The left is going loony in their quest to try to gain control of everything that they haven't already got their greedy little hands on. Their paranoia over rising oil and gas prices has started an irrational attempt to blame the free markets and capitalism as opposed to the failure of this administration to understand the technology revolution that is transforming American energy.
The latest laughable attempt to blame oil speculators for he price increase in gas comes from none other than the ill tempered ego maniac Keith Olbermann who claims that traders are increasing prices on purpose to sink Obama. This fantasy that speculators are responsible for the increase in oil price is utter nonsense and anyone that tells you otherwise does not know the facts.
This quest by the left to blame oil speculators is their latest attempt to provide cover for their President's failed energy policy. It is their inability to admit that US energy companies have developed technology that can make the US energy independent while they have wasted millions of dollars of tax payer's money of high risk, low (zero) return energy sources.
The Obama is losing on energy and he desperately wants you to believe that rising prices are not his fault. The left wants you to believe that the free market is the problem and they want to have the government take control. They want you to believe that the markets are being manipulated and they have guys like Olbermann carrying his water. The bottom line is that anyone that blames speculators for the price of oil is misinformed or has a political agenda. The fundamentals are clear despite Obama's grandstanding.
The price of oil has risen due to a weak US dollar. Oil increased because of quantitative easing. Oil has increased because of the Arab spring. Oil is rising because of the Iranian oil embargo. Oil has risen as Europe and Asia hoards supply. Oil has risen because demand globally is rising. Oil increased as we drew down summertime blends of gasoline.
Oil is now falling as the risk to Iran is less and gas prices fell 4.9 cents per gallon and we are now below one year ago levels for the first time since October of 2009 according to AAA. This drop does not bolster the Olbermann argument.
Consider this Reuters piece, President Barack Obama's administration has brought only one new case alleging energy market price manipulation since he took office in 2009, despite more tough talk about it this week amid soaring prices at the gasoline pump.
If that seems like a lackluster enforcement record for a president eager to look assertive on oversight of oil and natural gas markets in an election year, it may be for good reason.
Experts said there is little evidence of widespread manipulation in these markets and, in any case, lawyers with experience in the field said such cases are difficult to prove.
The administration on Thursday announced a $14 million settlement with Dutch trading firm Optiver in an oil market manipulation case, but that case had initially been brought in 2008 under the administration of President George W. Bush.
With energy markets in turmoil, the market-regulating U.S. Commodity Futures Trading Commission under Bush from 2006 to 2008 brought more than a dozen energy market price manipulation cases, according to a review by Reuters.
Asked by Reuters for recent cases alleging energy market price manipulation, officials from the CFTC, the Federal Trade Commission and the U.S. Justice Department turned up only one case that has been brought under Obama.
The White House did not respond to a request for comment. The FTC received specific new authority over manipulation of the energy market in November 2009. The Justice Department said it does not keep a detailed tally of its criminal cases.
The average U.S. gasoline price per gallon was nearly $4 in early April, up about 25 cents from a year earlier, a jump that ensures plenty of rhetoric from Democrats and Republicans for months to come with the Nov. 6 elections approaching.
Oil prices are falling today because of a weak manufacturing level in China. Iraq's oil production is rising and in the Sudan, according to Dow Jones, they are assessing damage at its largest oil facility, Heglig, which was damaged during ten days of deadly fighting with South Sudan.
Make sure you are getting the Power to Prosper and me every day! Tune to the Fox Business Network! Also get my Daily Trade Levels! Call me - Phil Flynn -
at 800-935-6487 or email me at email@example.com
There is a substantial risk of loss in trading futures and options.Past performance is not indicative of future results. The information and data in this report were obtained from sources considered reliable. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any securities or commodities. PFGBEST, its officers and directors may in the normal course of business have positions, which may or may not agree with the opinions expressed in this report. Any decision to purchase or sell as a result of the opinions expressed in this report will be the full responsibility of the person authorizing such transaction.