Networks Hype Rising Gas Prices 4 Times More for Bush, Than Obama

If I remember back in '08 it was Pres. Bushes' fault because HE was an oil man and the big oil was in his pockets.

Now the media and NPR are blaming refinerys and States clean air regs as they shift to summer blends and the refinery fire in California along with every thing else but the White House. And, the Keystone pipeline or the National oil reserve will not help lower prices.

Besides, Banks do not invest in speculation. It's the same people who speculated in wall street in 2000 and real estate in 2006 that do. Stop blaming faceless institutions as propaganda.

Here is a spreadsheet showing who was speculating in 2008.

Please note the abundance of banks on this list.

It's also interesting to note how much Koch was involved.

BTW, oil speculating costs America an estimated $800,000,000 a year.

Susan-649485, #2.3;

Please note the abundance of banks on this list.

Yes banks are listed. They are managers of money market funds, IRAs, and other personal pension plans for individual depositors who expect a higher return on their money than savings acccounts. Banks get a fee for managing the funds not the return or loss derived from the investment.

They rent office space for stock brockers who have a licence to deal with a stock brokerage firm that has a seat on the stock exchanges and is the only person who can buy and sell stock, bonds, and futures contracts.

Oil is sold on the futures markets as contracts for delivery many months in the future. Every sale/contract is as speculative as predicting the way the wind will blow in your back yard in 6 months and how many times you'll fill your vehicle to drive a few blocks to the grocery store.

But then, I'm not here to teach you economics. Just explaining it's not as simplistic as blaming banks unless you include everyone who owns or uses a vehicle and wants fuel on demand. The same was true with speculation of the hay and oats markets when horses were the norm and people worked for a dollar a day.

I wasn't aware that there was anyone who was blaming solely banks. In fact I'm quite sure that no one is.

It is not true, however, to say that banks carry no blame at all.

it's not as simplistic as blaming banks

Bull crap, the profits most American citizens are getting from their little pittance in investments are being eaten alive by the increase in every thing that factors into gas prices. The wealthy are the only ones making money. Our economics is going bust only to be picked up by the wealthy and the robbery of 2008 is still happening today.

Coulda, woulda, shoulda.

If I had a dime for everything that was "gonna" happen after Obama became President, I could be his SuperPac today!!

Well, to be fair, the CEO of Exxon told congress that oil shouldn't be selling for more than $60 - $70 and he admitted that the rest of the cost was due to speculation.

Yes, it actually only does cost around $11 to produce a barrel but I don't think that includes the cost of shipping, storing, etc.

No. When Cheney-bush took the oath, oil was trading at $14.45.

From the 1920s' through the late 60s', oil was around $2 a barrel. In the 70s' with deregulation and the beginnings of SSE the price began to rise.

Refined, shipped and stored? That is part of the business. Same as lumber. You buy the boards, cut them, assemble them, and you have a house, garage or a porch. Besides, the Oil Cartels have made more profit in the last ten years than they have in the fifty previous. Ever wonder where all that money ends up?

I changed my mind. Its worth $8! Big Oil is not your friend.

LOL

All I know is that the profit isn't helping America, is it?

Any of you ever heard of OPEC?

I owned a lease on a Service Station in '71. When gas was $0.40 a gal. until OPECs' oil embargo. I still had to pay the lease and employee wages with no gas to sell. What rationed gas was available went to brand run Stations and my loss of the business.

No President was involved. If you want to blame someone, blame the gang of oil producers who take the money and buy little things like Rockefeller Center and $million weddings for their darling little daughters. Blame all the taxes the Federal and local taxers take on every gal. of gas and the oil you use.

You want gas and oil, they want the taxes to expand the government.

@Anthony: Did you ever see the movie "The Formula" starring George C. Scott?

Check out the last few minutes of the movie.

The OPEC thing is a ruse. OPEC does its banking through US Banking Cartels. So--------------------------OPEC is what? All OIL is traded is dollar$.

barry-barry-libcon, #4.5;

Are you seriously using a movie made up in Hollywood as a fact? Good source. You believe everything in movies?

Oil is traded in dollars as is many other commodities because the Dollar is the most reliable currency in world trade and accepted in most Countries. We buy from them here and the money goes to N.Y. into vaults. When another Country buys here or from other Countries, the money is moved from one vault to another vault. Can you imagine Let me try that different. Do you imagine a boat load of currency traveling the oceans trading pallets of cash, also? Like the one in "Brewsters' Millions? ... 8>}

FACT; OPEC is not a myth or a ruse. US banks hold billion$ in foreign accounts for Countries world wide as do other banks the world over. The Treasury Dept. "estimates" that at least half the US Dollars circulating in other Countries is counterfeit and is another reason They keep dollars in US banks.

N.Korea held dollars in a S.Korean bank, where most of it was counterfeit When the US government confiscated that account some years ago.

Someone once said; "Just because you're paranoid, doesn't mean they're not after you!"

Oh! and by the bye, If you think gas is high here? Try Canada, where it was over $2.00/liter or a tad over a quart the last time I was there.

Thank you for your response Anthony. But. Aircraft loaded with $100 bills are going to Iraq and Afghanland every day, and have been doing so since 2001.

And, OPEC is a ruse? Well, if it is not, what is it? And who controls OPEC?

In Canada, companies and individuals, Health Insurance is paid through gasoline taxes.

You question some Hollywood movies as being a fair barometer? So, I can only assume you believe in Supply Side Economics, Citizens United, WMD, and Mushroom Clouds over Chicago.

Forgive my cynicism, for I have seen these games before. I spent 16 months in Vietnam. Lost a few freinds and a cousin. And that excursion accomplished what?

barry-barry-libcon, #4.7;

And, OPEC is a ruse? Well, if it is not, what is it? And who controls OPEC?

OPEC is a group of representatives of oil producing Countries who set oil prices,production quotas, and how many wells for each member will be on line and now controls well prices for competion on the world market. When demand goes down they lower production to raise the price. When the prices go up, they laugh all the way to the bank and build another desert resort like a snow slop skiing arena in 130 degree weather.

I appreciate your service in the military and sorrow over the loss of friends, but that does not bestow wisdom on economics or apply to the price of gas.

I am sure. Except, all of the "Arabs" live in Texas.