Democrats

Oil and Your American Future

July 17, 2008 ⋅  E-Mail Article ⋅  Print Article ⋅ Post a comment

If you don’t think the price of oil is being manipulated then just look at Thursdays trading of oil futures, Oil futures rose above $136 a barrel before taking a dive on Thursday because investors started again buying based on fresh cuts to Nigerian oil output. I don’t see most countries worried about this but the big Wall Street firms get their whale investors to buy into oil to try and keep the illegal oil pyramid scam up and running. Reportedly oil futures traders base their buys on the fresh cut of Nigerian output but this has already been factored onto the price several times before so this excuse does not fly. And by the way, why hasn’t anyone investigated why the price goes up on one issue but does not decline once the issue has been resolved? Oil was continuing its recent tumble and that had big money traders worried so the wag the dog type of hype began and the traders tried to again profit off of the woes of Americans. Remember oil has jumped by the 5’s and 10’s based on tension with Iran but now that that has faded why hasn’t oil fallen back by the same amounts? In addition, worries over Iran have spiked oil several times in the past few weeks and each time the issue got diffused the price of oil did not retreat in like fashion, isn’t this a sign of manipulation?

There is fading demand and growing stockpiles in the United States and with the easing of tensions between the U.S. and Iran the price of gas should be falling like a stone in the lake and we deserve answers on why this is happening and who will be held accountable. Blame the traders, the gas stations, the oil companies, or our politicians but someone should pay a price for this illegal oil pyramid scam. Reports said there was over a 3-million barrel increase in U.S. crude stocks this week based on data from the Energy Information Administration. Compare a 3 million increase to what is happening in Nigeria and you see that the good news far outweighs the bad and this should cause the price of oil to drop. In addition, gasoline and distillate inventories also rose which furthers my argument that oil is being manipulated and its time this stops. We need jobs and our own domestic oil output increase, that is how America will stay strong and you need to support only the politicians who feel this way.

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