I have said before that the primary reason for the increased price of oil is not economic, nor is it based on demand. But instead the whole thing is based on Speculators gambling on oil availability as a result of conflict in the mid east. Well, I guess I am not the only one saying this now there is a U.S. Senator who is claiming the same thing. According to Senator Bernie Sanders, a decade ago speculators controlled only 30% of the oil future market, now they control 80%. Whats more, many of those buying or selling this oil on the commodity market will never use a drop of this oil. The sole function of these speculators is to make as much money as the can and as fast as they can. Mr. Franks said in a Release to CNN News.
While the events of the world might fuel the speculators it is not because of their fear that the entire Mid-East is going to explode. I would venture to say that they don’t think that this is going to happen. However, the speculators will do everything that they can to convince you that the current economic, and political situation in the Mid East is cause for alarm, and as indicators show that their little bluff has worked they push up the price of oil and walk away in the end with wind-fall profits.
According to Mr. Sanders who says that he has seen the raw documentation that proves the role of speculators. He states that Commodity Futures Trading Commission records show that in the summer of 2008 when gas prices spiked at $4 a gallon, speculators overwhelmingly controlled the crude oil futures market. The commission which supposedly represents the interests of the American people, had kept the information from the public for almost three years. even those within the oil industry have admitted that speculators are driving the price of gasoline.
Just last week, Commissioner Bart Chilton, one of the only Commodity Trading Commission members looking out for consumers, according to Mr. Sanders, calculated how much extras drivers are charged as a result of Wall street Speculation. If you drive a relatively fuel-efficient vehicle such as a Honda Civic you pay an extra $7.30 everytime you fill up. However, if your driving say a Ford F-150 Pickup you end up doubling that. That equates to more than $750.00 per year going from your wallet directly into the pocket of some Wall street Speculator.
So Dear readers, once again Wall Street is laughing all the way to the Bank, it seems at your expense. They did it to 401(K’s) and Mutual Funds until they got caught. They destroyed your retirement.
They did it to the Housing Market, and as a result you lost your shot at the American dream and lost your home.
They drove the country into the worst recession since the 30’s, they nearly caused the Auto Industry to go under. You lost your retirement, you lost your home, you lost your job, your 4401 (k) and mutual funds are out the window.
Now, they control oil. They look for the Iran’s, Syira’s, Afghanistan’s, and other mid-eastern crisis to justify exaggerated speculation which is designed to drive up the cost of crude, which means increased gasoline prices. The oil is there, there is no less today than there was yesterday, but they spike the cost for one reason and one reason only…….. Greed!
Now the question is what are we the American People going to do about it? Are we just going to sit he like Lumps on a Pickle, and do nothing until we go broke? Or are we going to rise up, and do something about it? write your Senator and Congressman, tell them enough is enough, and they need to do something about it. If they think your kidding, tell them their election counts on.
The time has come to control Wall Street, and out of control speculators whose speculation is based on one thing. That is gleaning as much money out of our pockets as they can as fast as they can.
That’s my point of view………I look forward to hearing yours. Meanwhile…….Have a great day and as usual God Bless America!