…driving up the cost of oil, and thus, gasoline. Fear not, noble citizens, your heroic president is up to the task. Why, according to the sycophant Huffington Post, he “Fights Gas Prices By ‘Reconstituting’ Oil Speculation Task Force.”
We know that it’s those heartless, evil oil speculators that have caused the spike in gasoline prices. I, The Great One, The Grand Imperial Unifier, could have had no hand in this. After all, “there’s no silver bullet,” Obama intoned.
OK, its politics. And Obama is nothing if not a politician. Actually, he is nothing but a politician. And, there are enough gullible folks out there who were fooled into believing that Obama could, among other things, reverse global warming (easy if doesn’t exist…) and heal the planet’s wounds. Cure cancer and hangnails, but only if you don’t ask hard questions.
On oil speculation, has it occurred to Obama and those who believe that those speculators are, somehow, the prima facie cause of higher gasoline prices, that speculators also will drive prices down if there’s a coming increase of supply?
Presumably that’s the thought behind opening up some of the Strategic Petroleum Reserve to temporarily increase supply. That will cause those evil speculators to speculate that the price of futures contracts for crude oil would be lower due to the increase.
Funny how speculation works both ways. If it didn’t, would the price of crude oil, and thus gasoline, ever come down? Yes, it does work both ways. Which is why the assurance of greater supplies in future (ANWR; East, West, and Gulf drilling permits; Keystone XL pipeline) will, with near 100% assurance, cause the price to drop.