Tuesday, February 28, 2012

Oil Speculation--Treason by Any Other Name: Headline in McClatchy News: "Federal judge weighs whether to let regulators rein in oil speculators." The story is here.

I have been thinking about this since pumping my gasoline has become pecuniary torture. I'd rather be water boarded. The price at the pump is obviously staggering. The answer to the judge's contemplation as to whether oil speculation should be regulated is a resounding YES. It should be heavily regulated if not OUTLAWED entirely.

Any product which is the life blood of a nation and even the world should NOT be played with like a child's toy for personal riches. Oil (until we dump it as a source for energy) is necessary for life. It is, in truth, more important than any other object of speculation. Oil gives one the ability to conduct one's life, to move, to have health care, and to have goods transported. Everything on planet earth that man depends on depends on for its transmission oil. The heat that heats our homes depends upon oil as does our food, clothing and shelter. The necessities of life depend upon oil.

Speculators -- like the Koch Brothers -- on the oil market drive up prices and play with it to the detriment of everyone else except the corporate speculators of this life blood. They become millionaires and billionaires. Economies rise and fall on the price of oil. People live or die because of the price of oil. The fact that Republicans in particular think that they can defeat this president by making it a torturous experience for Americans to fill up their tank is unconscionable. That this judge, nominated by this president, has to think twice about implementing what is already in the Dodd-Frank Act of 2010 passed by Congress is unimaginable.

Anything that has influence over whether a culture or a nation lives or dies should NOT be the subject of Wall Street speculation. Treason by any other name is still treason!