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Jefferson23

(30,099 posts) Fri Jun 20, 2014, 10:45 AM Jun 2014

Senator Bernie Sanders: Oil Speculators Use Iraq as Excuse to Drive Up Prices

WASHINGTON--(ENEWSPF)--June 19 – Sen. Bernie Sanders (I-Vt.) today accused oil companies and Wall Street speculators of using unrest in Iraq as a phony excuse to artificially drive up crude oil and gasoline prices.

The price of oil today rose above $115 a barrel – a new nine-month high on the New York Mercantile Exchange – ostensibly because of concerns that sectarian violence in Iraq could cut off the country's exports. The price of regular gasoline rose to $3.67 a gallon today, up a nickel in the past month. That was despite the fact that today there is more supply and less demand for gasoline than five years ago, when the average price of a gallon of gas was just $2.67 a gallon.

“I am getting tired of big oil companies telling us that gasoline prices are going up because of the turmoil in Iraq. The truth is that big oil will never miss an opportunity to increase the price of gas. Today, it’s Iraq. Tomorrow, it may be the weather. On and on it goes,” said Sanders, a member of the Senate energy committee. “The fact is that high gasoline prices have less to do with supply and demand and more to do with Wall Street speculators driving prices up in the energy futures market.”

Sanders said he will introduce legislation to force the Commodity Futures Trading Commission, the federal agency that regulates oil markets, to use its emergency authority to eliminate excessive oil speculation. Sanders’ proposal is virtually identical to bipartisan legislation that overwhelmingly passed the House in 2008 by a vote of 402-19.

“Millions of Americans are hurting as a result of excessive speculation on the oil futures market,” Sanders said. “The time to provide the American people relief at the gas pump is now before this situation gets even worse.”

in full: http://www.enewspf.com/latest-news/latest-national/latest-national-news/53819-senator-bernie-sanders-oil-speculators-use-iraq-as-excuse-to-drive-up-prices.html

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Senator Bernie Sanders: Oil Speculators Use Iraq as Excuse to Drive Up Prices (Original Post) Jefferson23 Jun 2014 OP

Hell yes, Bernie .... Trajan Jun 2014 #1

Obvious to all but republicans. gtar100 Jun 2014 #2

I go 'round and round with republicans at work over this Populist_Prole Jun 2014 #5

He is correct. This has come up before and all Congress does is have some show sabrina 1 Jun 2014 #3

Yes and they get away with it each time...maybe we'll see some movement this time. n/t Jefferson23 Jun 2014 #4

K&R woo me with science Jun 2014 #6

I've always believed that.... clarice Jun 2014 #7

Trajan

(19,089 posts)

1. Hell yes, Bernie ....

Reply to Jefferson23 (Original post)

Fri Jun 20, 2014, 10:48 AM

Jun 2014

Something we've all known for a long long while ...

Why it's taken so long to say it ... what are the pols afraid of?

gtar100

(4,192 posts)

2. Obvious to all but republicans.

Reply to Jefferson23 (Original post)

Fri Jun 20, 2014, 10:52 AM

Jun 2014

When gas prices skyrocketed, so did their profits. Shameless and obvious manipulation of their position.

Populist_Prole

(5,364 posts)

5. I go 'round and round with republicans at work over this

Reply to gtar100 (Reply #2)

Fri Jun 20, 2014, 12:26 PM

Jun 2014

And they never learn, and my head continues to ache.

First they blame the president ( or "libruls" in general ) for high oil prices, mostly using the "we have a shortage because environmentalist liberals haven't let us build a refinery for 25 years balh blah blah...." BS

Retort: No, it isn't that, supplies are evidently not so tight since the US actually exports oil, ostensibly due to better profits AND to tighten supplies here to raise prices, especially of refined oil like gasoline.

Conservative then knee-jerk and defends capitalism. With much puffed chest indignation, aver business' ( in this case oil companies ) right to take whatever actions is best for their balance sheets.

Retort: So if it's good for business, you must be OK with the rising price of gasoline?

Conservative usually gets testy and goes on rant about social issue BS. Guns figure in heavily.

While pleased I called said conservative on BS and he knows it, the inability for said person to move forward frustrates me out of proportion to any supposed argumental gain.

sabrina 1

(62,325 posts)

3. He is correct. This has come up before and all Congress does is have some show

Reply to Jefferson23 (Original post)

Fri Jun 20, 2014, 10:52 AM

Jun 2014

sessions with the Oil Barons, for public consumption and then they go right back to business as usual.

I hope something happens this time. Although in a way, they more they raise the price the more people look for alternatives. Maybe one day their greed will totally backfire on them completely.