Obama Discovers 'Magic Bullet': Speculators,Takes Aim,

[bitterlyclingin]

[After stubbornly refusing to allow drilling in ANWR for years, shutting down all drilling in the Gulf following the BP Oil Spill, rejecting the Keystone XL Pipeline and sending Canadian Oil destined for the States to China instead, deflating the American currency to the point of worthlessness by years of reckless spending, the Democratic Messiah has suddenly discovered the cause of all of America's oil ills, speculators. The Democrats feel that now is the time to trot out that tried and true Socialist technique, the Show trial, in a manner that would have certainly left Uncle Joe Stalin, Nikita Kruschev, Lavrenti Beria, and Vassily Molotov proud.
The first stop for the Holder Justice Department in implementing Obama's anti speculation oil price take down will be the oil trading pits at the Nymex, followed by repeated forays into the executive suites at Exxon Mobil, Shell, Conoco Phillips, and British Petroleum. In the event Justice finds something really, terribly egregious, ie a trader buying oil contracts at $100/barrel and selling the same contracts days or weeks later at $106/barrel and making a profit at it, Eric "The black lawyer and the black criminal have more in common together than the black lawyer has with the society he is sworn to represent" Holder may even arrange for a public hanging or two of the perps just to satisfy Mr Obama's adoring throngs, keeping those fanatic ladies having their orgasms and the men fainting at Obama's speeches satieted.
The public hangings, complete with basket lunches and other refreshments available in the best "Tale Of Two Cities style, will come complete with their very own modern day Madame deFarges, knitting, although Cindy Sheehan will probably require a 10 mg Valium, po, with a possible 5mg IM haloperidol booster to keep her sitting there engaged simply with needles and yarn. Sandra Fluke, in her Madame DeFarge role, may be beyond hope of medicating to accomodate, the best recourse to finding her for a photo op will be to look for a pair of inverted sneaker bottoms attached to legs waving wildly thrust up into the air.]

"Obama’s Solution To Soaring Gas Prices: “Set Up A Task Force To Look Into Speculation”…

I’m kind of disappointed, I was hoping we’d get another czar.

Via RCP:

“I think the American people understand that we don’t have a silver bullet when it comes to gas prices. We’ve been talking about this for 30 years. The only way to stabilize gas prices is to reduce our dependency on fore oil and we just put out a report that over the last year or so, we’ve been able to reduce our dependence on foreign oil by a million barrels. That’s’ significant. In the meantime, cuz I know people are hurting right now and it feels like a tax out of their paychecks, what we’re doing is looking at every single area that can affect gas prices, from bottlenecks that are out there, we’ve set up a task force to look into speculation..."

Weasel Zippers » Blog Archive » Obama’s Solution To Soaring Gas Prices: “Set Up A Task Force To Look Into Speculation”…

 

[bitterlyclingin]

With a president that is as hated and reviled by the opposition as much as Obama is, using the phrase 'Magic Bullet', could definitley be considered a wrong choice of words.
Obama does or says nothing without it having been rigorously and thouroughly thought out and considered in advance, no move or breath wasted. What was he thinking, then?

 

[Mr. H.]

There have been numerous investigations over the years, and no culpability was discovered on any front.

Regarding our dependency and its effect on prices:

Assuming the world's supply and demand for crude were as it is today, and assuming that the U.S. was 100% self-sufficient regarding crude production... what would the price of oil be today?

Exactly what it is.

Increaseing domestic oil production isn't about driving down the world price of crude. It's about keeping our oil dollars at home, creating jobs and economic activity, and contributing to our GDP. Also it would reduce the trade deficit.

 

[Katzndogz]

He was thinking that this is the first inroad to ending private investment.

 

[Syphon]

so now Weasel Zippers is considered a viable news source??

 

[Avatar4321]

So Obama blames speculators. Is he ever going to take responsibility for any of his actions?

 

[Syphon]

So Obama blames speculators. Is he ever going to take responsibility for any of his actions?

the GOP blames speculators in part as well

Soaring Oil Prices Put Focus on Speculators : NPR

"We all know that some people on Wall Street are not above gaming the system," said Republican presidential candidate John McCain last week in Houston. "When you have enough speculators betting on the rising price of oil, that itself can cause oil prices to keep on rising."


Greenspan Blames High Oil Prices on Speculation and Supply | NewsBusters.org

 

[Sallow]

So Obama blames speculators. Is he ever going to take responsibility for any of his actions?

Ah..so it's okay when the GOP does it..not so much when the Democrats do it..

Right?

By the way..speculation is a big part of the problem.

 

[Katzndogz]

obama will blame anything where blame could do him the most good. If attacking speculators helps to destroy the petroleum industry it is all to his good. One more industry down.

I hope it works. By the time election day rolls around, we should have a voting public driven over the edge by obama policies. Human nature is once a politician has gone too far, nothing is forgiven.

 

[Si modo]

So Obama blames speculators. Is he ever going to take responsibility for any of his actions?

Ah..so it's okay when the GOP does it..not so much when the Democrats do it..

Right?

By the way..speculation is a big part of the problem.

Speculation is part of the free market. As speculation choices are made based on government POLICY and suspected ramifications of that policy on the market, the root of prices is still government policy.

 

[occupied]

In 2008 a barrel of oil was traded an average of 27 times before it was delivered and consumed. I wonder what that number is today?

 

[Sallow]

So Obama blames speculators. Is he ever going to take responsibility for any of his actions?

Ah..so it's okay when the GOP does it..not so much when the Democrats do it..

Right?

By the way..speculation is a big part of the problem.

Speculation is part of the free market. As speculation choices are made based on government POLICY and suspected ramifications of that policy on the market, the root of prices is still government policy.

True.

Weak regulation leads to abuse.

 

[Si modo]

Ah..so it's okay when the GOP does it..not so much when the Democrats do it..

Right?

By the way..speculation is a big part of the problem.

Speculation is part of the free market. As speculation choices are made based on government POLICY and suspected ramifications of that policy on the market, the root of prices is still government policy.

True.

Weak regulation leads to abuse.

Abuse?

That really is the fundamental desire of the Dems - government control of markets.

That way, their policies can be blameless for tanked economies.

 

[Oldstyle]

Speculation is a big part of a free market economy.

Once again, Barack Obama has seen the results of HIS policies come back to bite him in the ass...and once again he responds by pointing the finger at someone else.

Oil speculators wouldn't be driving the price of oil up if they didn't see it trending that way because of the people we have running our government. When our President and Energy Secretary both make statements about how they'd like to see $6 a gallon gas...then speculators are going to take them at their word and bet their money accordingly.

But "speculators" (GASP!!!) make a good bogeyman that idiots like Sallow can buy into. Just more of the same old same old from this Administration...

 

[Syphon]

Speculation is part of the free market. As speculation choices are made based on government POLICY and suspected ramifications of that policy on the market, the root of prices is still government policy.

True.

Weak regulation leads to abuse.

Abuse?

That really is the fundamental desire of the Dems - government control of markets.

That way, their policies can be blameless for tanked economies.

it is actually not. if people would not complain that it is the governments fault that the price of gas is so high, then the government would not get involved. but the GOP currently wants to put the blame squarely on Obama's shoulders instead of simply admitting that it is the free market that has caused prices to skyrocket.

 

[Syphon]

Speculation is a big part of a free market economy.

Once again, Barack Obama has seen the results of HIS policies come back to bite him in the ass...and once again he responds by pointing the finger at someone else.

Oil speculators wouldn't be driving the price of oil up if they didn't see it trending that way because of the people we have running our government. When our President and Energy Secretary both make statements about how they'd like to see $6 a gallon gas...then speculators are going to take them at their word and bet their money accordingly.

But "speculators" (GASP!!!) make a good bogeyman that idiots like Sallow can buy into. Just more of the same old same old from this Administration...

the price of oil it set by the open market and is dependent on global demand. even if the US were to increase production, unless global demand drops significantly, prices will continue to remain high.

so how do you suggest the world lower demand?

 

[bitterlyclingin]

[Just Ducky! With Israel threatening to take out Iran's nuclear facilities while Iran threatens to shut down the Straits of Hormuz in retaliation, Barry and Dave are going to deplete both nation's strategic oil reserves in an effort to appease the masses, re election time yano, so that if anything does happen, our joint fleets will not have enough fuel to sail and the carriers wouldn't have enough jet fuel on board to launch aircraft even if they're on station.
Obama threw out the bust of Winston Churchill ( In War; Resolution: In Defeat; Defiance} on the very day he took office, but he's more than willing to join the Brits in pursuit of Neville Chamberlains long standing record of appeasement.
The most anti American president, ever, endlessly engaged in his never ending pursuit of making America weaker and poorer by the day.]

"(Reuters) - Britain has decided to cooperate with the United States in a bilateral agreement to release strategic oil stocks, two British sources said, in an effort to prevent high fuel prices derailing economic growth in an election year.

A formal request from the United States to the UK to join forces in a release of oil from government-controlled reserves is expected "shortly" following a meeting on Wednesday in Washington between President Barack Obama and Prime Minister David Cameron, who discussed the issue, one source said.

Britain would respond positively, the two sources said."

Exclusive: U.S., Britain to agree emergency oil stocks release | Reuters

 

[Si modo]

True.

Weak regulation leads to abuse.

Abuse?

That really is the fundamental desire of the Dems - government control of markets.

That way, their policies can be blameless for tanked economies.

it is actually not. if people would not complain that it is the government fault that the price of gas is so high, then the government would not get involved. but the GOP currently wants to put the blame squarely on Obama's shoulders instead of simply admitting that it is the free market that has caused prices to skyrocket.

Ummmmm, irrespective of who is in office, speculation activities on any commodity will be based on policy and other influential events.

Only fools believe policy has little effect on markets.

 

[geauxtohell]

My eyes.....................

 

[occupied]

True.

Weak regulation leads to abuse.

Abuse?

That really is the fundamental desire of the Dems - government control of markets.

That way, their policies can be blameless for tanked economies.

it is actually not. if people would not complain that it is the government fault that the price of gas is so high, then the government would not get involved. but the GOP currently wants to put the blame squarely on Obama's shoulders instead of simply admitting that it is the free market that has caused prices to skyrocket.

It's not a free market, it's a highly manipulated market that continually leaves the poor suckers tricked into investing in futures holding the bag and the big brokerage houses getting away scot free. It's going to happen again when this bubble pops, Goldman and others will make billions while the oil futures they sold to retirement plans bomb.