To those claiming Obama opposes developing domestic oil resources ... the fed is auctioning off 38 million acres in the Gulf of Mexico today. The auction is taking place in the New Orleans Superdome.
To those claiming high gas prices are the fault of Bernacke's QE policies, which supposedly has cheapened the dollar ... if the dollar is getting cheaper why has it steadily strengthened against the British pound and chinese yuan in the past 4 years, and held relatively steady against the Euro? And why has the US stock market done well since 2008? And why have gold prices been dropping the past 18 months? If the dollar is cheapening shouldn't gold prices be rising? IMHO, oil prices reflect primarily two factors: (1) worldwide supply and demand, and (2) speculation in oil futures. Personally I think 25% of recent oil price gains are caused by speculators in England and Switzerland. These people buy oil futures with no intention of ever taking delivery ... that should be illegal. Plus, the demand for oil steadily increases worldwide, especially in China, India, and Japan (no more nuclear power for Japan).
There is a proposal under consideration to train coal from eastern Montana to Seattle, to be barged to China. Nine loaded trains a day, each with 100+ coal cars, 365 days a year. What does that tell us about the energy needs of China? It's huge, and getting bigger every day.
"oil prices reflect primarily two factors: (1) worldwide supply and demand, and (2) speculation in oil futures."
Perhaps the messiah is hoping to power the world with his "words not deeds" incompetence, albeit he did have quite the worthy "ally" when he was running his suck hole the first "Time"...
"U.S. Democratic presidential candidate Barack Obama offered new steps on Sunday to crack down on speculation in oil markets, saying his plan would help rein in runaway fuel costs.
"I think everyone believes there's too much speculation in the oil markets," said New Jersey Gov. Jon Corzine, an Obama ally who announced the proposals in a conference call with reporters. "A lot of the price of oil, I think, people put at the doorstep of speculators bidding up and holding supplies off the market.""