Gas Gouging? President Announces Task Force

More talk with no results. Saudi says there is a surplus in the world while speculators continue to drive prices higher. C’mon Holder, point your dogs towards speculators. Ahh, nothing will change.

Gas prices are going UP because the dollar is going DOWN. Instead of a gas gouging task force, he needs to put Bernanke in jail for flooding the market with freshly printed money.
Think people. Why is EVERYTHING going up? Cheap dollar.

Funny, the Saudis, Russians, and Chinese all say the Feds QE policy, which is basically devaluing the rapidly shrinking dollar, is the main culprit. Ask why those countries are diversifying out of the dollar? Ditto, for food,8% annualized increase as of last week. But I guess scapegoating is what this President does best. Also, I think it may be FOX News, or Tea Party, or Birthers, or talk radio, or Freshman Republicans or …. who are responsible for high oil prices!

Tell me how someone who made $1.7 million last year would have the foggiest clue as to what I feel or am going through.

Task force? That’ll fix it…LOL!

Maybe the “task force” (love it) will figure out what everyone else but Obama , apparently, already knows……market speculation is driving oil prices. The guy is sooooo phoneeeey!

Funny, the Saudis, Russians, and Chinese all say the Feds QE policy, which is basically devaluing the rapidly shrinking dollar, is the main culprit
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And why should we believe them over our own central bank? The oil industry has been wanting $5 a gallon gas for a decade now. They almost got there just before the economy crashed.

“And why should we believe them over our own central bank? The oil industry has been wanting $5 a gallon gas for a decade now. They almost got there just before the economy crashed.”
BP (and GE, GS) wants, Obama delivers!

Sock the oil company’s with a windfall profits tax.

There is no Shortage of oil– There is a glut!!! The Recent run up is simply oil speculators riding the ” fear of shortage” oil tsunami. There is probably no illegality here. However, The fact that hedge funds can run up an essential commodity such as oil, threatening entire economies, points to the need to redefine the players allowed to trade in essentials. We need to limit essential Commodity transactions to Industry players only( Airlines Refineries etc) Non Industry players should be banned from trading instruments that are of such National Strategic importance. End the Commodities Future Trading Casino— Call for New Rules to end the Country being taken hostage by speculators for short term gain!!!

And we need a Task Force to tell us there are speculators?? How much do we spend on special commissions, task forces, etc.
As a basketball player did he always keep the ball in the air???

For those with short memories, let me remind you of this recent headline: “Obama calls for reduction in oil imports” Yes, you read that correctly, he wants a REDUCTION in the amount of oil.
Yep, $4 / gal for gas is WAY TOO CHEAP. Let’s go for the gold, $10 /gal !!!!!! YEAH !!!!!!!
(Just another way that “You Lie!” and the lunatic-left d-crat socialists are destroying America.)

Here we go again. Whenever the gasoline prices go up enough to be noticed, we get a big, headline-grabbing “investigation”, followed about 4 months later by a report, buried in what used to be the “back pages”, meekly admitting that nothing “actionable” was found. Obama (and his predecessors) are smart enough to know that US based speculators can’t change the global oil price much and the big players in the oil market are beyond the jurisdiction of the US government. The main factors affecting the price of our oil (supply and demand) are the same ones affecting those paid all over the world. Even US production changes are a drop in the bucket compared to the size of the world market. Not to be outdone, Donald Trump is promising to make even more inconsequential noise about this than Obama. The show has just begun.

Not a Leader to be found -
A commission to set up a commission who must consider the earlier commission’s findings -
Let’s just table this commission

Sock the oil company’s with a windfall profits tax.
Posted by: jim | Apr 21, 2011 6:08:38 PM
Obamanomics 101. Stick it to the rich guy. Except, guess who will be paying for that windfall profits tax? You don’t think any further ahead than the President does.

Is this Task Force going to consider government actions?

Obama smiles at high fuel prices folks….he LOVES them because he LOVES to be right and the ONLY way his green dreams of alternative energy make sense is for higher fuel costs. These commissions are a farce and everybody knows it…they do NOTHING ! Live with it America…you elected the boy and now live with his Change….LOL….

I was aghast when I read “Four billion dollars a year are going to companies that are making record profits. Even during the recession they were making big profits.”
It is absolutely outrageous. These high prices are a definate threat to out national security on just about every level. If I were President, I would natinalize the oil compaines and drop the price to $1.50. If they didn’t like it the could go to h*ll. Many of our fellow Americans are working so that they can buy gas. There isn’t much left in the budget anymore.

While I don’t agree with the price of oil being manipulated by Wall Street, the price of gas needs to stay high in order for people in this country to make an effort to change already wasteful energy habits. I work part time and have a car to pay on just like most people. But if we’re smart about using money, a less ‘stuff’ filled lifestyle can work out for the best. Bring on the $5 dollar gas!

Hey Y’all, want to fix our coutntry’s deficit in a N.Y. minute.
Reinstate Glass/Steagal
Stop Corpotate giveaways
Do away with Graham-Baaily-Leach act
Basicly, that’s most of it folks
Cut older forms of defense spending.
Tanks, planes, bombs are yesterday’s
weapons of war. Why spend money on outdated, ineffective weaponry?
That’s most of it y’all.
SECREG_756

While I don’t agree with the price of oil being manipulated by Wall Street, the price of gas needs to stay high in order for people in this country to make an effort to change already wasteful energy habits. I work part time and have a car to pay on just like most people. But if we’re smart about using money, a less ‘stuff’ filled lifestyle can work out for the best. Bring on the $5 dollar gas!
Posted by: Maisey | Apr 21, 2011 7:43:31 PM
Works part time, has a car payment, and wants $5.00 gas. Hmmm…. how much are you collecting from the government?

Would.t it be easier to go back to supply/demand driving prices up or down?
Anyone who believes there is a shortage of gasoline:,
Check refinery output. Very low.
Check existing inventories. Very high.
Check future traders and then go get drunk. Why get drunk. It’s the only way most of you will grasp the trading stragies that are artificially raising the cost of oil.
Americans have been so dumbed down financially, they need to look up to see down.
SECREG_756

To the drill baby drillers. First, it will take 7-10 years to produce oil. Secondly. The oil will be sold globaly.
Americans will not get first dibs on oil drilled anywhere in the U.S.
Exxon is not a patric company. Exxon as well as all other private industry companies work only for profit. Their own bottom line comes before country.
Poor dumb Americans.
Those of you who chanted drill baby drill in 08, go get a lobotomy.
SECREG_756

When you don’t know what to do form a task group, it sounds so impressive but actually accomplishes nothing but puts more people on the government payroll. Or, do like Jimmy Carter and form another department, such as an oil department, or was that the Energy Department. Wonder what they have been doing the past 30 years???

I don’t know about anyone else, but everytime this guy announces a new committee, “task force” (love it), CZAR, or special investigator, I get warm fuzzies all over.

more populist baloney.

Why do we need another task force? Doesn’t our president know anything. Lets get some more people working for the government…..just what we need to bring down the unemployment. I wish Obama would just go away. Go anywhere…just go away.

“Everyone is beginning to realize tax cuts for the wealthy do not trickle down to 99% of the country.”
Posted by: secreg756 | Apr 21, 2011 8:20:21 PM
Sure they do. Almost half of the country isn’t paying any federal income taxes (many receive credits aka welfare). The wealthy are subsidizing their lifestyles. Possibly even your own.

“the price of gas needs to stay high in order for people in this country to make an effort to change already wasteful energy habits.”
Posted by: Maisey | Apr 21, 2011 7:43:31 PM
That’s a fantastic idea. Let’s go for $10 gas. Maybe even $20. Once our transportation sector totally collapses along with the general economy, and the nation’s poor are starving in the streets, we’ll finally get our act together and convert 250 million gasoline engine vehicles into solar-powered sailcars. Or we can go retro and start riding in horse-drawn carriages again. It’ll be Camelot! Progressives are so smart.

I sure am glad the Democrats and Environmentalists discouraged domestic drilling. Much better to pay other countries to drill for oil and hand over our money to them – most of which support terrorism and drug cartels.

I guess we’re supposed to seriously believe we should trust that China, Saudi Arabia and the oil industry is looking out for our best interests.

Mr. Greatest Smartest Clueless Leader (GSCL), perhaps it has something to do with the fact that it shoot up to $120 a barrel after you ordered bombing Lybia, instead of the Justice department????
Cannot some Clowns in the Whitehouse Task Force (W-T-F) on gasoline tell our GSCL “it’s the economy, stupid”!

First, Holder couldnt find a drunk at a bar. Secondly, we all know how this will turn out just like his economic team, his energy team, his debt panel team and his jobs team. They have all been failures just like he is.

Credit John Hayward of Human Events —– He’s spelled it out!! —– Phase Three of Obama’s Presidency began with Obama’s budget speech at George Washington University, and it will last until November 2012. It’s all campaign… all the time… from here on out! The debt ceiling approaches. Irresponsible spending and mounting debt threaten the credit rating of the United States, a fiscal disaster that would drop hundreds of billions in new debt service costs on our bankrupt government. Obama’s war in Libya is falling apart. And yet, he’s off to raise funds and test out campaign speeches. We don’t have a President any more!!!

Jake , China oil giant Sinopec announces that
all exports are done. It will only now produce to maintain domestic supply.
The Campaign Kid announces a committee
to check prices, while he is out hot after that
campaign cash. The poor and middle class
suffer, i live in rural America and driving
to work in my pickup went up 35 dollars
a week. That used to be my grocery bill.
Not anymore, where is the president.

MIKE, CO, 11:13:31 PM: “…the dollar today approaches some of its all time lows in the HISTORY of the dollar. You must not follow the dollar index, which is the value of the dollar versus a basket of currencies. That is what is registering multi-year lows at the moment. Also, Gold is $1500/oz, up 50% in only a year.”
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LOL!…I know all about the dollar index (DXY), and you do know that the Euro is 1 of the 6 currencies in the basket that the dollar is measured against, right? (LOL!)… you can look up a nice 5 year chart at Bloomberg.
Backing up what I said earlier:
During the Bush years…
Apr 25th, 2006: DXY closed @ 87.32
Jul 15th, 2008: DXY closed @ 71.87
TODAY’s DXY, Closed @ 74.02
As I said earlier, “The dollar’s value was already destroyed during the Bush years! Look it up.”
….hehehehehe!
Oh, and also Mike, “Gold” is a world-wide traded commodity. The price of Gold is NOT solely determined by just the value of the dollar alone, so for you to use it as some kind of “measurement” against the value of the dollar is way off. Lots of factors play into the value of gold, other than just the dollar alone.

THELOYALOPPOSITION, 11:20:14 PM: “Gosh you must be right!! I remember during the Bush Administration how Standard & Poor’s made a decision to change its outlook on U.S. fiscal health from “stable” to “negative”!”
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LOL!….actually, sorry LoyalOp, I’m just laughing at your statement because it shows how much you really don’t understand what’s going on.
You apparently don’t understand that this was just the S&P’s way of issuing a warning to the U.S. government about coming up with a plan to handle the debt, thus the words in this article:
“Treasury administration officials were told that the ratings agency may well downgrade its LONG TERM OUTLOOK on the United States debt.” LOL! Notice the word, “LONG TERM OUTLOOK”. Did the S&P actually lower the ratings on U.S. Treasury Securities? Answer: No. They downgraded the “outlook”, not the actual instruments (i.e., Treasury Securities).
You apparently skipped reading this article, embedded in the main article above: http://abcnews.go.com/Business/wireStory?id=13399039
Notice what that article says: “S&P reaffirmed its investment-grade credit ratings on the U.S. long- and short-term debt itself. But it said the ratings are at risk from the country’s growing deficit.”

As much as I believe the high gas prices are a scam as we know there is no shortage of oil I won’t hold my breath waiting for this to change anything. If I did I’d be as blue as that pretty little easter egg.
How about a news agency does some real investigative reporting and lets us know how many members of congress (and who) have how much investment in oil companies. Then we’ll find out the real reason oil companies sport record profits, pocket tax money, and are permitted to continue raping America!!!

Chuck, add up what that new debt was spent on. How much was accruing interest on the $10 trillion in debt we had when Bush exited? How much was due to the wars that Bush started and now we are mired in? How much was due to the severe economic downturn that started when Bush was in office, which was building for years? (Caused partially by Republicans loosening banking regulations, leading to the banking crisis, as well as the out-sourcing of jobs, and the trade deficit.)

LOL!…But according to the brainless right, it’s all due to “Obama spending”..
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The deficits today are a result of Democratically controlled congress. Even Obama voted for stimilus I, II, and III.
So who should we hold accountable, Obama or Obama? I mean, he voted for it all, did he not?
And to top it off, he proposes a budget that does not balance. As if he was unaware that perpetually increasing debt would lead to bankruptcy.

MIKE, CO, 1:15:13 AM: “The tables that you cite calculate the average inflation for the year, not the entire period of years.”
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LMAO!….”but, but” (LOL!)…. I thought you said you can’t that, in your 12:48 Post? So who was correct, you “MIKE” or the Bureau of Labor and Statistics (LOL!).
LOL!…so your ‘theory’ has now change to, “you can use monthly data to determine an annual average, but you can’t use a set of annual averages to determine and OVERALL average monthly inflation rate over several years”….
LOL!… “GIVE ME A BREAK!” Who was it that said, “Arguing with a right-whiner is like trying to have a conversation with a dining room table!” ?????

BUSHIE:
What I said is true, and still remains true.
You can’t calculate “average” rates by averaging the individual numbers. You must multiply them together. This is probably the first time you have done this which is why you are so confused by what I am saying, but it is precisely what I am saying.
Do your math, and if it only involves addition and division, you have it wrong. You will need to use multiplication and power function to get a result.
In any case, you did not attempt to do the calculation that I did, which proves decisively the point I made.
The inflation rate with Obama is very high, even higher on an annualized basis than Bush.
Inflation is here, and you have done nothing to prove me wrong.

LOL!….and, of course, you left out the FACT that the HIGHEST gas price in our nation’s history occurred under G.W. Bush @ $4.12 per gallon.
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The politicians in DC are suffering with $5 gas right now, and Obama says there is no hope for a reduction in gas prices.
When Bush left, gas prices had declined again to $1.80. At least lower gas prices was a “benefit” of the handling of the crisis up to that point.
Obama has no plans to lower gas prices from here on out.

Eventually X-Republican, er, I mean Georgie_Bushie is going to run out of statistical arguements and will just disappear like Rightbehind did right after the November elections.

Motorized swarms of sprawling consumers will become shrill and politicians may employ the usual misdirections to stave off the inevitable cycle of zombie-eyed disbelief followed by seething scapegoat expedition riots (with eventual acceptance followed by reluctant adaptation), but such knee jerk responses will not alter the course of near term volatility and impending and dramatic long term supply side constraints in relation to conventional oil.

Well with the dollar buying less oil these days, China and other developing nation demand on the rise, US development and “independence” shrinking due to Obama energy “policy”, tax dollars subsidizing ethanol to reduce mileage, illegal and unwise drilling moratoriums in the Gulf, foolish Federal policy re ANWR, gas tax increases, and now the Saudis cutting back production, all that can be said about the President’ remarks: Asinine, stupid, insulting, and blatantly political.

LONGT: “Eventually X-Republican, er, I mean Georgie_Bushie…”
?????…. Did I miss something? Did George Bush finally grow a brain and leave the Republican party?

its time the US tock over the oil companys in this country, lets keep the oil that belongs to every single american here

“I hope you realize that you are quoting from a crazily edited piece of videotape that took remarks out of context. If you want to read Obama’s energy policy, go to the white house site.”
Posted by: Lydia | Apr 22, 2011 12:28:14 AM
Do you just make up stuff as you go along? I’ve seen the entire videotape that was posted by the San Francisco Chronicle. The quote I posted was in context and crystal clear. Obama never denied saying that his policies would result in more expensive energy. That was always his goal and it’s consistent with progressive environmental policy. What he posts on the White House Web site is propaganda for his sheep. It’s meaningless.
When recently asked about the crippling effect of high gas prices on family budgets, Obama basically said there’s nothing that can be done in the short-term and to get used to it. Or trade in your car for a more fuel-efficient one. That’s Obama’s message to the little guy: Deal with it. Meanwhile, as Obama continues his rhetoric about energy independence, he gives billions to other countries like Brazil so that we can import THEIR oil.
Even though I hate paying so much more for energy because of Obama’s incompetence, I do enjoy the karmic satisfaction of watching Obama’s sycophants continue to support him while they struggle to pay for ever escalating energy, food, and healthcare costs. There’s no more effective way for progressives to understand the impacts of Obama’s disastrous economic policies than watching their own wallets being picked clean by policies they endorse.

Again, you don’t have to be an Obama sycophant to understand that the prices of all these things will be going up regardless of who is in the White House.
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The prices of things only started to rise again when Obama entered the White House. If he is so powerless to stop inflation, who can stop inflation? The Chinese?
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The Republicans would be perfectly happy to let the Saudis and others pick our wallets clean for sure.
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How is it that Republicans support domestic production of oil, when Obama does not? Your statement has no basis, it is simply a rant.
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Buying more fuel efficient vehicles is probably the most effective way to put downward pressure on prices by lowering demand, but World demand for energy continues to climb dramatically while supplies are not. The price of gas is going up. That is why investment in alternative energy remains popular, and rightly so.
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“Investment” in alternative energy amounts to government bailing out green energy companies with money the government does not have, and “temporarily” nationalizing car companies to give them free taxpayer money.
This “investment” in green energy sounds like a ponzi scheme to me. There are no profits on the backend, only losses. But if Obama can only get enough money raised for his pet projects, it would all “pay off” in the end.

“The Republicans would be perfectly happy to let the Saudis and others pick our wallets clean for sure.”
Posted by: Skip | Apr 22, 2011 9:47:38 AM
Obama gave Brazil billions in order to buy oil from them. He told them he wants to help them develop their offshore oil reserves and wants the US to become one of their “best customers.” Does that sound like energy independence to you?

Obama gave Brazil billions in order to buy oil from them. He told them he wants to help them develop their offshore oil reserves and wants the US to become one of their “best customers.” Does that sound like energy independence to you?
Posted by: Justin | Apr 22, 2011 10:18:05 AM
Don’t forget this one!
“US Govt to give $2.84 billion dollar loan to refinery-in Columbia”
Major shareholder in Ecopetrol? George Soros.

Why doesn’t ABC News ask Mr Obama why he he continues to act like “Scapegoat-er in Chief” asking the Attorney General to investigate oil speculators? Funny, what about Corn, Sugar, Coffee, Rice, Wheat, Gold, Sliver, Copper, etc? Hmm, seems the devaluation and money printing by the Fed is a more likely culprit? But then, that would beg the question, why does the Fed have to monetize, weren’t the stimulus and other Obama policies effective? Or, were they actually counter productive and a waste of a trillion dollars? Or is is Fox News, talk radio, birthers, tea partiers, Conservatives, who are the evil forces behind rising gas prices?

Well, realistically, it should be a short look-see….just review what was found in 2008. Why should the oil companis change their conspiracy to defraud? Worked then…is working now.
See 1st Quarter 2011 US OIL COMPANY profits, out next week.
And, despite 2008, there is still no surcharge on their greed and they STILL get a 4 BILLION per year subsidy to stick it to us…..and all the Bushes have been uprooted from the White house.
SO, WHY IS IT HAPPENING TO US AGAIN?????
And, why did it take our President over FOUR MONTHS to notice????
Pump pain causes unemployment..its 8.8% now…with no fix, we will see 10% by 4th of July!
Besides, before the unrest in the mid east, last November, the oil companies stated that gas prices would be $4 by May 2011. Clear and convincing evidence of intent to defraud! Common plan. Conspiracy. RICO
Look no further, Attorney General Holder.

Americans should not be fooled…the right-wing propaganda machine will be engaged full time in trying to pin high gas prices on Obama’s policies even though the oil industry is largely oligarchical and can greatly influence prices to their advantage regardless.
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Is the “propaganda” that you refer to being contested by Obama? Didn’t Obama say the other day that high gas prices are here to stay?
If Obama is complicit in this conspiracy to raise gas prices, please tell us how.
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If the Republicans really could do better we would expect to see the heavily Republican controlled House create some energy legislation…..but don’t hold your breath.
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The last time I checked, it was the executive and judicial branches that were enforcing regulations on oil companies, not congress.
How many times did Republicans ask to open Anwar, and how many times did Democrats turn to the courts to prevent them from doing so? The Democrats have made an end-run around congress power with the endangered species act.

Suncoast Energys, located near the Orlando International Airport, was charging $5.69 a gallon for regular gasoline today.
More Hope and Change please! We need to hit $6 to make solar-powered cars a reality!

“Obama Average Inflation Rate since the recession was declared ended by the National Bureau of Economic Research = 2.10% per month.”
An absolutely meaningless number. An economic recession tends to inhibit inflation. What is extremely alarming now is the fact that current inflation-not a two-year average–far oustrips what should be expected in an economy that, while not in recession, is growing at an anemic, Obama-like rate.
And of course Obama will pay for this, as well he should.

Even the Pravda NYT, from EHow: “Ethanol has 34 percent less energy than gasoline per gallon, which equates to about 2 to 3 miles per gallon for E10 (10 percent ethanol), according to the New York Times.”
Yay! Corn Growers of America!! Let’s continue to subsidize ethanol, that’s the best plan!!!
Go Obama! Go Bush – love ya!! Go cronies!!!

“the right-wing propaganda machine will be engaged full time in trying to pin high gas prices on Obama’s policies” posted by Skip, just like you did and blamed Pres.Bush for gas prices, now we really CAN blame Pres. Obama,Clinton, and the democrats for voting against drilling in this country. IF we would have drilled in the Clinton era we would have enough oil to refine and gas prices would not be high.

Lydia,
You clearly have no understanding of the elasticities of demand and supply in the oil and gas industry. Just as a small disruption in supply can cause a significant price spike, so can a small increase in supply cause a significant price decrease. I hear people saying “a 2% increase in supply won’t do anything” and it’s just proof that they have no idea how markets work at all. Prices don’t always rise and fall proportionally with percentage changes in demand or supply. Go to wikipedia and look up “price elasticity of demand” and maybe, just maybe, you’ll learn something.
Thanks for playing.