Never one to step forward and accept responsibility for the mess he’s made, President Barack Obama today suggested that in order to reduce the cost of oil, the federal government would have to go in and keep the speculators from, well, speculating:
Fighting to contain voter anger over sky-high gas prices, President Barack Obama urged Congress to toughen penalties for improper manipulation of oil markets and called for stricter government oversight of energy markets.
“None of these steps by themselves will bring gas prices down overnight,” the president said in the White House Rose Garden. “But it will prevent market manipulation and make sure we’re looking out for American consumers.”
You know what will keep speculators from making wild speculations? Huge losses.
What the country and the economy needs is less government in the free market, not more. There are several things the president could do right now that would impact the price of oil. He could open areas currently off limits to oil exploration. He could instruct his Secretary of Interior to lift the permatorium put in place to slow the production of oil on federal land.
He could just make an announcement that America intends to explore our natural resources and become a dominate player in the world oil market.
All those things would motivate speculators to start dropping the expected price of oil in the future. Why?
Because they would expect an increase in the supply, thus lowering the price.
But that’s not what this president is interested in. Remember, this is the guy who didn’t mind the increase in gas prices, but was irritated they happened to rapidly.
No, he wants to paint the oil companies, large and small, as evil and capitalism as the problem.
Sounds like another guy I’ve read about.