President Obama Goes After Oil Speculators.

President Obama went after Oil Speculators today Over rated Oil Speculation has been the problem all along and most people have known it, and actually wonder why the President has not done something sooner than this. However the White House said today that the president has already taken significant steps to increase the oversight of oil markets and close dangerous loopholes that for too long allowed energy traders to operate in the shadows. The White House said that early on in the Administration The Commodity Futures Trading Commission (CFTC), moved to close the Enron and London loopholes which previously allowed traders to evade oversight by using electronic and overseas platforms. They also said they are dealing with wall Street Speculators and manipulation of oil prices.

However the prices continue to increase, and that threatens the continuing economic recovery, which is already showing signs of strain.  That strain according to some economists is directly related to surging oil prices.  Already, Speculators are projecting increased Gasoline Prices by Memorial day up to 4.67 per gallon.

The President introduced a five-part plan:

1. Requesting immediate funding to put more ‘Cops on the beat’ overseeing oil markets

2. Funding critical technology upgrades in the oversight and surveillance of Energy Market Activity.

3. Substantially increasing Civil and Criminal penalties for manipulation of Key Energy Markets.

4. Empowering the CFTC to raise margin requirements in oil futures markets.

5. Taking immediate steps to expand access to CFTC data to better understand trading trends in Oil Markets.

I won’t go as far as to say that this is the solution to the problem. The president has indicated that he will need the backing from Congress, to get the situation under control.  But, I personally do not think he will garner much support there. After all, these people have made it clear over on the Republican aisle that they do not want to do anything that would get this President re-elected.

However, the power of Executive Order, in the interest in what is best for this country and its continued economic recovery can have some serious impact on this persistent artificial inflation of oil prices.

So, I support President Obama on this matter, and would urge readers to do the same. Contact the White House and voice your support.  For once, put political differences aside and lets all do something that is not only good, but important for this country.

Thats my point of view, and I look forward to yours.

Have agreat day and as usual……….God Bless America!



I am 62 years old. I've been blogging for several years. I am into History and Politics as well as currant events. The latter being the main issues covered on these pages. I was a Community Advocate for twenty years, and a volunteer aide in a State Representatives Office in my home state of Michigan. While I have basically ceased these activities, I still watch the world around me closely and report on it as much as I can, which I might add is often. I encourage comments on my Blogs. I only ask that we keep our opinions clean and without insults threats or intimidation. I hope you take time to read The Horton Journal, and look forward to your comments.
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1 Response to President Obama Goes After Oil Speculators.

  1. says:

    This is totally useless and will accomplish nothing. truth is he is spending more money to do nothing more than watch the speculators increase their earnings. There are more direct options that will burst the commodity bubble within a few weeks. Nothing is written in stone saying thou must put oil on the commodities market. Once they allowed over nineteen large financial institutions and banks to start trading commodities all consumer prices went through the ceiling.
    Obama is about to spend a lot of tax money to do absolutely nothing. My guess is prices will continue to rise and the American public will remain in the dark about why but will pay and complain rather than learn and take action. People are impossible to motivate to take some simple actions yet they allow themselves to be ripped off everyday.

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