Wall Street Speculation to Blame for Rising Gas Prices

[wvit1001]

House Democratic Leader Nancy Pelosi went sharply after oil speculation late yesterday, taking up a strategy to answer Republicans on rising gas prices that has not been employed much in the political sphere. Take a look at Pelosi’s press release yesterday on the subject:
 
 
 
Independent reports confirm that speculators are driving up the cost of oil, hurting consumers and potentially damaging the economic recovery. Wall Street profiteering, not oil shortages, is the cause of the price spike. In fact, U.S. oil production is at its highest level since 2003, and millions of acres have been cleared for additional development.

We need to take strong action to protect consumers from this speculation. Unfortunately, Republicans have chosen to protect the interests of Wall Street speculators and oil companies instead of the interests of working Americans by obstructing the agencies with the responsibility of enforcing consumer protection laws. They have also repeatedly opposed our efforts to end billions of dollars in outdated taxpayer subsidies for oil companies enjoying record profits.
 
We support efforts by the Obama Administration to expand domestic energy resources, including natural gas and renewable sources like wind and solar that create jobs in America and will end our dangerous dependence on foreign energy supplies. This can be achieved because today, the United States currently has more oil and gas rigs at work than the rest of the world combined, and imports of foreign oil have decreased.
 
We call on the Republican leadership to act on behalf of American consumers and join our efforts to crack down on speculators who care more about their profits than the price at the pump even if these spikes harm the American consumer and our economy
 
http://news.firedoglake.com/2012/02/23/pelosi-speaks-the-unspoken-wall-street-speculation-to-blame-for-rising-gas-prices/

[lluke47]

The chimp destroying America is the reason for high gas prices..

[Dardmex]

wvit1001 --- I agree with you, but why were you trumpeting Wall Street the other day when the DOW finished above 13,000? 
 
If you like Obama you should HATE anytime the stoock market goes up!  The rich don't deserve that wealth!
 
http://www.thedailykos.com ......... http://www.MoveOn.org



Low IQ? Socially conservative? You might be prejudiced, study says!

[chuck_curtis]

Of course speculators are a factor in driving up the price.  They speculate that the price will rise because of sanctions and war mongering.  Duh.  If they are wrong, they will lose money.  If they are right, they are right.