Report: Obama’s latest proposal to stabilize gas prices could backfire

posted at 2:31 pm on April 20, 2012 by Tina Korbe

Barack Obama’s proposal to regulate trading margins in an effort to curb the influence of oil speculators was never really intended to either stabilize or lower gas prices. As AP put it, it was just the Obama campaign’s newest shiny object. His proposal was intended to communicate that he cares about gas prices — and nothing more.

Here’s the catch, though: Reporters and pundits take his proposals seriously (he is the president, after all). They parse and analyze — and, in the process, they come up with information like this:

U.S. President Barack Obama’s bid to dampen the influence of oil speculators by having regulators set trading margins could backfire, potentially making prices even more volatile and leaving crude dominated only by those with the deepest pockets.

Under Obama’s request to Congress, the Commodity Futures Trading Commission (CFTC) would determine how much speculators need to pay to trade U.S. crude oil futures, in theory increasing the amount when prices move too far, too fast.

But economists and traders cautioned that pushing smaller investors out of markets would only hand greater influence to the largest hedge funds and Wall Street banks. Ultimately, there may not be enough traders left to do business with oil producers and consumers looking to hedge their needs.

Maybe Mitt Romney knows what he’s doing when he repeatedly emphasizes that Barack Obama is in over his head. He really seems to be. Even his best campaign ploys make little sense — and yield talking points for his opposition. In this case, the talking point is this: At the same time that he wants to raise taxes on the rich, the president wants to hand greater influence over oil prices to the largest hedge funds and Wall Street banks. There’s an Obama proposal to dislike for everyone — the 1 percent AND the 99 percent!


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Heck! JugEars farts backfire!

KOOLAID2 on April 20, 2012 at 2:33 PM

Report: Obama’s latest proposal to stabilize gas prices could will backfire

Just like everything else he does…

affenhauer on April 20, 2012 at 2:33 PM

Consider that Barry Soetoro won’t try anything that would actually involve, oh, INCREASING SUPPLY or anything it’s certain to backfire.

The only thing he could do that would lower prices today would be to announce support for offshore drilling, ANWAR, etc. The promise of increased supply would force speculators out of the market.

wildcat72 on April 20, 2012 at 2:34 PM

That man has never had a clue in over three years!

KOOLAID2 on April 20, 2012 at 2:34 PM

Coming out of lurker mode briefly to say thanks, Tina, and best of luck with the new gig.

Oh, and punishing the oil companies and the evil speculators financially — how does that reduce prices, again, Mr. President?

GoHskrs on April 20, 2012 at 2:34 PM

Everything this administration has done punishes economic productivity and to rewards non-productivity.

Why would this be any different?

Deafdog on April 20, 2012 at 2:34 PM

Too bad this isn’t an election year…

Seven Percent Solution on April 20, 2012 at 2:34 PM

Oh come on, when has central planning ever failed?

gwelf on April 20, 2012 at 2:35 PM

Everything he touches turns to crap. The list is endless. He’s got a reverse Midas touch.

CorporatePiggy on April 20, 2012 at 2:36 PM

An economic illiterate. Always has been. Now, he’s running out of shiny objects. Cookie, anyone?

a capella on April 20, 2012 at 2:37 PM

After he proposed this, oil prices began to rise.

Way to, Way to go Zee-ro.
Gotta get, gotta get, some Al-po.

dogsoldier on April 20, 2012 at 2:39 PM

So, let me get this straight: Obama’s energy policies will benefit the Fat Cats?

It’s all Bush’s fault in 5…4….3….!

Snitchmo on April 20, 2012 at 2:39 PM

the same point was made on o’reilly a few days ago by that blonde girl from foxbusiness, can’t remember her name…o’reilly didn’t seem to understand her argument, he just kept patronizing her, being his usual boorish self…

jimver on April 20, 2012 at 2:40 PM

At the same time that he wants to raise taxes on the rich, the president wants to hand greater influence over oil prices to the largest hedge funds and Wall Street banks.

That would be a deadly line in a debate.

budfox on April 20, 2012 at 2:42 PM

U.S. President Barack Obama’s bid to dampen the influence of oil speculators by having regulators set trading margins could backfire, potentially making prices even more volatile and leaving crude dominated only by those with the deepest pockets.

Say, doesn’t that describe George $oro$?

Steve Eggleston on April 20, 2012 at 2:43 PM

Odummy is the true definition of stabbing in the dark.

He’s taking amateurism to a whole new level. What a consommate loser.

NapaConservative on April 20, 2012 at 2:45 PM

jimver on April 20, 2012 at 2:40 PM

And O’Reilly’s talking points this a.m. on the radio were touting how great this was that the President was finally doing something about gas prices. O’Reilly is p!ssing me off lately and I can’t stand to watch him at night anymore. He’s a suck up for an interview. Barf.

NJ Red on April 20, 2012 at 2:45 PM

Maybe now would be a good time to point out that the high cost of gasoline and the resulting high cost in everything associated with gas and the failing economy…

… are the result of the failed policies based on Obowma’s and the Lefts failed ideology.

You couldn’t ask for a more perfect campaign message against the Left across this Country in every election nation wide…

As I’ve said before…

… It’s too bad this isn’t an election year.

Seven Percent Solution on April 20, 2012 at 2:45 PM

Maybe Mitt Romney knows what he’s doing when he repeatedly emphasizes that Barack Obama is in over his head

This truly is the exactly correct way to approach this campaign. Romney’s favorables may be lower than Obama’s, but Romney is right to keep emphasizing to voters that, hey, maybe you think he’s ‘likeable’, but we can all agree that, from the evidence we see in the economy/unemployment, etc., he just wasn’t cut out for this. That’s the way to give swing voters a gracious exit from their original Obama votes.

thirtyandseven on April 20, 2012 at 2:46 PM

So the rich get richer and he’ll tax ‘em to death.
All at the same time. Great way to run the railroad.

Jabberwock on April 20, 2012 at 2:47 PM

That man has never had a clue in over three years!

KOOLAID2 on April 20, 2012 at 2:34 PM

FIFY

NY Conservative on April 20, 2012 at 2:47 PM

Obama turns his lazer-like focus on oil.

What could possibly go wrong?

Lily on April 20, 2012 at 2:47 PM

Obama turns his lazer-like focus on oil.

What could possibly go wrong?

Lily on April 20, 2012 at 2:47 PM

Heh.

thirtyandseven on April 20, 2012 at 2:48 PM

he repeatedly emphasizes that Barack Obama is in over his head.

He would be over his head in a kiddie pool…

right2bright on April 20, 2012 at 2:48 PM

He has the doo-doo touch. Everything he touches turns to doggy doo.

search4truth on April 20, 2012 at 2:49 PM

Everything he touches turns to crap. The list is endless. He’s got a reverse Midas touch.

CorporatePiggy on April 20, 2012 at 2:36 PM

Used to work with a guy like that; he was affectionately known as The Anti-Midas…

affenhauer on April 20, 2012 at 2:49 PM

With affirmative action society as a whole loses.

We need to put the most qualified person in charge of this country. Hiring quotas for the presidency is beyond stupid.

NapaConservative on April 20, 2012 at 2:49 PM

If this doesn’t work, there’s always Class Envy

Kini on April 20, 2012 at 2:51 PM

Obama turns his lazer-like focus on oil.

What could possibly go wrong?

Lily on April 20, 2012 at 2:47 PM

watch out oil prices hitting a 5 USD average….bad omen, whenever he speaks on the topic of oil…

jimver on April 20, 2012 at 2:52 PM

Worst. President. Evah.

Bitter Clinger on April 20, 2012 at 2:52 PM

Obama turns his lazer-like focus on oil.

What could possibly go wrong?

Lily on April 20, 2012 at 2:47 PM

Another unforced error on his part. He is on a roll.
I almost hope he does move on to something else. It’ll save Romney money.

Jabberwock on April 20, 2012 at 2:53 PM

designed to Fail

screwauger on April 20, 2012 at 2:53 PM

And O’Reilly’s talking points this a.m. on the radio were touting how great this was that the President was finally doing something about gas prices. O’Reilly is p!ssing me off lately and I can’t stand to watch him at night anymore. He’s a suck up for an interview. Barf.

NJ Red on April 20, 2012 at 2:45 PM

Have not watched O’Blowhard and Hannity since Dec. Much happier since. HA gets my BP up enough as it is.

arnold ziffel on April 20, 2012 at 2:53 PM

But…but… he was a community organizer! That’s more experience than being a governor!

NerwenAldarion on April 20, 2012 at 2:54 PM

All part of the plan to destroy the U.S. as she was known.

China wants the Arctic…U.S. asleep.

Argentina nationalized two Spanish oil companies in the last two days, the U.S. and the world are asleep.

Free people who play ostriches deserve to NOT be free any more.

Schadenfreude on April 20, 2012 at 2:54 PM

the same point was made on o’reilly a few days ago by that blonde girl from foxbusiness, can’t remember her name…o’reilly didn’t seem to understand her argument, he just kept patronizing her, being his usual boorish self…

jimver on April 20, 2012 at 2:40 PM

…he hasn’t always been like that!…in the last year or so… something has been wrong with him…it’s like he’s losing logic!

KOOLAID2 on April 20, 2012 at 2:55 PM

If this doesn’t work, there’s always Class Envy

Kini on April 20, 2012 at 2:51 PM

Nope. Not anymore.
He botched that one earlier in the week.

Jabberwock on April 20, 2012 at 2:55 PM

I can’t believe this guy is going to pick up at a bare minimum 150 electoral votes.

Red Cloud on April 20, 2012 at 2:55 PM

It’s been amazing to watch him go from Mr. Cool to Mr. What-Can-I-F-Up-Next.

Bitter Clinger on April 20, 2012 at 2:56 PM


he hasn’t always been like that!…in the last year or so… something has been wrong with him…it’s like he’s losing logic!

KOOLAID2 on April 20, 2012 at 2:55 PM

Take it from me; getting old sucks !

Jabberwock on April 20, 2012 at 2:57 PM

Under Obama’s request to Congress, the Commodity Futures Trading Commission (CFTC) would determine how much speculators need to pay to trade U.S. crude oil futures, in theory increasing the amount when prices move too far, too fast.

Obummer doesn’t realize that crude oil is traded in INTERNATIONAL markets, where Congress or the CFTC would have zero influence. If the US market is limited, more traders will go overseas, and bid up oil prices even further on foreign markets, and choking off the supply of foreign oil.

When will Obama figure out that beggars can’t be choosers? Either we produce our own oil, or caveat emptor.

Steve Z on April 20, 2012 at 2:57 PM

He botched that one earlier in the week.

Jabberwock on April 20, 2012 at 2:55 PM

Yup, he did, but it’s all he has left.
He wasn’t born with a silver spoon in his mouth, but he’s got a forked tongue!

Kini on April 20, 2012 at 2:57 PM

If this doesn’t work, there’s always Class Envy

Kini on April 20, 2012 at 2:51 PM

Nope. Not anymore.
He botched that one earlier in the week.

Jabberwock on April 20, 2012 at 2:55 PM

He’ll go back there anyway. He only knows “Lather, Rinse, Repeat”.

Bitter Clinger on April 20, 2012 at 2:57 PM

the same point was made on o’reilly a few days ago by that blonde girl from foxbusiness, can’t remember her name…o’reilly didn’t seem to understand her argument, he just kept patronizing her, being his usual boorish self…

jimver on April 20, 2012 at 2:40 PM

I think it was Sandra Smith from Fox Business. She couldn’t get through O’Reilly’s blockhead, though. He’s definitely got this one wrong. His populism rears its head every now and then.

bntafraid on April 20, 2012 at 2:59 PM

Crony capitalism. Shocka.

SouthernGent on April 20, 2012 at 2:59 PM

FIFY

NY Conservative on April 20, 2012 at 2:47 PM

…Thanks!…At almost the half-century mark of his birth…he did finally learn about ATM machines though!

KOOLAID2 on April 20, 2012 at 2:59 PM

Barack Obama – King of All Failures

St Gaudens on April 20, 2012 at 3:00 PM

Obama simply doesnt get that the more government gets involved, creates regulations, increases fees… basically, increases the cost of doing business… the more he pushes the smaller competitors out and helps the biggest corporations. He thinks government regulation helps the little guy, by imposing rules and costs on the bigger guys, but doesn’t realize that it ultimately works the opposite way.

Look at any socialist or communist country and what you see are only the biggest fish survive, either because the government runs the industry (and eventually consolidates all smaller businesses into one giant business for ease of operation and oversight) or because only the biggest players can afford the cost of doing business. Ultimately, because of that you get exactly the opposite of what Obama intends… the rich get richer and the poor get poorer… exactly the result that he claims he is preventing and the Republicans want, and exactly the result of socialist policies.

I wonder if the man has ever studied modern Russian history?

gravityman on April 20, 2012 at 3:01 PM

These “speculators” have a legitimate market function. Of course government intervention will gum it up. Just like getting rid of corporate tax breaks for oil that ALL corporations get is stupid unless you think raising the price of doing business will lower prices. I, for one, believe Obama isn’t stupid, but rather uses ‘stupid’ to mask his intentions.

cartooner on April 20, 2012 at 3:04 PM

“There are two parties to every futures contract. For every buyer who thinks the price will go up, there’s a seller who thinks it won’t.” – Dr. David Ellis, Texas Transportation Institute

You can’t put it any simpler than that.

Transpo on April 20, 2012 at 3:05 PM

Under Obama’s request to Congress, the Commodity Futures Trading Commission (CFTC) would determine how much speculators need to pay to trade U.S. crude oil futures, in theory increasing the amount when prices move too far, too fast.

What they would do is raise the prices on trading oil stock and futures. It would possibly start the dumping of the stocks and futures here in the U.S., which would lower the price of the “oil” on the world market for a spell, but then they would just go to overseas stocks and futures (China) and just restart where they left off.

Smart thinking there Obama Administration!/

The problem is taxes. Any first world country seem to think that taxing the absolute crap out of a barrel of oil, taxing the refineries, then taxing the crap out of us at the pump (Federal/State/County). I want to know the estimated annual profit of what the Federal, States and Counties each recieve from the taxes per gallon of fuel… and possibly the tax on Natural gas since it is at a all time low and we are paying out the nose to heat and cool our homes.

upinak on April 20, 2012 at 3:05 PM

If this doesn’t work, there’s always Class Envy

Kini on April 20, 2012 at 2:51 PM
Nope. Not anymore.
He botched that one earlier in the week.

Jabberwock on April 20, 2012 at 2:55 PM
He’ll go back there anyway. He only knows “Lather, Rinse, Repeat”.

Bitter Clinger on April 20, 2012 at 2:57 PM

If he washes that one enough, he’ll end up exposing a period in his life that he has worked hard to keep secret.
I say “Bring It ! “

Jabberwock on April 20, 2012 at 3:07 PM

That’d be Sandra Smith. She argued against it, saying the best thing to do would be to open up drilling. That would drive down futures.

Red Creek on April 20, 2012 at 3:08 PM

Obama simply doesnt get that the more government gets involved, creates regulations, increases fees… basically, increases the cost of doing business… the more he pushes the smaller competitors out and helps the biggest corporations. He thinks government regulation helps the little guy, by imposing rules and costs on the bigger guys, but doesn’t realize that it ultimately works the opposite way.

On the other hand, there is always the chance that he does get it and that he knows once the industry is consolidated in one place and “Too big to fail” then it is an easy step to demonize it and have the government take it over and control the monopoly.

Normally I’m a “Never assign malice to that which simple incompetence can adequately explain” kind of person but there is just too much with this guy to believe it is “simple incompetence” as it either a plan or spectacular incompetence at this point.

Betenoire on April 20, 2012 at 3:08 PM

And O’Reilly’s talking points this a.m. on the radio were touting how great this was that the President was finally doing something about gas prices. O’Reilly is p!ssing me off lately and I can’t stand to watch him at night anymore. He’s a suck up for an interview. Barf.

NJ Red on April 20, 2012 at 2:45 PM

O’Reilly doesn’t know shinola about oil markets. Traders and speculators react to anticipated changes in supply and demand. If Obama (or his successor) were to open up the Gulf and ANWR for drilling, and approve the Keystone XL pipeline, traders would anticipate increased future supply, and gasoline prices would be down to $2.50 / gallon within 6 months.

O’Reilly was even complaining in early 2009, after crude oil prices had plunged from $140/barrel to $40/barrel (about a 70% decrease), that gasoline prices had “only” declined from $4.00 per gallon to $1.80 per gallon (about a 55% decrease). It never occurred to Oh Really that the crude oil price is only one factor in gasoline prices: crude oil must be shipped from the wellhead to a refinery; and it costs money to refine crude oil into usable products such as gasoline, LPG, jet fuel, diesel fuel, and home heating oil; and it costs money to deliver the products from a refinery to a gas station. These “fixed costs” for transportation and refining don’t vary much with the price of crude, so that gasoline prices are less than proportional to crude prices. By the way, if crude prices doubled, and gasoline prices went up only 70%, would O’Reilly be complimenting the oil companies? Doubt it!!!

Steve Z on April 20, 2012 at 3:08 PM

He’s digging our hole even deeper with a silver spoon he found in a ditch somewhere and his solution is another govt commission with no real constitution authority to tell traders what to do.

Kissmygrits on April 20, 2012 at 3:09 PM

The solution to this problem is so simple. Yet Obama wants to let the poor suffer to appease his environazi’s.

Why do you hate the poor Obama?

jawkneemusic on April 20, 2012 at 3:11 PM

When it backfires Soetoro will say: “It wasn’t my proposal per se.” Then that will backfire. Prepare for tough, tougher & crunchy times Barry. This ain’t 2008.

BHO Jonestown on April 20, 2012 at 3:11 PM

Obama’s plan is stupid because it would simply push trading outside of the US where his regulations would have no impact. Trading would move from Chicago to other places like London. The Dubai Mercantile Exchange doesn’t abide by US trading regulations.

Obama seems to forget that commodities are exchanged globally and if he screws up trading in the US, the market will simply “route around” the inefficiency he attempts to place on the market.

And, as the article states, additional regulations will simply give the larger players a anti-competitive advantage over smaller players.

Obama is going to end up pushing trading markets outside of the US if he keeps this up.

crosspatch on April 20, 2012 at 3:12 PM

Report: Obama’s latest proposal to stabilize gas prices could backfire

Other than the fact that it’s all Bull$hit and wouldn’t work anyways???

BigWyo on April 20, 2012 at 3:14 PM

NJ Red on April 20, 2012 at 2:45 PM

Anyone who makes money on energy is hated. As Bill O. says: “They are hurting the folks.” Rush says that every economic decision has two effects.

I have called Bill a foxhole socialist and his talk about resources belonging to the people are straight out of Alinsky and Marx.

Oh yes, oil companies do nothing. Just pay for and secure permits. Then dig holes thousands of feet deep. Then arrange for storing, shipping, refining and selling. All the while finding the stuff exactly where he gets his money. In the comfy confines of New York City and Los Angeles. No?

Well, maybe Bill should try the political excitement of dealing with exotic locals from desert to frozen poles, weather, earthquakes, civil wars and the purchase of lots of paper towels when you have a spill and need several billion to pay for it while the public watches your mistake ravage the earth and it creatures.

CBS ran circles around big oil in the 1970′s but it was the oil people who were crooks.

I know that Indonesia has recently decided that too much coal was leaving the nation so they passed a tax which cut exports 50%. Now India is hurting for fuel and the coal industry there is in a depression.

IlikedAUH2O on April 20, 2012 at 3:18 PM

Wait til this fall when he really needs the price of gas to go down. Then he will make a deal with the ME to produce more oil and lower their prices and/or release oil from the Strategic Oil Reserve to lower prices. But, he can’t comprehend that if we drill our own oil, we will have enough on the markets to lower the prices. He is intentionally trying to destroy the good ol’ USA and turn it into the USSA.

Mirimichi on April 20, 2012 at 3:23 PM

Obama’s plan backfire? Shut the front door!!!

Brian on April 20, 2012 at 3:24 PM

Atleast he is trying to do something, Unlike the republicans in the house that want to continue their tax breaks when they are making record profits.

You have to start somewhere.

damian1967 on April 20, 2012 at 3:27 PM

All futures markets (including oil) are a hedging tool so, for example, and oil storage facility, long on oil, could hedge its inventory against price fluctuations by taking the OPPOSITE position in the futures market by shorting (selling) WTI (West Texas Intermediate)oil futures contracts on the NY Mercantile Exchange.

However, there aren’t nearly enough hedgers to sustain the futures markets so speculators are not only invited but ENCOURAGED to join the party and provide 95% of the money needed.Speculators are needed not only for market LIQUIDITY but PRICE DISCOVERY as well.

This does not mean that speculators may not act criminally and, of course, when they do they should be punished accordingly. However to discourage speculation from a market that 95% depends on it will not only cause speculators to spend their vast billions in foreign exchanges (ICE, Dubai, etc) instead of US exchanges but cause oil prices to fluctuate wildly, often driving prices unexpectedly higher.The point is when you lose speculators, price control and hundreds of billions of dollars fly out the window.

MaiDee on April 20, 2012 at 3:28 PM

Wolf as big as the ones in Twilight film chasing POTUS!

When you never waste a crisis you have to make sure that your solution is ready before your crisis starts growing fur and fangs.

Our Dear Leader wants $5 or $7 gas. Why wasn’t he worried about the election if he saw this spike coming, as he keeps reminding us? The poor fool set this up some time ago with his donor’s help but his bet on his goofy electric cars and other solutions isn’t working and now he is stuck.

Find a scapegoat and make the best of it. (Sigh)

Diversifying into natural gas is out of the question since it is a fossil fuel and our leaders want to develop stuff that doesn’t make heat due to the wild climate change which is about to cause Godzilla to hatch or something any day now.

IlikedAUH2O on April 20, 2012 at 3:28 PM

Obama’s plan backfire? Shut the front door!!!

Brian on April 20, 2012 at 3:24 PM

As with all that he has done since bullying SCOTUS, I think you should say “Frontfire”.
It all goes bad as soon as he says it.

Jabberwock on April 20, 2012 at 3:30 PM

Of course it will because of this

redridinghood on April 20, 2012 at 3:32 PM

Wait til this fall when he really needs the price of gas to go down. Then he will make a deal with the ME to produce more oil and lower their prices and/or release oil from the Strategic Oil Reserve to lower prices. But, he can’t comprehend that if we drill our own oil, we will have enough on the markets to lower the prices. He is intentionally trying to destroy the good ol’ USA and turn it into the USSA.

Mirimichi on April 20, 2012 at 3:23 PM

Not a chance !. He has just spent the past four years telling ME that he wants US to use LESS of their product.
They will publicly laugh in his face.

Jabberwock on April 20, 2012 at 3:35 PM

So once again the President, in trying to thread the needle, manages to make everyone unhappy. This is exactly the kind of thing described by a statement I read a few months back: “Obama has a genius for finding the sour spot.”

Fafhrd on April 20, 2012 at 3:37 PM

Oh, and punishing the oil companies and the evil speculators financially — how does that reduce prices, again, Mr. President?

GoHskrs on April 20, 2012 at 2:34 PM

“It’s not about lowering prices, it’s about fairness.”
-BHO

iurockhead on April 20, 2012 at 3:38 PM

I wonder if the man has ever studied modern Russian history?

gravityman on April 20, 2012 at 3:01 PM

No socialist/Marxist/Communist will study modern Russian history, because it points out the errors in their philosophy. And then they’ll say, “The wrong people were in charge,” like changing the cast of characters in the Socialist elite would change the way they did things.

And, we’ll never know – for some reason, Obama doesn’t want us to know what he studied in his school career. Could it be he was a C and D student, and got by on affirmative action? Inquiring minds want to know….

jclittlep on April 20, 2012 at 3:38 PM

NJ Red on April 20, 2012 at 2:45 PM

Yes, Dear Leader is doing much. Most of it consistent with hurting the poor and turning this nation into a bankrupt dump.

If the Democrat supporters understood how much he and the Washington cabal is hurting them, they would chase the whole bunch out of the country.

Crazy wars from President Bush and then the Euro Earth Savior with his electric dreams. We can’t go on like this.

What is being started now? An economic civil war between Americans with a decline to the Greek experience.

Why no budgets? Why didn’t the hijackers give flight plans to the passengers on 9/11?

I weep for the chronically poor and the hard working people who are losing so much with this nonsense.

IlikedAUH2O on April 20, 2012 at 3:39 PM

Atleast he is trying to do something, Unlike the republicans in the house that want to continue their tax breaks when they are making record profits.

You have to start somewhere.

damian1967 on April 20, 2012 at 3:27 PM

Yep, raising taxes would lower prices. I really can’t top that one.

WitchDoctor on April 20, 2012 at 3:39 PM

But, he can’t comprehend that if we drill our own oil, we will have enough on the markets to lower the prices. He is intentionally trying to destroy the good ol’ USA and turn it into the USSA.

Mirimichi on April 20, 2012 at 3:23 PM

I think he comprehends just fine. He wants lower gas prices just long enough to keep his sorry, lying a$$ in office… if that tragic event should come to pass, then Katy bar the door.

BigWyo on April 20, 2012 at 3:40 PM

Atleast he is trying to do something, Unlike the republicans in the house that want to continue their tax breaks when they are making record profits.

You have to start somewhere.

damian1967 on April 20, 2012 at 3:27 PM

Which tax breaks are those exactly???

Specific to the oil industry???

Not really expecting an answer here…..

BigWyo on April 20, 2012 at 3:44 PM

Atleast he is trying to do something, Unlike the republicans in the house that want to continue their tax breaks when they are making record profits.

You have to start somewhere.

damian1967 on April 20, 2012 at 3:27 PM

Oh Good Lord !!
He is on record as saying he WANTS high energy costs to force a movement to green tech. ON THE RECORD !!!

His starting “somewhere” is going nowhere.

Jabberwock on April 20, 2012 at 3:46 PM

This is election year grandstanding and will accomplish nothing. The price of oil is mainly being driven by supply and demand. The same futures trading applies to natural gas; if prices could be manipulated by “speculators”, natural gas futures would not be selling at record lows right now.

TouchdownBuddha on April 20, 2012 at 3:49 PM

Yep, raising taxes would lower prices. I really can’t top that one.WitchDoctor on April 20, 2012 at 3:39 PM

Pelosi and DWS saying unemployment stimulates the economy.

Jabberwock on April 20, 2012 at 3:50 PM

Pelosi and DWS saying unemployment stimulates the economy.

Jabberwock on April 20, 2012 at 3:50 PM

‘We have to pass it before we can find out what’s in it’?

BigWyo on April 20, 2012 at 3:58 PM

He also says more drilling won’t help lower prices yet advocates raiding the strategic oil reserve. Ooof.

B-Ri on April 20, 2012 at 3:59 PM

Maybe Mitt Romney knows what he’s doing when he repeatedly emphasizes that Barack Obama is in over his head. He really seems to be.

Tina – we will miss you. Please stay THIS innocent and naive. It’s endearing. :-)

CycloneCDB on April 20, 2012 at 4:01 PM

Well yeah… It is just like any other investment. Somehow now it is a crime to invest in a stock in hopes that your purchase and others’ purchases will raise the value.

You beat the speculators(investors) by simply preventing the price from going higher. If the price is maxed out, then the speculators will no longer want to risk their profits and sell, which lowers the price.

How do you prevent the price from rising? Basic economics… Approve the Keystone pipeline, drill in ANWAR and every where else including the gulf. Work with the Saudis to increase output(this may already be in the works since it is an election year).

jeffn21 on April 20, 2012 at 4:02 PM


We have to pass it before we can find out what’s in it’?

BigWyo on April 20, 2012 at 3:58 PM

Few years ago, my congress critter was at a KOS event and said, on the record, “I don’t care what my constituents want”.
That was pretty bad and he is gone.
But yeah, Pelosi’s comment is absolutely the dumbest thing I have ever heard a politician say. As Speaker, no less.

Jabberwock on April 20, 2012 at 4:10 PM

Obama is the “bitter clinger,” clinging to socialism and Michelle.

Gladtobehere on April 20, 2012 at 4:21 PM

The only thing Oloser is trying to stabilize is his hold on the Oval Office. Can’t wait–275 days until he’s evicted from the WretchedHive.

stukinIL4now on April 20, 2012 at 4:26 PM

Another idiotic socialist attempt to repeal the laws of supply and demand — Have the government make it harder to buy something when the price is going up… duh.

farsighted on April 20, 2012 at 4:31 PM

There is also the problem that ‘futures trading’ occurs in other countries as well.

Or does Barry think that our laws are applicable there?

GarandFan on April 20, 2012 at 4:33 PM

I am sure its just a coincidence CBOE is in Chicago… whereas That Evil Wall Street is in NYC…

Do you know how many corrupt Chicago-Obama thugs are going to make bank off of this???

I also am guessing a $400,000 Executive Something position opens up for Michellle…

Odie1941 on April 20, 2012 at 4:34 PM

Lily on April 20, 2012 at 2:47 PM

Combustion of the oil markets come to mind

chemman on April 20, 2012 at 5:21 PM

I wonder if the man has ever studied modern Russian history?

gravityman on April 20, 2012 at 3:01 PM

Obama is a Maoist, not a Leninist/Stalinist. In fact, much of his inner circle openly admits their infatuation with Mao.

Occupy Wall Street is his American version of the Cultural Revolution and his forced spending on “green” energy and other energy policies are his “Great Leap Forward”.

crosspatch on April 20, 2012 at 5:29 PM

damian1967 on April 20, 2012 at 3:27 PM

Why do you hate the poor?

chemman on April 20, 2012 at 5:30 PM

Speaking of backfires, I wonder if dog meat makes someone gassy………..

angrymike on April 20, 2012 at 5:37 PM

There is also the problem that ‘futures trading’ occurs in other countries as well.

Or does Barry think that our laws are applicable there?

GarandFan on April 20, 2012 at 4:33 PM

Exactly. One problem we have is that out politicians sometimes get the notion that they rule the whole world. Oil prices are set by a GLOBAL auction that happens in many places. They start tinkering with American markets, the trading will just move offshore.

Romney would put a stop to this kind of talk in a red-hot minute.

crosspatch on April 20, 2012 at 5:42 PM

His proposal was intended to communicate that he cares about gas prices — and nothing more.

While that certainly is part of it, I think this is the real objective:

But economists and traders cautioned that pushing smaller investors out of markets would only hand greater influence to the largest hedge funds and Wall Street banks.

single stack on April 20, 2012 at 6:51 PM

Maybe Mitt Romney knows what he’s doing when he repeatedly emphasizes that Barack Obama is in over his head. He really seems to be.

The Jimmy Carter Suite at the One Term Hotel and Spa has been on reserve and ready for ObaMao for a while now…

cicerone on April 20, 2012 at 6:56 PM

But economists and traders cautioned that pushing smaller investors out of markets would only hand greater influence to the largest hedge funds and Wall Street banks.

Straight out of Atlas Shrugged. Who is John Galt?

humdinger on April 20, 2012 at 8:12 PM

humdinger on April 20, 2012 at 8:12 PM

The portents of literature are often the most frightening things to see.

IlikedAUH2O on April 20, 2012 at 10:18 PM

The man’s supposed intellectual sophistication is a myth. His education appears to not have touched upon any subject involving the presidency besides how to win it. His claim to legal sophistication… something he theoretically should be an expert on has been shown to be a sham… beyond that… it apparently just gets worse.

Karmashock on April 21, 2012 at 2:03 AM

And you don’t see Soros behind this little bit of manipulation, Tina?

You do need to develop your cynicism a little.

{O.O}

herself on April 21, 2012 at 4:33 AM

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