Oil Prices Are Dropping Thanks To President Obama

http://www.politicususa.com/oil-prices-dropping-president-oba...

We all heard the Republicans religiously chanting that the rise is oil and
gas prices was due to not drilling. Unfortunately, that is far from the truth.
In fact to the dismay of many environmentalists, he is drilling for oil, even in
the Arctic!

Since April oil prices are down 21% and according
to Forbes (http://www.forbes.com/sites/petercohan/2012/06/23/since-april...), it mostly, if not all has to do with President Obama.

The Forbes article states,

President Obama’s $52 million plan to increase the margin requirements and
otherwise tighten the screws on oil speculators — who borrow huge sums to bet on
the direction of oil without taking delivery — would cut oil prices by 10%. He’s
beaten that prediction and the lowered price of gasoline has added $78.4 billion
to its consumers’ spending power.

In case you never heard about it, in April the Obama administration asked Congress
to spend $52 million to regulate this speculation. According to the
Washington Post, this included the following steps:

Increase by a factor of six Commodity Futures Trading Commission (CFTC)
surveillance and enforcement staff “to better deter oil market
manipulation,”

Boost 10-fold to $10 million the civil and criminal penalties against “firms
that engage in market manipulation,”

Give the CFTC authority to increase the trader margins — the amount of their
own capital that traders must set aside for each bet. The administration
officials said such authority “could help limit disruptions in energy markets,”
according to the Post.