A guest on the Ed Show on MSNBC did a remarkable job explaining why the price of gas is so high.
But .... as gas prices rise the right wing Fox News asks, "is it time to drill baby drill?" And of course, they blame the POTUS. No wonder the far right stays stupid.
Did you know that the US government is issuing off shore drilling permits at the rate of 1 every 4 days now and there's still hundreds of thousands of leased land that hasn't been tapped, not once, by oil companies?
The Dept of Energy just released a report that said the demand for oil is down, while gas prices are almost a third higher. Soooooo it's NOT supply and demand, rather it is Wall St Speculators driving up the price of oil. Goldman Sachs proved it by telling clients to sell commodities estimating that speculators are boosting crude prices as much as $27.00 a barrel. Are you listening? This follows a research note last month that found speculators pushed the price as much as 10 cents for every million barrels they held! CripesOMighty!
Dan Dicker, a former commodities trader on Wall St for 20 years is author of OIL'S Endless Bid, Taming the Unreliable Price of Oil To Secure Our Economy, shared some sage advice for those that don't understand what is going-on with gas prices.
http://www.msnbc.msn.com/...