"There is plenty of oil and gas around....Wall Street traders are allowed to gamble on vital resources."
3/1/12, "Blame Wall Street for all your bad gas pains," NY Post, John Crudele
"But the truth is that Wall Street controls the price of gasoline. It has for a long time and, until someone does something about it, the financial community will continue to determine how much of your hard-earned money is burned in your car.
Wall Street has this control because it trades gasoline futures contracts, which are basically nothing more than a bet on where gas prices will be headed in the weeks and months ahead.
And unless there’s some miracle — or government intervention — the price at the pump should quickly climb that extra 18 to 20 cents. (I would happily be wrong on this, but I did fill up this morning.)
There is plenty of oil and gas around. And more energy-efficient cars — not to mention the recession — have reduced demand worldwide.
If Washington ever gave the go-ahead on domestic energy projects, we’d be in even better shape.
The latest refrain in Washington is that nobody can do anything about rising gas prices.
- That’s crap!
Wall Street’s trading in futures contracts can be restricted or made more expensive. We are paying more
- because traders are allowed to gamble on vital resources."
12/10/09, "Obama's Big Sellout," Rolling Stone by Matt Taibbi
How Obama became the best friend Wall Street ever had and fooled most who voted for him.