Fuel Fix, Washington – Sens. Bernie Sanders, I-Vt, and Maria Cantwell, D-Wash., criticized Federal regulators Thursday for a lack of urgency in halting oil price speculation despite mounting evidence that trading on the future value of oil is driving up the cost of gasoline.
The two Senators met with Commodity Future Trading Commission Chair Gary Gensler in a closed-door meeting to discuss what steps the CFTC will take to halt oil speculation. Sanders exited the meeting unimpressed, he said, over the priority Gensler is giving the matter. Sanders went on to say that the chairman showed a lack of urgency in addressing energy speculation. “We need action and we need it now.”, the senator said.
Senator Cantwell threatened congressional action if CFTC fails to curb oil speculation.
I have said before that the issue of oil speculation is a root cause of higher prices at the pump. Now, most americans know it too. While they feel trapped by the higher price of Gas, they still need to respond to the crisis by contacting their congressman and Senator. It is time that something is done about this ever-growing situation. It endangers more than just our pocket books, it threatens the continued recovery of the United States from the recession.
In a recent response to an article in Fuel-Fix, I said;
“The problem is there is no regulation, or very little, which regulates speculators. As things stand right now, the Speculators are setting the price of oil by dire speculatory perceptions, knowing full well that this causes the price of crude to go up. They are doing this purposely to increase oil prices at the pump. They pocket the huge profits. They know full well the situation, say in Libia, is not as bad as they make it out to be, but by enhancing the crisis by word of mouth, the price of crude goes up, while they clean up. The CFTC, I’ll bet, a hold over from the Bush-Chaney Oil Gang, is keeping his head low so as to allow this to go on as long as he can without detection. CFTC knows exactly what is going on here. So does the rest of America. The CFTC and Chairman need to go. Congress needs to regulate, and push lower oil prices. If not the ailing recession will return, and it’s right back in the bucket for the workers in this country. Mark my words.”
The CFTC apparently responded by flagging a small tycoon over attempts manipulate oil prices on the West Coast, in a scheme where they cornered the supply and profited $50 Million. The defendants allegedly made at least $50 Million by cornering the supply of west Texas Intermediate light sweet crude at Cushing, Okla.
The problem is here is that we are talking $50 Million, a mere drop in the bucket in oil profits. Larger corporations obviously are making a killing through manipulation as well. However, CFTC chooses to go after a little fish in an attempt to pacify congress. If Congress were to fall for that, then this country is in far more serious trouble than I ever dreamed of!
This is nothing on the blip of the economic radar of resolving this problem. I only hope that Congress calls their bluff, takes swift action, and replaces these clowns with more serious Commissioners and Chair.
that’s my point of view……..What do you think? Drop a line. I look forward to your response. Meanwhile, Have a good night and as usual ……… God Bless America.
Don’t forget to pray for the folks in Joplin Missouri.