Posted 5 years ago on March 5, 2012, 9:54 p.m. EST by DKAtoday
from Coon Rapids, MN
This content is user submitted and not an official statement
Bush and Saudi Prince. Celebrating the future wet dreams of pure profit fossil fuel speculation. Picture taken during Bush administration which saw the launch of unprecedented profits for oil speculators leading to bleeding the economy white just prior to the toxic meltdown on WallStreet.
Sen. Sanders Leads Effort to Clamp Down on Oil Speculators
Rampant speculation has artificially pushed up gasoline prices to nearly $4 a gallon. Sen. Bernie Sanders “is fighting back,” ABC News reported. A letter signed by 70 members of Congress – 23 senators and 47 members of the House – told federal regulators to enforce provisions of the Wall Street reform law and curb speculation in crude oil markets.
They stressed that gasoline prices are up despite high supplies and low demand. According to the Energy Information Administration, the supply of oil and gasoline is greater today than it was three years ago, when the national average price for a gallon of gasoline was just $1.90. Today, the national average is more than $3.70 a gallon at a time when the demand for oil in the U.S. is at its lowest level since April of 1997.
Citing a recent report from Goldman Sachs, a major oil speculator, Forbes magazine said excessive oil speculation adds $.56 to the price of a gallon of gas. Exxon Mobil, the Saudi Arabian government, the American Trucking Association, Delta Airlines, the Petroleum Marketers Association of America and the Federal Reserve Bank of St. Louis agree excessive oil speculation significantly increases oil and gasoline prices.