Oil Speculators; Thugs of a Different Name
I read an e-mail from Defenders of Wildlife that explained how wealthy speculators (oil) are driving up the price of oil to double or more per barrel than what it should be. It stated that, “Michael Masters of Masters Capital Management, who testified before the House Energy and Commerce Committee in June, ‘with greater regulation [of speculation], oil prices could drop to $65 or $70 a barrel within about 30 days.’”
Well, that’s a no-brainer. Even Bush’s Energy Information Agency estimates that oil from drilling in the Arctic wouldn’t hit the market for 4 years and would only reduce gas by a few cents. It’s more of our own oil, but it’s still going to be $4 per gallon or more? What’s wrong with this picture? This speculation business looks to be true in that case. The agency also said “offshore drilling would not significantly impact domestic production or prices before 2030.”
Just yesterday I blogged that even the most environmentally minded in congress were willing to back drilling if necessary. Necessary to lower gas prices and make them look good for re-election? Now it’s really starting to look like this speculation thing is real. Look at the facts:
- Drilling for oil both in the Arctic and offshore will not bring gas prices down quickly at all.
- Those in Washington opposed to new drilling will now consider it if necessary, even though it doesn’t change the fact that drilling will not bring prices down.
- Necessary must mean whatever it takes to bring gas prices down for re-election.
- Speculators are the only ones that can bring gas prices down quickly and drastically.
Conclusion: Environmentally minded congressional leaders are willing to give in to speculators wishes to drill in the Arctic and offshore in exchange for immediate relief at the pump for consumers and ultimately their re-election. Isn’t this extortion? Isn’t this our congressional leaders complying with extortion?
Congress needs to regulate speculators and quick if we want to see a fast, drastic drop at the pump. It’s a much better solution than giving in to greed and extortion while sacrificing clean water, marine life, and wildlife habitat.
We had to know this was going to happen. The U.S. has continued to sell oil leases even though the Arctic is still protected. When these guys get a plan in their head, war and extortion are not out of their realm. This is the final push during Bush’s term and it’s going to be a very bumpy ride. It appears this speculation news is being kept to a minimum.
I caught a little bit of Anderson Cooper on CNN last night asking the same question, “Are speculators driving up the price of oil?” Of course the official reply from someone official pooh, poohed the whole idea. And I guess that is supposed to be the end of it. Much of our country’s leadership, certainly wealthy corporations no longer answer to anyone anyway.
Most of the time, if it looks like a duck, and walks like a duck, it’s a duck. And this is a real game plan speculators have going here. They’re no better than thugs making us suffer until we give in to their demands. Contact your congress people and soon. Regulate speculators.