We Need Real Regulation

I don’t know. There’s a variety of clichés that seem to be apropos – those who do not learn from history are forced to repeat it. It is déjà vu all over again. There are probably a few more that I can’t think of off the top of my head. We did this oil speculation thang just two years ago. It’s almost exactly two years ago. Oil prices rose for no apparent reason pushing prices at the gas pump over four dollars per gallon. We were in the middle of a presidential election. Neither presidential candidate had a good explanation. In hindsight, it was nothing but speculation. Wall Street simply bid up the price of oil, which cost us millions of not billions of dollars. Now, we have unrest in the Middle East but there’s no problem in the oil supply. None. So why is the price of oil/gas going up on a daily basis? The only logical answer is that oil speculators think there “might” be a problem in oil supply sometime in the near future. Because they are nervous, we need to pay more?!?!? Does this make any sense to you?

We need real regulation that protects middle class America from money-hungry Wall Streeters.

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From TP:

As the segment notes, during the last spike in gas prices in 2008, then-candidates Obama and McCain both assailed commodity speculators and called for increased regulation. The Dodd-Frank financial regulatory reform law gave the Commodity Futures Trading Commission the power to curb “excessive speculation” by limiting the bets speculators can make, and called on the commission to do so.

Unfortunately, opposition from the commission’s Republicans — and one Democrat, Michael Dunn — has so far prevented the CFTC from acting to regulate dangerous speculation on gasoline and other commodities. But Dunn’s term is ending this summer. The White House told the Ed Show it is “vetting” replacements — but would not say if they’re looking for a nominee that favors rules to curb excessive speculation.

Will the White House choose a candidate that wants to follow the law of Dodd-Frank, and insulate gas prices from predatory Wall Street speculators? It would certainly be a much more effective way of controlling gas prices than listening to conservative cries of “Drill, Baby, Drill.”

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0 Responses

  1. Tell my why they won’t lower the speed limit back to 55? This is the best most economical speed from what I was told. It would help everyone without regulation of anything which I don’t see passing.

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ABOUT AUTHOR
Errington C. Thompson, MD

Dr. Thompson is a surgeon, scholar, full-time sports fan and part-time political activist. He is active in a number of community projects and initiatives. Through medicine, he strives to improve the physical health of all he treats.

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The Thirteeneth Juror

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