Pay a whooping "0.01 percent tax on each transaction" -- that's 1 Penny per $100 bet -- and THAT's too much for the poor millionaires to pony up.
Maybe they should check their couch cushions for change ...
Rep. Peter DeFazio asks President Obama to target speculators as way to lower gas prices
by Charles Pope, The Oregonian -- March 07, 2012
[...]
In a letter to Obama delivered Wednesday, DeFazio argued that "for the last decade, rising speculation in the oil markets has added considerable volatility to the price of oil. The bottom line is that oil speculation is artificially jacking up gas pump prices."
DeFazio then asks Obama to formally endorse a bill he introduced last year that would levy a "0.01 percent excise tax on transactions in oil futures, options, and swaps" that DeFazio says would curtail speculation and price swings at the pump.
"By charging a minuscule 0.01 percent tax (1 basis point) on derivatives of crude oil, speculators would be dissuaded from excessive speculation. Oil prices will then return to accurate price discovery following the supply and demand price curve. American drivers will see fair gas prices and our economy will not be further constrained by excessive oil speculation," DeFazio said in the letter.
[...]
Rep DeFazio on lowering gas prices immediately
http://youtu.be/...
Partial Transcript -- Peter DeFazio (D-OR):
[...]
70% of the Oil Futures -- the supply of Oil -- is owned by Speculators on Wall Street and other places around the world. Seventy Percent.
The head of Exxon-Mobil testified that 'about $38 dollars per barrel is due to speculation.' [...]
Goldman Sachs says 'well it's only $22 to $28 dollars a barrel.'
Let's take the lowest number $22 dollars a barrel -- that would lower regular gas by 64 cents a gallon, if we got rid of the Speculators. [...]
As consumers,
we have to pay an extra 64 cent per gallon, because of Speculators --
and they can't afford an extra Penny on each $100 dollar trade!
Simply incredible!
About the Defazio Bill to put a minor, minor tax on Gasoline Speculators, that Defazio is trying to get moving again, in the House of Republican Gridlock ...
DeFazio bill taxes oil traders
Albany Democrat-Herald gazettetimes.com -- May 27, 2011
Congressman Peter DeFazio on Thursday proposed legislation he says would lower the price of gas by 80 cents right away.
The 4th District Democrat announced that he has introduced H.R. 2003, which would enact a tax on trading in oil futures.
[...]
H.R. 2003 would deter speculation by charging a 0.01 percent tax on each transaction.
This would make excessive speculation too expensive and risky, according to DeFazio.
[...]
But Nooooo! The GOP Grover-whiners could never allow that.
Afterall how in the world, will they ever afford it -- a crushing 0.01 % transaction fee?
How will they ever afford it? ... What.will.they.DO !?
-- Not one red cent! ... that's the Norquist way.