By: Jeffrey Klein
Political Buzz Examiner
Why would President Obama want to petition the Republican-led House of Representatives, for another $52 million in tax-payer money to pay for more investigators and regulators to hunt down infractions, for which there is not any evidence or data found to even support their existence?
Obama said the plan would put “more cops on the street” to catch speculators who attempt to manipulate markets for their own profit.
And, while he had the [mainstream] media gathered in the White House Rose Garden, he also took the opportunity to chastise Congress for recently voting against ending tax breaks to U.S. oil companies.
Obama concluded by saying that passing this proposal would help members redeem themselves, according to a FOXNews article today.
As state above, the problem Obama has is lack of probable cause.
Even though many Democrats blame speculators for the high cost of gasoline–they would not go as far as to say that market manipulation is responsible for rising gas prices.
The President Obama, with Attorney General Eric Holder by his side, armed with nothing but a convenient Liberal myth supported by the Democrat party, want to portray “oil speculators” as being evil, and even, quite possibly, criminal–for their voter base.
However, the reality lacks the necessary drama, as investment in oil futures contracts are conducted by pension funds, mutual funds, hedge funds, exchange traded funds and other investors–all of whom already operate in the most heavily regulated environment on Earth.
As the latest figures show that about half of all Americans own stocks and investments, directly or indirectly–most likely the half that pay 99% of all federal income taxes–half of America could be involved in oil price speculation at any given time.
Regardless, even though the weighted positioning of these futures contracts are betting that oil prices will rise–‘analysts can only say … it’s possible … speculation has somewhat inflated the price of oil.’
In other words, there is no proof–beyond a reasonable doubt.
In fact, actual studies of the effects of speculation on oil markets indicate that … ‘it probably increases volatility, but doesn’t have a major effect on average prices.’
When gasoline hit $3 a gallon in 2006, even President George W. Bush launched such an investigation, declaring Americans “don’t want and will not accept … manipulation of the market. And neither will I.”
Then, just last year, when prompted by the sting of rising gasoline prices, Obama and Holder announced the creation of a ‘task force,’ to ‘look into fraud in the [oil] energy markets.”
Unfortunately for President Obama, the only energy market fraud case that has been launched, after these six years of bi-partisan investigations, is the sudden bankruptcy of Solyndra Solar, which claimed $535 million in taxpayer money, along with 1,100 new, highly touted “green jobs of the future.”
According to a FOXNews poll released yesterday, included in the article attributed above, 47% of registered voters feel the price of gasoline is an “extreme treat” to our economic recovery, quickly followed by another 40% who feel that it is a “somewhat serious threat,” with only 13% who disagree.
Obviously, the price of gasoline, which touches virtually every voting American, is an “on fire” issue that will likely negatively affect President Obama in this election year.
Equally alarming for the president is that 50% of those polled believe that he can do something about gasoline prices–but doesn’t want to; while 47% polled feel he can’t do anything about gas prices, but wants to. Only 3% “didn’t know.”
Ironically, if the “don’t know” 3% of those polled, followed history to ultimately vote against the incumbent, and were combined with the 50% from above, for a total of 53%, which was then set against the stalwart 47% from above…
It creates an exact, as well as feasible, electoral-inverse of outcome for Barack Obama in November 2012–defeated by 53% to 47% in the voting booths.