Oil Prices Are Dropping Thanks To President Obama
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, 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,”
In my opinion the same thing happened before the last presidential election and as soon as the elections were over, they were on the rise again.
This failed for the republicants in 08' and it may fail for the democants this election. The problem is we keep replacing Idiots with more Idiots. Wake up people
Since Pres. Obama was getting blamed for the rise in oil/gas prices earlier in the year,
then it's only fair he also get the credit for the decrease in oil/gas prices right now.
Too bad that while oil gets cheap, due to inflation, consumer prices remain the same.
P.S. you and I both now he has no control whatsoever on prices :-)
Crude barrel price January 19, 2009 ~$47.79
Crude barrel price June 28, 2012~ $78.50
What other misinformation do you have to propagate?
Crude barrel price June 28, 2012~ $78.50
When has this ever determined what the price at pumps are? It hasn't in the past 12 years.
'Oil posts fourth biggest daily gain on record'
http://money.msn.com/business...
Furthermore the reason the price of oil has been dropping has nothing to do with Obama. It was due to the problems with the eurozone and the pending economic collapse of Greece. Once Germany cut a deal to bail out Greece, Italy and Spain the price started to climb (as it explains in the article I linked). Trying to say Obama had anything to do with it is not truthful in the least.
Also US Crude oil closed yesterday at just under $85 a barrel while Brent crude closed at close to $98 a barrel. Enjoy the lower gasoline prices now because they are going to start climbing and will do so rapidly.