Scapegoating Speculators
by Walter E. Williams
Despite Congress' periodic hauling of weak-kneed oil executives before their committees to charge them with collusion and price-gouging, subsequent federal investigations turn up no evidence to support the charges. Right now oil company executives are getting a bit of a respite as Congress has turned its attention to crude oil speculators, blaming them for high oil prices and calling for tighter control over commodity futures trading.
Let's look at the futures market and for simplicity ...
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3 Comments | Post Comment
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Posted by: David J
Comment: #1
Thu Aug 7, 2008 10:49 AM
Those leases are sitting there waiting for Court litigation to allow the Oil Companies to proceed. That is another of Congresses dirty little secrets.
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Posted by: mike
Comment: #2
Thu Jul 10, 2008 11:13 AM
The problem I have with the futures on Oil is that our government has regulated the limiting of supply. I have heard that 401Ks are investing in these futures as well as massive number of other people. As long as the government is able to regulate a limitation on supply of Oil then we have a conflict of interest. Who is going to fight to have these regulations removed? If you say the Republicans, maybe a couple might really want to but my guess is any real bill to remove the regulations will get riders on them to stop any chance of them going through.
I think the regulations of limiting supply are criminal. As long as futures are allowed then there will be more incentive to have the regulations remain by those who have invested this direction. We need a list of all congressional personnel that have investments in Oil futures or in companies that are heavily invested in Oil futures.
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Posted by: SLEZE
Comment: #3
Thu Jul 10, 2008 11:50 AM
"What would lower the long-term price of oil is for Congress to permit exploration for the estimated billions upon billions of barrels of oil domestically available, not to mention the estimated trillion-plus barrels of shale oil in Wyoming, Colorado and Utah."
But don't the oil companies already own (lease the rights to) huge swaths of off-shore areas that are just sitting there? With oil at current prices, why not start with using that oil?
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