Oh but it couldn't be Obama's Energy Policies

hey Obama, it is called supply and demand, when YOU restrict the supply, the price goes up ......

Obama says new task force will examine gas prices


President Barack Obama said Thursday that the Justice Department will try to "root out" cases of fraud or manipulation in oil markets, even as Attorney General Eric Holder suggested a variety of legal reasons may be behind gasoline's surge to $4 a gallon.

"We are going to make sure that no one is taking advantage of the American people for their own short-term gain," Obama said at a town-hall style meeting at a renewable energy plant in Reno.

The national average price for a gallon of regular gasoline was $3.84 on Thursday, about 30 cents higher than a month ago and almost a dollar higher than a year ago.

Obama, decrying such levels as yet another hardship "at a time when things were already pretty tough," said Holder was forming the Financial Fraud Enforcement Working Group.

The task force will focus some of its investigation on "the role of traders and speculators" in the oil-price surge Obama said. The group will include several Cabinet department officials, federal regulators and the National Association of Attorneys General.

In Washington, Holder said he would press ahead with the investigation, even though he did not cite any current evidence of intentional manipulation of oil and gas prices or fraud.

<snip>


While acknowledging he doesn't spend much time these days behind the wheel, Obama said, "I've been in one of these Chevy Volts. This is a nice car. It drives well."

He said when such vehicles become more affordable, "those of you out there driving that 8-mile-a-gallon SUV" should consider a purchase. Otherwise, by buying gasoline that likely came from imported oil, Americans "are putting money in the pockets of people who do not like us at all," he said.

Earlier, he told supporters in San Francisco that he is pressing ahead with his agenda in a difficult political environment and that "change turned out to be a lot tougher than expected."

Obama addressed about 200 people who paid up to $35,800 apiece for the fundraiser at San Francisco's St. Regis Hotel, the first of four fundraisers of the day. The other three were scheduled in Los Angeles.

Obama Coal Controversy - CNBC

[BOP]

While acknowledging he doesn't spend much time these days behind the wheel, Obama said, "I've been in one of these Chevy Volts. This is a nice car. It drives well."

He said when such vehicles become more affordable, "those of you out there driving that 8-mile-a-gallon SUV" should consider a purchase. Otherwise, by buying gasoline that likely came from imported oil, Americans "are putting money in the pockets of people who do not like us at all," he said.

Earlier, he told supporters in San Francisco that he is pressing ahead with his agenda in a difficult political environment and that "change turned out to be a lot tougher than expected."

Obama addressed about 200 people who paid up to $35,800 apiece for the fundraiser at San Francisco's St. Regis Hotel, the first of four fundraisers of the day. The other three were scheduled in Los Angeles.

For $35,800, I better get a Hummer!



I slay myself sometimes!

[wollybugger]

Ben Bernanke and the Fed and Obama are printing money like it's going out of style ... so yeah ... it cost several hunderd bucks to buy a loaf of bread when Richmond fell



.

[SamSpade]

Obama is right at least about one thing - there's no shortage of supply, at least, not significantly. And his energy policies have no effect at all on the worldwide cost of oil.

Speculation has driven the price up almost certainly because of uncertainty in Libya, which is the largest supplier of oil in North Africa and one of Europe's biggest suppliers. It kind of helps to get oil from the guy next door. When that supply is in jeopardy, the demand increases from Europe, which affects world demand.

[ImnoMensa]

Originally Posted by SamSpade

Obama is right at least about one thing - there's no shortage of supply, at least, not significantly. And his energy policies have no effect at all on the worldwide cost of oil.

Speculation has driven the price up almost certainly because of uncertainty in Libya, which is the largest supplier of oil in North Africa and one of Europe's biggest suppliers. It kind of helps to get oil from the guy next door. When that supply is in jeopardy, the demand increases from Europe, which affects world demand.

Opec isn't stupid.

They know that last years dollar is worth .80 cents this year.

So they charge $1.20 to make up the difference.

The less our money is worth, the more they will charge, until they won't take our money at all ,but will make us buy someone elses money to pay for our oil.

Drilling for our own oil is out of the question: We are committed to Sun mirrors and Windmills, and cars that need charging with the electricity Obama's dreams are putting out.

Meanwhile the dipstick is closing down coal powered electric plants.

If I were writing a plan for the destruction of America, I couldn't make up a better plan than Obama's. The guy is a genious.

[theHypocrite]

Originally Posted by ImnoMensa

Opec isn't stupid.

They know that last years dollar is worth .80 cents this year.

So they charge $1.20 to make up the difference.

The less our money is worth, the more they will charge, until they won't take our money at all ,but will make us buy someone elses money to pay for our oil.

Drilling for our own oil is out of the question: We are committed to Sun mirrors and Windmills, and cars that need charging with the electricity Obama's dreams are putting out.

Meanwhile the dipstick is closing down coal powered electric plants.

If I were writing a plan for the destruction of America, I couldn't make up a better plan than Obama's. The guy is a genious.

many of the comments prior to yours are a display of pure ignorance

but you have very correctly highlighted something the MSM overlooks.

currently their is no shortage of oil but prices are rising not only due to the effects of speculators (who pay less than 20% profit on their capital gains ... and i bet your tax rate is over 20%) and the declining dollar value - the base currency of oil

[theHypocrite]

There is a direct relationship between Dollar value and oil prices.

All crude oil purchases worldwide have been conducted exclusively in U.S. Dollars for over thirty-five years. [1]

When Dollar value falls via inflation (i.e. the creation of money by the Federal Reserve and other banking mechanisms), oil prices rise. [2] [3] [4] This phenomenon could be called Petrodollar Inflation; it occurred during the 1970′s oil ‘price shock’, and it is occurring right now. [1]

Oil is a critical economic and strategic resource – because every country needs oil to develop and prosper, they also need U.S. Dollars. This has raised the demand, and value, of the Dollar worldwide for several decades. [1]

However, the U.S. Dollar is continuously devalued (inflated) by Federal Reserve and U.S. government monetary policies. [5] Due to recent ‘super-inflation’ of the Dollar, oil producing nations are losing money – or rather, wealth – by selling oil in Dollars. To prevent losses, oil producing nations will sell some or all of their oil in other currencies (Euros, for example). This further devalues the Dollar, since oil buying countries no longer need them to purchase oil.

Dollar Inflation the Primary Cause of Rising Oil Prices, ‘Peak Oil’ a Myth – PART 1 | Revolutionary

[Baz]

Originally Posted by EmptyTimCup

hey Obama, it is called supply and demand, when YOU restrict the supply, the price goes up ......

Supply isn't a problem. I heard a news report on WTOP the other day stating that there's no shortage of oil, stockpiles are plenty stocked.

Again, it seems the speculators and/or other industry insiders are taking advantage to make a quick buck at the expense of consumers.

[Gilligan (Premo)]

Originally Posted by Baz

Supply isn't a problem. I heard a news report on WTOP the other day stating that there's no shortage of oil, stockpiles are plenty stocked.

Again, it seems the speculators and/or other industry insiders are taking advantage to make a quick buck at the expense of consumers.

Correct in many respects; however the biggest factor is quite simply that investor-speculators are heavily playing the commodity markets (inc oil/gas of course..but all of them) because that is where decent returns can be had right now; The Fed has made other forms/means of investing much less attractive with very low returns, as a direct consequence of its recent and current monetary policy.

In the simplest terms..the boys go play where its the most fun.

[Baz]

Originally Posted by Gilligan

Correct in many respects; however the biggest factor is quite simply that investor-speculators are heavily playing the commodity markets (inc oil/gas of course..but all of them) because that is where decent returns can be had right now; The Fed has made other forms/means of investing much less attractive with very low returns, as a direct consequence of its recent and current monetary policy.

In the simplest terms..the boys go play where its the most fun.

That's the way the game is played, as it's currently set up. I can't really blame someone for making easy money in a legal way. I don't hate the players, I hate the game.