Again - this morning CNN confirms that as much as half the cost of a barrel of oil is nothing more than speculative commodities trading in the market. For that reason I am reposting the entry from April 24 when I first brought this story to you:
Extremely interesting report on CNN this morning who reported that as much as $60 per barrel of the cost of crude oil is nothing more than speculators in the stock market bidding up the price trying to make profits for their hedge funds and other investors.
Also reported - the markets were de-regulated in 2000 coincidentally under the Bush Administration who along with so many other Republicans seem to have complete faith that the free markets without government regulation will always be best for our country! Yeah...right, and Mr. Bush' brother Jeb has some nice Florida swampland we might want to invest in as well.
There is apparently an amendment to the Farm Bill now in the Senate to put back reasonable regulations on these oil speculators which CNN reports, if enacted, could bring down the cost of a gallon of gas by as much as $0.50 cents.
When will people wake up and realize the Republican agenda is rarely what's good for common middle class folk? When our economy collapses to allow a few wealthy Americans to get obscenely rich at the expense of the rest of us!?
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