Oil prices on the rise

From Sen. Bernie Sanders in August, after leaking documents related to oil speculation to the Wall Street Journal:

While making this confidential information public may have upset Wall Street oil speculators, the American people have a right to know exactly what caused gasoline prices to skyrocket to more than $4 a gallon back in the summer of 2008… Further, there is little doubt that the same speculators who caused gasoline and heating oil prices to unnecessarily spike in 2008 are playing the same games again in 2011. This is simply unacceptable and must not be allowed to continue.

It seems the Obama administration wasn’t listening. From ThinkProgress, yesterday:

Oil is once again trading above $100 per barrel, bringing with it estimates that U.S. gas will cost more than $4 per gallon by May, if not sooner. The Obama administration is already bracing for higher gas prices and the political cost that they could exact.

But it isn’t increasing demand for oil that is driving the recent price increase. In fact, demand is the lowest it’s been since April, 2007, according to the Oil Price Information Service (OPIS). Instead, OPIS points to speculators as the party responsible for driving up prices…

Obama should listen to Bernie and take action, if only because his re-election bid might be derailed if his Wall Street buddies push gasoline prices too high.

3 thoughts on “Oil prices on the rise

  1. Plus to add to the cost increase you have Sunoco closing refineries thus cutting the supply which simple economics tell you will also drive up the cost. Looks like someone is not to happy with the President and might not want him to win reelection.

  2. The price of gasoline should be at least $10.00 a gallon. Sanders is talking out of both sides of his mouth on this issue. He wants less carbon spewing into the atmosphere by going green. Yet he wants cheap gasoline. That’s called pandering. As the price of gas increases the shift to greener fuels will also increase. That’s called incentive. In any event the price of oil and therefore the price of gasoline is set by the oil cartel known as OPEC and not by anything Obama does or doesn’t do. With the exception of what the refiners charge. That’s a function of Capitalism.

  3. Sanders is no hypocrite. He was making an ironic point about the effects of speculation on commodities prices — speculation that was checked by government agencies before Clinton and Bush cut back on regulating the speculators. Here’s the irony: Obama is a good buddy of the Wall Street speculators, who are nothing but degenerate gamblers in business suits. If speculators push gas prices too high this year, as they did in 2008, the economy will relapse. This possibly would cost Obama the election.

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