Oil Prices Spike After Obama’s Morning Speech Promising To Crackdown on Speculators

Another case of Obama opening his mouth, and causing more pain.

His speech today, promising to crack down on oil speculators, something Sarah Palin and Eric Bolling talked about on Friday night, but with common sense solutions included, caused a spike in oil prices.

Crude oil prices have risen over a dollar today, despite President Obama’s promise to “crackdown” on Wall Street “speculators” that he believes are driving up the price of oil.

Crude oil opened at $102.66 per barrel. It cost $104.04 per barrel at 8:58 am (one minute after the White House Fact Sheet on “cracking down on manipulation in oil markets” hit my inbox). By 9:32 am, the price had risen to $104.94 per barrel. The price has been as as high as $105.07 today, according to Yahoo Finance and Reuters.

Brendan Buck, Press Secretary for Speaker John Boehner, R-Ohio, jumped on the correlation. “Price of oil tumbles on news of Obama crackdown on manipulation,” he tweeted sarcastically, adding “Actually, the reverse [of] that.

Incidentally, a former Obama commissioner for the Commodity Futures Trading Commission said this morning that he “never saw any empirical data that said speculators were responsible for an increase or a spike in fuel cost.” The CFTC is one of the lead groups in cracking down on Wall Street speculators.

Read more here.

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2 Comments

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2 responses to “Oil Prices Spike After Obama’s Morning Speech Promising To Crackdown on Speculators

  1. Pingback: Sarah Palin Rips President Obama’s “Naive Assault on American Energy” | A Time For Choosing

  2. Aaron Allen

    Hi Gary: Looking at the graphs referenced in your story, somebody or a
    lotta somebodies hit the ‘spike’ key [or their ‘flash-trade’ computer did it?].
    The whine that speculators and button-stabbers don’t affect ‘the markets’
    is baloney…If consumer and commercial buys of gasoline and distilates
    aren’t a big deal in the total use of petro-products, why do our pump pri-
    ces blip upward when the Middle Ease sneezes? Why are US-based re-
    fineries closing? Do ‘they’ think we will happily pay $9-10/USG to ‘buy-
    back’ the’ finished’ petroleum we are now selling abroad? That in itself
    cud decide which ‘executeam’ wins the ‘cycle’…Sure not like ‘The War’
    when this sort of chicanery wud result in federal slammertime!..After ‘do-
    ing’ the banks, the auto industry, housing, etc, enuf is enuf: Time to get
    out of the supposed ‘supply-n-demand’ and treat fuels like we do Plu-
    tonium, human blood/stemcells/embryos, drinking water [not bottled!],
    and retirement savings accounts–carefully and diligently!..Aaron Allen…

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