I know I used the the same video last week, and I apologize, but that video says a great deal about Obama. First the surreal assumption that if you can't afford four dollar gas you can afford a fifty thousand dollar car. Second the assumption that after 2008 Americans are stupid enough to believe that oil prices are controlled solely by supply and demand.
Telling us high prices then, or now. are the result of higher demand and strains on the supply side isn't total bullshit, but it's a close as you can get and still miss. The civil war and general unrest in the Mid East make a good excuse, but a 2% loss in supply doesn't cause a 30% increase in prices. Today, just as in 2008 the hyper inflation in oil prices is more a result of speculation than anything else, except maybe the devaluation of the dollar that's occurred on Obama's watch. .
Total U.S. crude inventories rose 1.63 million barrels to 359.3 million last week, They were forecast to increase 1 million barrels. The week before that they crude supplies increased by 2.9 million barrels, or 0.8 percent, to 355.7 million barrels, 0.4 percent above year-ago levels. Analysts had expected an increase of 2.2 million barrels for the week ending March 25.
There is no shortage of supply, inventories are actually increasing, that only happens when supply exceeds demand.
I don't believe the President could possibly be unaware of the those numbers, so when he says it's a supply and demand issue, he's lying.
I don't think anyone will be surprised to find out the biggest speculators are the same Wall Street Banks we bailed out through TARP and Quantitative Easing. In fact three of the biggest offenders just happen to be Goldman Sachs, Morgan Stanley and Citi who combined received over Four Trillion Dollars in Bailout, Quantitative Easing and almost Zero Interest Loans from the Federal Reserve.
Does the Obama Administration have the power to do anything about the speculation.. From Huffington Post, Oil Speculation Continues Unabated -- $5 Gas Next?
The job of assuring that our energy markets are fair actually falls not upon the FTC but upon the Commodity Futures Trading Commission (CFTC), but it's had little success to date at curbing oil speculation and slowing this latest run-up in price.And a little farther down in the article we get to this
. The Dodd-Frank Financial Reform bill, signed into law on July 21, 2010, mandated that the CFTC write rules for the oil markets designed to stop speculation from controlling prices on crude oil and gasoline and driving them to astronomical levels, as they did in 2008. The bill also demanded that these rules be in place and working by February of this year.It seems the the CFTC is having a problem writing a set of rules that make Goldman Sachs and Morgan Stanley happy.. So much for all the Administration's talk about cracking down on Wall Street. There might be a good reason for that. Pay a visit to Opensecrects.org Here's what 2008 looked like.
There's just one problem: Those rules haven't yet been written and approved.
Goldman Sachs Party Contributions Dems: $2,044,644 Repubs: $470,634
Candidates Total: $3,862,314 Dems: $2,650,393 Repubs: $1,200,581
Citi Group. Party Contibutions Dems: $1,161,725. Repubs: $456,401
Candidates Total: $4,420,809 Dems: $2,625,478 Repubs: $1,784,682
Morgan Stanley Canadidates
Total: $2,814,245 Dems: $1,625,786 Repubs: $1,174,194
It's no big secret that Obama favors higher gas prices so he can force his agenda on America. . It's also no big secret that George Soros contributed heavily to Obama's election, or, as you can see on this video that Soros is heavily invested in Petrobras, Brazil's national oil company. Paybacks a, uh un, well you know. I guess it no big f'ng deal if it's on the backs of the American People. Let's not forget what he said when to went to Brazil to declare war on Libya.