There has been a lot of blame for oil prices on President Obama lately. The GOP needs to emphasize this point in order to sway voters. But when we look at the facts, there are simply too many speculators profiting from soaring gas prices. In short, the massive oil corporations and Hedge Fund managers are the real culprits. Here is a document leaked from 2008: Energy holdings-wti-crude-oil There is a deliberate effort to inflate the already outrageous prices of refined crude. Rick Ungar of Forbes magazine (not a flaming liberal rag, mind you) explains that refineries have been systematically shutting down in order to reduce national supply and jack up prices. Moreover, we see oil producers looking to sell domestic oil in foreign markets in order to boost demand. Not that there is anything illegal about that, but it certainly isn't helping out the American consumers by artificially increasing demand and reducing supply when we need the stuff to get to work and to get the economy back on track. The Truth About Obama, Oil And The Gasoline Blame Game-Part Two - Forbes Congressman Peter Welch (D-VT) tells how apprx 50 cents on each gallon of gasoline purchased goes to speculators rather than to refinement and production costs. That's about $15 going to Banking industry like Goldman Sachs every time you fill your tank! After rumors send oil prices falling, Welch renews call on President to tap nation's oil reserves Nevertheless, the GOP is still calling for less govt regulation in banking and oil industries. In spite of the evidence to the contrary, some of us continue to blame Obama for the lack of and real conviction to control rising prices. If anything, this sets the stage for MORE govt regulation, not less. Unless, of course, everyone is happy with gas prices where they are currently. Yep, this is free market Capitalism at its best. And you can sure as hell expect more of this if the GOP (aka "Frontmen for the Oil Industry") ever take back the White House.