and dirty, drill'n and pump'n, I think I kin fix your problem Miss Nancy."
Nancy: I'm flabbergasted that you would suggest such a crude thing on national television Mr. Clampett.
Jed: "Weee doggies Miss Nancy, when Jethro eats too much of Grannie's road kill stew, he gets them flabber gassers, too. Just take some baken soady to relieve that gas. But I thought we was here to talk about gasoline, not that kind of gas...
Nancy: "We have to pass the bill in order to know what's in it..."
Jed: "The Dickens you say."
>>Just keep printing money....when oil starts
>>selling for $150 a barrel we will blame the speculators again!
It All Started With Jackson Hole .
This run-up in oil prices started with Fed Chairman Bernanke`s Jackson Hole speech where the big banks realized they were going to get a bunch more juice in the form of POMO operations by the Federal Reserve to play around in markets with.....