Republican Speculators And Hedge Fund Manipulators Driving Up The Price Of Gas

The 15 most corrupt Big Oil whores in the history of the House-- 13 Republicans & 2 slimy Blue Dogs

Thursday we took a brief glimpse at how Romney's billionaire backers-- hedge fund dealers and speculators-- are driving up the cost of gasoline. That will cover the cost of their contributions to Romney (much the way Enron paid for the Bush campaign by over-charging California rate-payers) and it will have the bonus effect of slowing down the recovery and giving the Republicans an opportunity to try to blame Obama and the Democrats. Obama has been successfully pushing back against this perfidy but so have Democrats running for Congress. Thursday evening I went up to Santa Clarita to hear Lee Rogers, the Blue America-endorsed candidate running against Big Oil whore Buck McKeon, speak to CA-25 Democrats. What he had to say resonated with everyone in the room:

"Oil speculators gamble on Wall Street and we pay the price at the pump. The price is not governed by supply and demand. The supply is not our problem. Fuel was America's largest export in 2011. Our oil output is higher now than it has been in decades. But speculators who bet that oil will be a higher price in a month from now, based on turmoil in the Middle East, rising global demand, or refinery capacity, end up causing an artificial supply problem even when one doesn't exist. This is because those who own the commodity, hold on to it waiting for the price to raise. It's a self fulfilling prophecy that makes both the speculator and the oil company rich. Oil is one of our most valued commodities. It affects the price of nearly everything we purchase from fresh produce, to shipping, to airplane tickets, to taxi rides. In some cases those who gamble with speculation, also own the commodity. Talk about a conflict of interest!

"Big oil and the Republicans solution is to 'drill, drill, drill.' Since high gas prices isn't really a supply problem, drilling for more oil and increasing the supply won't solve our problems. It will just make more money for the oil companies already raking in record profits, because speculators will keep the price high and there will be more oil to sell at that high price. Plus, if we start drilling today, the real effects at the pump will take months or years to feel. On the other hand, ending oil speculation will have an immediate effect on gas prices.

"Speculation causes volatility in the market price for oil. Let's restrict oil trading like other goods, in the open market based on real stock investments. I'm calling for an end to oil speculation and when I get to Congress, some of my first actions will be fighting to remove this stranglehold around the necks of consumers at the hands of big oil companies and speculators trying to get rich."

Meanwhile, in New Hampshire Ann Kuster took a solid swing at longtime Oil Industry shill Charlie Bass, who she's opposing in November. Bass has taken $419,490 in "contributions" (really nothing more than blatant legalistic bribes) from the Energy/Natural Resources Sector and has completely toed their line, even when that line, as it often does, is to the detriment of his own constituents. Like McKeon, he's an adamant supporter of continuing transferring billions of taxpayer dollars into the oil companies as they continue to make obscene profits. Congressmen like Bass and McKeon get direct kickbacks for their support of these payments in the form of campaign "contributions." Kuster is fuming that the already super already profitable oil industry is being subsidized by tax dollars while New Hampshire residents are paying painfully high prices at the pump (and for heating oil). Her campaign put out a statement saying that “While families are struggling on tight budgets, it’s getting harder to fill the gas tank and Congressman Bass is giving taxpayer subsidies to big oil companies that are already making record profits. Families here in New Hampshire are already tightening their belts and the last thing they want is to continue giving billions of dollars in subsidies to oil companies. Congressman Bass not only continues to support the subsidies, he is getting rewarded for his support with campaign cash.”

Last May, both Bass and McKeon voted to bypass consideration of the Big Oil Welfare Repeal Act of 2011 (H.R. 1689), which would repeal key taxpayer-funded subsidies for oil and gas companies. Ann Kuster and Lee Rogers are on the same page in terms of ending taxpayers subsidies to Big Oil-- and they're both on the same page here as well, the Blue America ActBlue page.