Domestic Policy

Who Are The Real Pumped Up Oil Criminals?

May 4, 2006 ⋅  E-Mail Article ⋅ ⋅ Post a comment

The price of oil dipped dramatically Wednesday. The Oil prices fell faster than a stone tossed into the pond when it was released to the media that an American Government report showed that gas and oil inventories rose unexpectedly. This is great news for consumers but what will it mean for the commodities traders who are now raking it in by getting their cash whales into the oil trading market and out of the stock market?

You can bet that these traders will do their best to justify the high price of oil and seek to exploit any international issue they can to jack the price even more. We direct so much anger at the oil companies but they really only sell at the market price set by traders, if we cooled down the traders’ hyperbole then I bet we would see prices fall back to their realistic levels. However, the stock market is flat so don’t expect the commodities traders to do the American public any favors. I believe most traders would throw their own mother into a hurricane if it meant they could jack the price for another few bucks.

Here is a good example, just before the released news Crude was trading within striking distance of its all time trading high of $75.35 set April 21. Can anyone tell me why? Supposedly war with Iran but that is not happening. Then there is all of the talk about driving but most are now car-pooling so that can’t be it. Holiday travel is always a good gouging response but most say they will not travel if gas spikes up to $3 dollars a gallon so you can rule that out. The last fall back is usually inventory but as the report stated we are really high with inventory. Therefore I must ask, “Why is gas at he price it is now when there are no differences from the $30 a barrel times of a few months ago.

The weekly stockpile report generated by the Energy Information Administration showed that crude supplies rose by 1.7 million barrels and that gasoline inventories increased by 2.1 million barrels. Reportedly market analysts were expecting a 100,000 barrel drop in crude oil and a 700,000 barrel drop in gasoline supplies. If we expected a surplus and we had a shortage you could expect to get hammered at the pump so I must ask, why aren’t the prices falling? Shouldn’t this be reason enough for congress to open investigations? If congress won’t man up and do this then I call on our state Senators. Someone has to step up for the American citizen; I anxiously wait to see who that someone will be.

Refinery production, has increased dramatically in the past few weeks, the Energy Information Administration advised that refineries are now operating at 88.8 percent capacity, which is a higher than expected percentage.

Who and where are the real criminals in the pumped up oil issue and why have they not been found out yet?

President Bush Needs To Prosecute Oil Criminals

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