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Forum Post: Fight Artificial Gas Price Inflation

Posted 12 years ago on March 13, 2012, 2:51 p.m. EST by aahpat (1407)
This content is user submitted and not an official statement

According to a letter sent to the Commodities Futures Trading commission and signed by SIXTY members of Congress earlier this month:

"There has been a major debate over the last several years as to whether spikes in oil prices are caused entirely by the fundamentals of supply and demand or whether excessive speculation in the oil futures market is playing a major role. It is clear to us that debate has ended. Exxon Mobil, Goldman Sachs, the Saudi Arabian government, the American Trucking Association, Delta Airlines, the Petroleum Marketers Association of America, and even a report last year from the St. Louis Federal Reserve have all indicated that excessive oil speculation significantly increases oil and gasoline prices. According to a February 27, 2012 article in Forbes, excessive oil speculation “translates out into a premium for gasoline at the pump of $.56 a gallon” based on a recent report from Goldman Sachs." http://www.sanders.senate.gov/imo/media/doc/CFTCPositionLimitsLetter.pdf

Massive public protests, that close down the Chicago and New York Mercantile Exchanges, would do more to lower gas prices than anything.

CLOSE THE THIEVES DOWN!

28 Comments

28 Comments


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[-] 0 points by Shule (2638) 11 years ago

That gas prices and the speculation on gas prices is going up has a lot to do with those wars in the Middle-East. Get the U.S. to stop fermenting their adventure wars going on right now in Afghanistan, Syria, (and starting one with Iran), and elsewhere, and maybe then you'll see gasoline prices start coming down.

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[-] 0 points by bensdad (8977) 12 years ago

ARTIFICIAL!?!?!?!?!?!?!?!?!?!?!?
ask newt - he knows -
Obama has personally adjusted every gas pump in the country -
vote for newt - he's promising $2.50 gas
and he's bloated enough to produce it

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[-] -1 points by rstedbe (-1) 12 years ago

Fight Artificial Gas Price Inflation while Obummer stands by and does nothing

[-] 1 points by aahpat (1407) 12 years ago

Partisan childishness.

[-] 0 points by rstedbe (-1) 12 years ago

Hey assPat what's up bud???

[-] -2 points by JanitorInaDrum (134) 12 years ago

Speculation drives the economy as does debt. Take out a loan to help support economic recovery through gasoline purchases unless you hate America.

20/gallon would make a huge difference as far as putting America on the right track. Sounds backwards, but, it's true.

aahpat

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[-] 3 points by jrhirsch (4714) from Sun City, CA 12 years ago

Speculation does not drive an economy. Speculation transfers wealth to those who provide no service for their riches. They are leeches.

[-] -1 points by JesusDemocrat (193) 12 years ago

But how come well over 50% of the 99% have well over 9 trillion invested and won't take it out of the leaches hands?

Are you saying they are leaches too? They cry about it more than any leaches I've ever heard.

[-] 2 points by jrhirsch (4714) from Sun City, CA 12 years ago

Their profits and losses from investments are a combination of speculation, which is making a profit from another's loss, and investment which is making a profit from another's profit. They are hard to seperate. The 99% don'understand where profit comes from, so they are the perfect target for the speculators. Why does the Dow rise and fall so fast, not because the companies profits are fluctuating, but due to the speculators. Without the dips and. peaks, which they cause, they can't make money fast.

[-] 0 points by JesusDemocrat (193) 12 years ago

Gee, that sounds like a good deal!

Who do I hand all my money too? Do they take cash or can I just twitter them some?

[-] 1 points by jrhirsch (4714) from Sun City, CA 12 years ago

Just put the money in the stock market. The leeches will take it from there.

[-] 2 points by aahpat (1407) 12 years ago

Very silly deflection to evade the issues.

[-] -1 points by OWSJesus (20) 12 years ago

I bet you also want to end the Federal Reserve.

You seem like that kinda extremist.

[-] 2 points by aahpat (1407) 12 years ago

HUH! Wringing thievery out of commodities prices is "extremist'?

My agreeing with more than 10% of Congress and supporting enactment of Dodd-Frank is "extremist"?

[-] -1 points by OWSJesus (20) 12 years ago

They are the bad element and the ones that don't get along with the rest of them. Pure troublemakers.

[-] 2 points by aahpat (1407) 12 years ago

Read for comprehension will you PLEASE? Exxon Mobil, Goldman Sachs, the Saudi Arabian government, the American Trucking Association, Delta Airlines, the Petroleum Marketers Association of America all believe that excessive speculation is causing high gas prices.

Are these the "bad element" that you write about? What kind of sub-moron would write what you are writing?

[-] -2 points by OWSJesus (20) 12 years ago

The companies that are saying that are mad because they aren't getting enough of the graft and besides,they're speculating on the other guys' oil.

Everyone should want our congresspersons to serve and obey those who own them.

[-] 2 points by ClearTarget (216) 12 years ago

Did you fail high school English? Christ!

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[-] 2 points by aahpat (1407) 12 years ago

You are blithering idiotically.

[-] -3 points by OWSJesus (20) 12 years ago

Keep on posting your scams. Most people know what time it is.

[-] -3 points by sunstar (-14) 12 years ago

Obama will be defeated by just gas prices alone even without the eventual 9.0% unemployment that will come soon again (real figure is somewhere around 17%). Obama and Chu have hung themselves by their own words.

Their diversion of contraceptives is so fucking lame it's laughable.

If anybody votes Obama they're either mentally challenged or not paying attention to reality or they're just Jim Jones type Koolaid Cult Drones.

Obama is just a "Cult of Personality"

"Look in my eyes, what do you see?

the Cult of Personality

I know your anger, I know your dreams

I've been everything you wanna be ohhh…

I'm the Cult of Personality

Like Mussolini and Kennedy

I'm the Cult of Personality

the Cult of Personality the Cult of Personality

Neon lights, Nobel Prize

When a leader speaks, the reflection lies"

[-] 2 points by aahpat (1407) 12 years ago

Your partisanship is boring.

[-] -2 points by sunstar (-14) 12 years ago

The fact that you aren't is the problem.

[+] -5 points by DKAtoday (33802) from Coon Rapids, MN 12 years ago

Exactly put a stop to the futures trading / speculating market. It is our main cause of grief in pricing. There used to be a cap on gasoline prices. At that time gas was $0.25 a gallon and the industry was subsidized.

The cap was lifted and the price shot up to a dollar almost overnight and the industry still received subsidy.

We are pushing $4.00 per gallon and the industry is making massive profits and they are still being subsidized.

[-] 1 points by aahpat (1407) 12 years ago

Enforce the law in the streets!

The CFTC is obviously ignoring the law and the only way to get them to enforce the law is for angry Americans to gather in the streets of New York and Chicago at the mercantile exchanges and block access to them until the CFTC starts to enforce the laws.

[-] -1 points by aflockofdoofi2 (-66) 11 years ago

Gasoline is cheaper than bottled water. Crazy, but its absolutely true.

People have no problems paying 75c for a quart of WATER!

[-] 1 points by shoozTroll (17632) 11 years ago

What does this have to do with price of gas?

Go ahead and start a new thread.

[+] -6 points by DKAtoday (33802) from Coon Rapids, MN 11 years ago

BTW - .75 x 4 = 3.00 still a bit less than a gallon of gas. But still why should we be buying bottled water we already pay for water treatment.

OH OH - Yeah Right - not every one has access to treated water - there are still plenty of communities pumping it out of the ground - Huh - look out for Fracking!!!!

[+] -6 points by DKAtoday (33802) from Coon Rapids, MN 11 years ago

Why should people even need or want to buy bottled water. This is just another symptom of the ill's which surround us. This is another major area of public incomprehension. But that will change as education on issues continues. Fossil Fuel is not the only fucked-up thing in this world.

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