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.