YOU’VE GOT THE OIL, I’VE GOT THE LOOKS, LET’S MAKE LOTS OF MONEY

[defrog]

I remarked earlier about my pleasant surprise that gas prices in TN were down to $1.45/gal by Christmas, after hearing horror stories about prices topping $4.00/gal. It was around the $4.00 era that Republicans were blathering about supply and demand, and Sarah Palin was saying she could solve the whole goshdarned thing overnight by digging up Alaska. “Drill baby drill!” became the official slogan of the GOP for something like two weeks.

Now, according to 60 Minutes, a major cause of the oil price spike wasn’t supply/demand at all, but market speculators playing the futures market that was being fueled in part by the same characters (i.e. investment banks) that gave you the current Global Economic Boom we are all enjoying.

It gets better. Even if it’s true, there’s nothing illegal about it. Why? Because the oil futures market was deregulated in 2000. Guess whose idea that was?

Enron.

Isn’t that nice?

DISCLAIMER: I am not an economist, so for all I know 60 Minutes got all of this completely wrong. Also, one of their chief sources is the Petroleum Marketers Association, which has an interest in putting the blame off of oil companies.

Either way, far too many people are going to get away with something by the time we’re at the other end of this recession. Justice is dead.

But you knew that.

There will be blood,

This is dF

Comments

[thelastaerie.livejournal.com]

If not for all these selfish manipulations and lobbying, cars wouldn't still be run on gas/petrol.

[def-fr0g-42.livejournal.com]

Correct! Though to hear my GOP friends tell it, cars HAVE to run on gas because cars that run on wheat cost too much and so does the fuel, and no one could afford to drive to work and then BAM! The economy collapses and we all have to go back and live in caves and be gay. Fact!