Domestic Policy

Oil Prices Are A Pump And Dump Pyramid Scam

May 21, 2008 ⋅  E-Mail Article ⋅  Print Article ⋅ Post a comment

The Senate spent the day grilling oil executives but once again our political leaders have it all wrong. Greed is what is causing oil prices to spike but it is not the greed of oil companies it is the greed of oil investors. Oil futures are traded in contracts and the world has allowed a legal pyramid scam to occur which is perpetrating a crime on all citizens of the world. The rich are buying futures and selling them to the next idiot for pennies more, and the cycle continues, and continues, and all that happens is the rich get richer and the poor get poorer. The OPEC group has already said that there is more than enough supply and still the price goes up. Reports say that driving is down in Europe and America and still the price of oil goes up. Oil supplies are at their highest levels and still the price of oil goes up.

Quit wasting time looking at oil companies and go to the root of the problem, oil futures and the price manipulation occurring as brokerages support and encourage this illegal pyramid scam. You can hoot and holler all you want but the fact is that we will be paying at the very least $4 a gallon for gas on memorial weekend, although the smart gas stations are staying at $3.99. If Washington really wants to do something about the price of gas they need to tax the futures traders and not the oil companies. Oil companies merely sell their oil for what price traders pump and dump it up to. Tax the investors and then you will fix the problem. It does not cost one dollar more today than it did last year to pump a gallon of oil, the only difference is that the stock market has tanked and rich investors are now on to another way to get rich. Congress and the Senate need to address this problem well before they look at oil company leaders.

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