Who is around this President? Seriously, sometimes you have got to wonder how insufferably disconnected one administration could possibly be.
my all of the above strategy….. we can’t afford…… cannot bring down overnight……. sustainable ……. investments….. future……. dependency….. initiatives… under my watch…. historic lows…. increased production…. historic highs…… pipeline around the globe….. we cannot continue…. 20% of global use….. 2% of world reserves…. BLAH-BLAH-BLAH
President Obama announces “federal interventionalist controls” over the free market Oil Commodity Speculation in an effort to “bring down prices”. Seriously, this is his approach, more, yes more, government…… AND SURPRISE what do you think happens within minutes of his announcement?
Yep, you guessed it, Oil future stock prices begin to “necessarily skyrocket“….
WASHINGTON — President Barack Obama pushed Congress Tuesday to give oil market regulators more muscle to deter price manipulation by speculators, the latest White House response to determined Republican attacks on administration energy policies amid high gas prices at the pump.
Obama wants Congress to strengthen federal supervision of oil markets, increase penalties for market manipulation and empower regulators to increase the amount of money energy traders are required to put behind their transactions.
“We can’t afford a situation where some speculators can reap millions while millions of American families get the short end of the stick,” Obama said at the White House.
It’s the Maxine Waters plan…. flashback: Remember this…
The plan is more likely to draw sharp election-year distinctions with Republicans than have an immediate effect on prices at the pump. The measures seek to boost spending for Wall Street enforcement at a time when congressional Republicans are seeking to limit the reach of federal financial regulations.
The president’s $52 million proposal comes as Republicans have been hammering Obama on his energy policies, recognizing the political cost of high gas prices on the president. Obama’s plan would turn the tables on Republicans by taking aim at Wall Street’s role in the oil price chain.
Obama was joined during his Rose Garden remarks by Attorney General Eric Holder, Treasury Secretary Timothy Geithner, Commodity Futures Trading Commission Chairman Gary Gensler, and Federal Trade Commission Chairman Jon Leibowitz.
The president didn’t shy away from casting the issue in partisan terms, drawing attention to Republican opposition to a plan to end tax breaks for oil and gas companies.
“So here’s a chance to make amends,” he said.
Even before the White House announced Obama’s plans, House Speaker John Boehner called it a political ploy and criticized the president for not using authority he already has to deal with such problems. (read more)
WASHINGTON DC – Crude oil prices have risen over a dollar today, despite President Obama’s promise to “crackdown” on Wall Street “speculators” that he believes are driving up the price of oil.
Crude oil opened at $102.66 per barrel. It cost $104.04 per barrel at 8:58 am (one minute after the White House Fact Sheet on “cracking down on manipulation in oil markets” hit my inbox). By 9:32 am, the price had risen to $104.94 per barrel. The price has been as as high as $105.07 today, according to Yahoo Finance and Reuters. (more)
Toxic Obama – Injecting Bile Into Those He Meets