Blame Game: Obama Says High Gas Prices Are Fault of Speculators, Not Him

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obama1President Barack Obama yesterday raised the ante on his efforts to limit the rise in oil prices. The president, joined by Treasury Secretary Tim Geithner and Attorney General Eric Holder, called on Congress to adopt tougher rules on speculators in the oil market.

“We can’t afford a situation where some speculators can reap millions while millions of American families get the short end of the stick,” President Obama said.

The president’s $52 million proposal would stiffen penalties for firms found to manipulate markets and raise the amount of money traders would have to put up to back their positions. It would also beef up the enforcement staff of the Commodity Futures Trading Commission and increase spending on technology to oversee and monitor energy markets.

The Daily Ticker’s Henry Blodget says the proposal is “embarrassing” because speculators have little to do with the rising price of oil and gasoline. Prices are moving higher, Henry says, because “three billion new capitalists” in India and China are consuming oil and gasoline. It’s the balance between supply and demand that determines whether oil prices rise or fall, not speculators, Henry argues.

The International Energy Agency and the U.S. Energy Department both reported last week that global oil supplies are loosening even with Western sanctions on Iranian oil. Saudi Arabia and other producers are increasing output which has helped to put some downward pressure on oil prices. Oil is trading higher on Tuesday afternoon.

{The Daily Ticker/Matzav.com Newscenter}

6 COMMENTS

  1. This is a guy who, while running for president, said that he wants to bring the gas prices up higher and higher. Now that it’s done why blame someone else?

  2. > “The Daily Ticker’s Henry Blodget says the proposal is ’embarrassing’ because speculators have little to do with the rising price of oil and gasoline…It’s the balance between supply and demand that determines whether oil prices rise or fall, not speculators, Henry argues.”

    >> Right! This from the man whom the SEC PERMANENTLY banned from the securities industry for gross fraud.

    In a Huffington Post article headlined: “Exxon CEO: Wall Street Is Driving Up Gas Prices By 50 Percent,” it is reported that Exxon Mobil Chairman and CEO Rex Tillerson admitted last week (before the Senate Finance Committee) that heavy Wall Street trading has driven up the price of oil well beyond the level that normal supply and demand forces would suggest.”

    The federal CFTC is supposed to crack down on excessive speculation in the oil markets, but House Republicans (of course) are seeking legislation which would cripple it from doing so. Mitt Romney of course, is being heavily backed by Wall Street and Big Oil.

    As frum Jews we are caught between a rock and a hard place. The Republican Party remains, as ever, the party of the rich. Its economic policies are intensely inimical to the interests of the vast majority of middle-class Jews. Obama the democrat, on the other hand, is a clear and present danger to Klal Yisrael and Eretz Yisrael. Metaphorically, Hashem will have to part the sea for us once again, so that we may safely pass through the raging waters that threaten us from both sides of the Congressional aisle, in this era of Chevlei Moshiach.

  3. GAS will continue rising as Hashems plan is carried out

    1)build up the hatred of the muslims-i.e. Bnei Yishmael, the last ones to fight klal yisroel before mashiach comes-against klal yisroel

    2)get even Israel’s best friend-the USA-to go against them, by putting it in the hands of a muslim Obama.

    3)get iran (GOG) to act on its nuclear plan R”L & the rest of the world join them (including the USA) into BRING MILCHEMES gog u’magos upon klal yisroel towards bringing Mashiach.

    with a few other tragic steps between these that is all in Hashems hands & can still be erased if klal yisroel does teshuva before its time comes.
    MAY THIS HAPPEN ASAP & MASHIACH COME ALREADY

  4. Hey Matzav, you got the news report incorrect! He said it was Bush’s fault!

    Isn’t he the fellow who stated during THE CAMPAIGN that he didn’t care if gas prices went to four dollars? He said, “Gas all ove rthe world is more than here. Why should we be entitled to gas for less?

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