Most Americans I know are resigned to the fact that the price of gas is going to hit 5 dollars sooner than later. How did we get to this and what can we do about it?
Pitiful attempts to get your votes by suspending the federal gas tax was the McCain answer. While our Nation is at war and running the largest deficit in history they wanted to take the only thing in the price of gas that actually benefits the American public. The gas tax is to be used in building infrastructure, which is sorely needed.
I am not some communist who wants to nationalize the oil companies or refineries or even unfairly tax their profits. I am however absolutely opposed to giving big business huge tax breaks so that they can price gouge us into the poor house.
When W took office remember his MANTRA, privatize, deregulation, trickle down economics. Well that has served us well, or maybe I should say served them well. The number one purpose of the CORPORATION is to make as much money as legally possible and many times as illegally as possible. Most CORPORATIONS couldn’t care less their impact on you and me. I am not an expert in commodities trading so I am not going to try to get into the intricate details just the generalities.
Here goes, there is a regulatory loophole allows hedge funds along with institutional investors to control unlimited quantities of oil contracts. Some say these speculators control as much as 60% of the oil contracts.
With the deregulation the CFTC has exempted investment banks upon the limit speculative buying and overseas markets. Also the CFTC staff has been cut to its lowest levels since its creation, so there is little oversight. If you control the volume of oil available you can manipulate the price. This is what is going on right now.
The first thing that needs to be done is to not elect John McCain because he is married to the beast and I don’t mean Cindy. Then we need to close the loopholes created by W’s gang of thieves and staff the CFTC so that they can enforce the laws against price manipulation and maybe even as we see in the news today put a few of these SOB’s in jail.
Peace and Liberty through intelligence, strength, and integrity