Gas Prices

28 Apr

Since last December, gas and oil prices have been going up and up and up as everyone knows and feels in their pocketbooks. Most people want to know why the prices keep going up. Of course, we have heard many theories but the truth of the matter has been debated and discussed by our Congress and the following letter states the real reason for higher gas and oil prices:

Dear Attorney General Holder:

We write in support of President Obama’s recent announcement that the Oil and Gas Price Fraud Working Group has been reconstituted and strongly encourage you to use the Working Group to prosecute a vigorous inquiry into the extent to which excessive speculation or outright manipulation are driving up the prices in today’s oil and gas markets.

The answer to this question is not academic. Artificially high prices due to excessive speculation or market manipulation function as a hidden tax on American consumers and can impede our ongoing economic recovery. In response to the recent run up in oil and gas prices (since 12/11) credible sources including CFTC Commissioner Bert Chilton and Forbes magazine have both estimated that the current price of a gallon of gasoline includes a speculative premium of over 50 cents.

Rather than risking a repeat of 2008-where speculators ran the price of a barrel of oil up to $147 and market manipulations were only identified and charged after the fact-the time to act is now. We urge you to use every investigatory and law enforcement tool at your disposal to ensure the proper functioning of our oil and gas markets.


Representative Sander Levin and other U.S. Representatives

Back to my stuff: We can do our part too and call or email our Congressmen/women about his vital issue. Do you want to keep paying higher prices at the pump? I don’t think so.


2 Responses to “Gas Prices”

  1. Eduardo Lewman March 27, 2013 at 8:08 pm #

    You can expect gas prices to rise every spring. It seems to get earlier and earlier each year. That’s because oil futures traders know demand for gas rises in the summer. They therefore start buying oil futures contracts in the spring in anticipation of that price rise.*

    Look at the most current write-up on our very own blog page

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