Obama Oil Speculation Task Force Ignores Oil Speculation
By Matt Bewig | AllGov | March 05, 2012
Despite a growing consensus that speculators are behind recent price increases, the government’s almost year-old oil speculation task force has done little more than talk about the problem. From the beginning of January to the end of February, the average retail price per gallon of gasoline jumped 42 cents from $3.30 to $3.72–a spike of 12.7% in just eight weeks. This year’s pain at the pump is eerily similar to last year’s, when gas prices jumped 77 cents from $3.19 to $3.96 in just eleven weeks between February 21 and May 9–a leap of 24.1%.
In response to last year’s problem, in April 2011, President Obama and Attorney General Eric Holder announced the creation of the Oil and Gas Price Fraud Working Group, which was supposed to root out speculators who buy and sell oil futures based on the predicted price of oil. The trouble is, oil industry experts now estimate that financial speculators account for about 65% of the trading in oil futures contracts, up from 30% historically, leading many to conclude that the reversed ratio explains the high and volatile oil and gasoline prices. One analysis estimated that as much as 30% of the current price can be attributed to speculation. While the task force, which has met only four or five times, has been assisting a Federal Trade Commission investigation into gas prices since June 2011, a key problem is that most price speculation is legal, unless a trader relies on insider information or commits fraud, both of which can be difficult to prove.
Nevertheless, the fact that the U.S. today is producing more of its own oil than it has in years, and supply is actually outstripping demand, has many demanding action on gasoline prices. This year, however, the President is emphasizing his proposal to eliminate tax breaks that net the oil companies about $4 billion per year. Given the lack of success of the oil speculation task force, those tax breaks are probably safe for now.
To Learn More:
Whatever Happened to Task Force on Oil Speculation? (by Kevin G. Hall, McClatchy Newspapers)
U.S. Use of Gasoline is Down, Yet Pump Prices are Up as Speculators Move In (by Noel Brinkerhoff and David Wallechinsky, AllGov)
Gas Prices Up, but so Are Profits and Exports as Refiners Hold Back Production (by Noel Brinkerhoff, AllGov)
Related articles
- Obama’s Oil Speculation Task Force Has Met Just A ‘Handful Of Times’ Since Its Creation (thinkprogress.org)
- speculation is expensive! (dimitrisnowden.wordpress.com)
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RFK’s False-Flag Assassination, and the Forgotten Palestinian Patsy
BY LAURENT GUYÉNOT • UNZ REVIEW • JUNE 5, 2021
On June 6, 1968, Robert Kennedy had just won the California Democratic presidential primary, when he was shot dead, five years after his brother. David Talbot has shown in his book Brothers: The Hidden History of the Kennedy Years, published in 2007 by Simon & Schuster, that Robert had never believed in the conclusion of the Warren Commission Report, and that, had he succeeded in becoming the next American president, he would have done his utmost to set up a new investigation. Whether he would have been able to get to the bottom of it is another matter. But it is a reasonable assumption that the forces that had killed John were the same that killed Robert on his way to reclaim the White House. After all, as Laurence Leamer writes in Sons of Camelot: “Bobby had been the president’s alter ego and protector. . . . He had loved his brother so intensely and served him so well that within the administration it was hard to tell where one man ended and the other began.”[1] After 1963, Robert was still his brother’s continuation. He was the heir and the avenger.
That is why I have argued before — and I repeat in my new book — that the ultimate key to the JFK whodunit is in RFK’s assassination, which has a very clear, unmistakable Israeli signature. RFK’s assassination is a masterwork of false flag operation, designed by a supremely intelligent, Machiavellian, and organized cabal, the same that orchestrated one year earlier, with Johnson’s complicity, the attempted false flag attack on the USS Liberty (watch the new groundbreaking four-part documentary film Sacrificing Liberty).
What is truly extraordinary, and demonstrates an unmatched expertise in the industry of lies, is that the conspirators succeeded to get rid of Robert Kennedy while at the same time blaming the assassination on their enemies — the Palestinians — and thereby giving themselves both an alibi and a victim’s role: through RFK, Israel was the target, they claim. … continue
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Aletho News 
Funny… Just a few days ago you were running an article that suggested that the increase in the cost of oil is due to “the winds of war” being perceived as intensifying… The article called it a “War Tax at the Gas Pump”…
Now you’re running an article that suggest that the the increase in the cost of oil is due to “speculation”…
So, which one do you actually think is right?!… After all, they can’t be both right….
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“They can’t both be right”
Another hasty conclusion drawn by our house Zionist.
“Realist,”
Perhaps you should make a fool of yourself elsewhere.
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