that damned liberal media...m$nbc

[spanone]

Analysis: Obama's get-tough oil plan is more politics than substance

President Obama's call to rein in oil market speculation comes just as those very market forces appear to be accomplishing his real goal of lowering gasoline prices in the middle of an election campaign.

The president announced Tuesday that he wants Congress to crack down on oil market speculators whom he argues have helped drive up the price of crude oil and gasoline.
Obama wants to boost funding to step up regulators’ surveillance of energy futures traders and increase civil and criminal penalties tenfold for those found guilty of manipulating prices.

He's also urging that market regulators deploy new technology.

"I call on Congress to pass a package of measures to crack down on illegal activity and hold accountable those who manipulate the market for private gain at the expense of millions of working families," Obama said at a White House press conference.

http://economywatch.msnbc.msn.com/_news/2012/04/17/11246689-obamas-oil-market-plan-more-politics-than-substance?lite

[Andy823]

1. Not seeing lower prices here

The guy who wrote the article claims prices are dropping, yet I have only seen the price go up in my area, sometimes twice in one week. Oil prices were on the way down, but are back up to around $104.00 a barrel last time I looked. Oil companies have shut down refineries, we have a surplus of oil so I guess they "had" to do that if they wanted to raise gas prices, and even if congress won't pass any laws to stop the speculators, at least the republicans are going to have to defend themselves when they go home for "NOT" trying to do a damned thing except blame it all on president Obama! Of course when Bush was in office they made it very clear that the president does NOT control oil prices. Funny how that seems to have change now that Obama is in office, and once again prices are being manipulated for the "GREED" of speculators and oil companies.

[gratuitous]

2. Where else are folks going to make money?

Since the law of supply and demand was repealed, there's no place else to go for the kind of profits the oil sector is used to. As the price of a gallon of gas climbs, consumers use less, and there's a glut of fuel on the domestic market. While the government can't technically force people to just run their cars in their driveways (yet), the Big Oil Boyz have to make up the slack somehow, and where better than in the futures market? Swapping contracts for made-up numbers to be paid some time in the sweet by-and-by keeps the price at the pump juiced, but those contracts can't just be extended forever. And what's going to happen to Chevron and ExxonMobil then? Executives having to terminate a mistress or two? Make do with last year's model yacht and have to endure the petty snickering of the better off? At long last, you libruls, don't have have any compassion at all?

[SpankMe]

3. The morons have to criticise Obama to look more "balanced".

This is one of those bullshit articles the MSM writes - overanalyzing and adversely characterizing something minuscule and pointless so they can whip it out later to defend themselves against charges of being liberal. ("See...we bash the libs, too!&quot There's so much wrong with this article that I don't know where to start.

For one thing, it claims that while Obama is saber-rattling about doing something about speculators driving up oil prices, the price of oil and gas is naturally falling due to market forces anyway.

The problem with this logic is that it's not necessarily market forces that are causing the recent price drop. Rather, it's due greatly to the price decline normally seen after an artificial, speculation-driven run up.

Secondly, it quotes Boenher recommending Obama deal with this problem using the FTC and the SEC - when, in fact, Republicans hate the FTC and SEC and any time a Democrat uses the FTC or SEC for enforcement, Republicans have a cow and de-fund and legislatively immobilize them. The article treats Boenher's sentiment as serious and honest.

I throw down the bullshit card.