There was a good report tonight on the local CBS (owned) affiliate in New York City relating to the dramatic jump in gas prices. It serves as a good STFU to people who lay this rise at the feet of the current administration.
Here is the video of the report (The embed link wouldn't work.):
And here are some of the important points:
The U.S. is importing an average of 800,000 barrels of gasoline per day. At the same time our exports of gasoline have increased over the past year from 200,000 to 600,000 per day.Of course some blame goes to speculators:
Critics say speculators are capitalizing on the very fear they’re helping to generate.And who are these people?:
“These people are making almost as much money today from trading commodities as they were making in investment banking just a few years ago. So, they are not going to unlearn how to make money. But all of us are going to pay for it,” Gheit said.
Many of the same investment firms that were involved in the mortgage crisis that caused the global recession have now shifted much of their attention to commodities futures, including gasoline, with little oversight.http://newyork.cbslocal.com/...