US top trade groups already demand an end to oil speculation, but why Congress not act and Media not report ?
Friday, October 30th, 2009 at
6:17 am
sense asked:
“Leading energy experts across the country agree that recent, unprecedented jumps in crude oil prices are due, in large measure, to rampant speculation in the energy commodities markets.”
“Leading energy experts across the country agree that recent, unprecedented jumps in crude oil prices are due, in large measure, to rampant speculation in the energy commodities markets.”
“19 of the nation’s top trade associations, consumer groups and labor organizations, the coalition urges “immediate reform in the widely-speculative energy commodity futures markets.”
http://energy.senate.gov/public/index.cfm?FuseAction=PressReleases.Detail&PressRelease_Id=a0267544-59b1-4cd7-b41e-8f0e55738999
Filed under: Commodity Trading
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Money. You know, that green stuff. Works wonders.
I dont know why congress isn’t acting on it, but they are probably still decideing how to go about it properly. I know why the media isn’t talking about it.
The media is told what and what NOT to say,…………..Yes that is a right to free speech violation, but when the government owns the media, they tell them what they want them to say.
One of the Central bankers owns “Petrolium” (which is used to make gasoline). This has nothing to do with any oil that is bought from overseas. The prices charged by the overseas seller, still does not compare to the overblown prices that are charged at our gas stations. If you think of this in it’s simplist terms and logically then, it’s just a profit battle, nothing more.
In a free market economy, legislation is usually a bad thing. Congress could, in a closed-door session, vote to dump 1/3rd of the stategic reserves, catching speculators with their pants down, so to speak.