Skip to main content

Check out this video on YouTube:

From the 30 minute mark is her explanation of how the futures exchange ICE which has been set up by the oil industry and Goldman Sachs as an unregulated exchange, manipulates the price of oil.

It is very relevant to the price escalation we are seeing now.

The author of the book The Tyranny of Oil does a great job of explaining how the major oil companies have built profits through market manipulation of many kinds for the past 100 years but in particular how since 2000 the formation of an unregulated futures exchange has exceeded the trading volume of the regulated exchanges and through this unregulated market the industry has been able to spike prices at will.

If Obama wishes to help us all and the world to combat this anti-free market behavior on the part of the oil industry they should assign the Justice Department to investigate the markets and the manipulation. Then use the Antitrust laws for their specifically intended and original purpose, which was to break up the oil industry, once again, to ensure real competition.

It is hard work and requires eternal vigilence.
In addition, the oil industry should be charged for the protection of their supply lines which is being paid for at US taxpayer expense. Hundreds of billions of dollars per year.
That the market place way to ensure alternative fuels will emerge.

The US military have worked out that it was costing $400/gallon of gasoline to get fuel to their front lines in Iraq and Afghanistan. This started them down a very Green policy path. The US consumer will not need anything crazy like that in pricing before they seek alternatives.


Do you feel that gas prices are rising because

1%1 votes
15%9 votes
3%2 votes
80%48 votes
0%0 votes
0%0 votes

| 60 votes | Vote | Results

Your Email has been sent.
You must add at least one tag to this diary before publishing it.

Add keywords that describe this diary. Separate multiple keywords with commas.
Tagging tips - Search For Tags - Browse For Tags


More Tagging tips:

A tag is a way to search for this diary. If someone is searching for "Barack Obama," is this a diary they'd be trying to find?

Use a person's full name, without any title. Senator Obama may become President Obama, and Michelle Obama might run for office.

If your diary covers an election or elected official, use election tags, which are generally the state abbreviation followed by the office. CA-01 is the first district House seat. CA-Sen covers both senate races. NY-GOV covers the New York governor's race.

Tags do not compound: that is, "education reform" is a completely different tag from "education". A tag like "reform" alone is probably not meaningful.

Consider if one or more of these tags fits your diary: Civil Rights, Community, Congress, Culture, Economy, Education, Elections, Energy, Environment, Health Care, International, Labor, Law, Media, Meta, National Security, Science, Transportation, or White House. If your diary is specific to a state, consider adding the state (California, Texas, etc). Keep in mind, though, that there are many wonderful and important diaries that don't fit in any of these tags. Don't worry if yours doesn't.

You can add a private note to this diary when hotlisting it:
Are you sure you want to remove this diary from your hotlist?
Are you sure you want to remove your recommendation? You can only recommend a diary once, so you will not be able to re-recommend it afterwards.
Rescue this diary, and add a note:
Are you sure you want to remove this diary from Rescue?
Choose where to republish this diary. The diary will be added to the queue for that group. Publish it from the queue to make it appear.

You must be a member of a group to use this feature.

Add a quick update to your diary without changing the diary itself:
Are you sure you want to remove this diary?
(The diary will be removed from the site and returned to your drafts for further editing.)
(The diary will be removed.)
Are you sure you want to save these changes to the published diary?

Comment Preferences

  •  My best friend inherited Exxon stock. When she (7+ / 0-)

    gets her dividend checks I cringe.

    While the rest of us scrape by, this company posts enormous profits (while everyone pays through the nose).

    If, as you suggest, pipeline protection costs and others were internalized, this would be much different.

    I am one of those that support nationalizing oil and gas, but that won't be something I will see in my lifetime.

    202-224-3121 to Congress in D.C. USE it! You can tell how big a person is by what it takes to discourage them. "We're not perfect, but they're nuts."--Barney Frank 01/02/2012

    by cany on Sat Feb 25, 2012 at 10:37:00 AM PST

  •  I'm very interesting in this "very green" (3+ / 0-)

    path the Army's now on.

    What do they have - solar powered drones?  Hybrid tanks?

    •  The Path Humanity NEEDS Them On Is Mustering (6+ / 0-)

      out most of the troops, and shifting 80% of the MIC out of the mayhem industry into alt energy and climate change reversal and mitigation.

      If we can't right-size our military complex because they're too powerful, we should at least try to use them to address the only existential threat actually facing us. And the mission will last a thousand years so they don't have to fear putting themselves out of work soon.

      We are called to speak for the weak, for the voiceless, for victims of our nation and for those it calls enemy.... --ML King "Beyond Vietnam"

      by Gooserock on Sat Feb 25, 2012 at 11:07:40 AM PST

      [ Parent ]

      •  I've claims like the "green military" before (3+ / 0-)
        Recommended by:
        Gustogirl, martinjedlicka, kurt

        and what they usually boil down to is something like "by 2038 our new generation of fighter jets will be 27% more fuel efficient than today's"

        Big fucking deal.

        That saves negligible fuel compared to something much more simple - namely, STOP FIGHTING ALL THOSE FREAKIN' USELESS WARS!

        And I'd actually even be semi-OK if all the money "saved" was actually funneled to the same MIC but if instead of fighting a decade of idiotic wars, that wasted $3 trillion instead went into installing solar panels on every building in the USA (that's roughly how much it would cost . . )

          •  I came up with a new plan (0+ / 0-)

            Since things tend to get done when justified through military necessity (the interstate highways, strangely enough prostate and breast cancer research, etc) the recent run-up in oil prices could be used to justify the idea that having an energy-neutral (i.e., they generate was much energy worldwide as they use) military is a matter of grave national security importance.

            What this means is to offset vast uses of energy around the globe, they would be obligated to develop a corresponding amount of energy production - for example their millions of acres of real estate in the southwest US could be converted in wind farms, solar facilities of various types (photovoltaic, molten salt, whatever), the nuclear power plants on submarines could be converted into "backyard devices) for use where real estate is less abundant, and so on.  If the aliens they have captured and are allegedly holding in that general area have any helpful technical tips, so much the better.

            And best of all, the military could easily enforce US only manufacturing, thus giving domestic the start up green energy industries breathing room against their competitors, many of whom aren't really "playing fair" . . .

      •  The mission won't last 1,000 years if we don't (1+ / 0-)
        Recommended by:

        change course, and soon, as the Human race is on a collision course with greed and stultifying stupidity.
           This video partly explains one of our greatest roadblocks to change, Big Oil, along with their drive to corrupt our political system, and their unholy alliance with the big financial markets.

        "We the People of the United States...." -U.S. Constitution

        by elwior on Sat Feb 25, 2012 at 11:20:08 AM PST

        [ Parent ]

        •  You are sadly 100 pct correct (2+ / 0-)
          Recommended by:
          elwior, greengemini

          The tragedy is that public awareness and anger over this seems less mobilized today, with all our media, than when compared to the era of much raking journalism at the turn of the 20 th century that forced President Teddy Roosevelt to take action and try to break up the Standard Oil Company.

          •  David, I hope you will keep putting this (0+ / 0-)

            information out there.
               I think people sometimes feel that the dark cloud of high gas prices, with all the harm they do to ordinary folks and to the larger economy have a silver lining. The "up" side is that people start to conserve.
               But the fact is that it's the same ugly entities bleeding us at the pump as are preventing the rational move to alternative (clean and renewable) energy sources.
                And the conservation generally lasts about as long as the spike does.  

            "We the People of the United States...." -U.S. Constitution

            by elwior on Sat Feb 25, 2012 at 11:57:15 AM PST

            [ Parent ]

    •  Solar tent fabrics and much more (3+ / 0-)
      Recommended by:
      Roadbed Guy, elwior, greengemini

      Some of the new drones have gigh efficiency solar panels abd recently one stayed up innthe stratosphere for two weeks.

      A Lowell Ma company Konarka, see makes solar power fabrics?

      The DOD and DOE are funding many projects who aim to get rid of gas and conventional batteries.

      We will end up withbsuper capacitors instead of batteries and many new forms of solar cells.

      •  If nothing else, perhaps a few new technologies (2+ / 0-)
        Recommended by:
        David Frenkel, greengemini

        will be developed that will filter down to civilian use.

        For example, like when there was all that outrage over those $600 hammers in the 1970s (inflation adjusted, that's something like $3,300) and that led to the development of the nail gun, which both cost less and is more technologically advanced.  

        •  DOD does spawn many new technologies (3+ / 0-)
          Recommended by:
          Roadbed Guy, elwior, greengemini

          In spite of GOP objections to government interfering with our lives and private sector innovation, a great deal of innovation and invention comes from government funding defense ( offense) inititatiatives. An incredible amount, in fact.

        •  I thought the nail gun was invented by some WW2 (3+ / 0-)
          Recommended by:
          Roadbed Guy, elwior, greengemini

          vets in the 50's...

          And the $430 hammer was from the B-1 program, along with the $600 toilet seat- circa 1987

          Your point stands, just not the examples.

          FDR 9-23-33, "If we cannot do this one way, we will do it another way. But do it we will.

          by Roger Fox on Sat Feb 25, 2012 at 11:41:05 AM PST

          [ Parent ]

          •  Meh, I read that account on the internet (2+ / 0-)
            Recommended by:
            Roger Fox, greengemini

            and I tend to believe everything I see on the internet, because who'd post erroneous information and risk looking like a fool in front of the entire globe?

            But yeah, I've never rigorously researched the origin of the nail gun so you might very well be correct.

            •  I used a nail gun before the B-1 program (0+ / 0-)

              and saw them used circa 1967.

              We used to wait for the crews to stop work and then raid the housing site for plywood and 2x4's to build our tree forts, and saw the empty 22 cartidges all over.

              us kids would load a red wagon up and ride the wood down the hill to our houses, then drag the lumber in the woods to the tree fort.

              FDR 9-23-33, "If we cannot do this one way, we will do it another way. But do it we will.

              by Roger Fox on Sat Feb 25, 2012 at 12:15:31 PM PST

              [ Parent ]

            •  Oh the memories (1+ / 0-)
              Recommended by:
              Roadbed Guy

              I helped build a room at the Eaton plant in Long Island NY, for testing defensive avionics for the B-1, proly around 1982-83.

              In an aircraft hanger, 160x40ft, sheetmetal stud bottom plates shot down with a nail gun.

              Where I was introduced to CNC machining, there was a 25 ft glass box, with a robot arm/milling head, shaping the rear tail of a Prowler. Water being shot over the work to cool. 10 yrs ago you could buy a hobby style CNC machine for about $700.

              That a good example of some DOD hardware trickling down.....

              FDR 9-23-33, "If we cannot do this one way, we will do it another way. But do it we will.

              by Roger Fox on Sat Feb 25, 2012 at 12:37:02 PM PST

              [ Parent ]

              •  Yeah OK, sound like fun . . . (1+ / 0-)
                Recommended by:
                Roger Fox

                I've seen those airplanes on TV, but other than that know little about them (actually I had a cousin who used to be a air force test pilot, and may have flown B-1s in that general era but I didn't have proper (actually, any) security clearance to get in to see anything very cool).

  •  Do I understand you want to set a precident of (0+ / 0-)

    manufacturers reimbursing the Federal Government for protecting the former's raw material supply chain?

    •  Yes I do, when it involves this enormous expense (0+ / 0-)

      The failure to charge the oil industry for this cost means we are fooled into thinking we are paying for our oil at the pump at the listed price. In fact the real cost is probably twice that and you pay the balance through your Federal income taxes.

      By correcting this domestic energy sources would be far more used and alternatives to hydrocarbon's would also be more likely to develop faster. There are more than tactical benefits to that shift in energy type and sourcing.

      In the case of the oil industry we the tax payer get stuck with the bill for protecting oil fields, pipelines, sea lanes, storage and refineries.

      Why should the tax payer pay this versus the oild industry themselves?

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site