Bernie Sanders Calls Out All Three GOP Candidates for Lying About Obama and Gas Prices

By: Jason EasleyMarch 21, 2012

Sen. Sanders discussed oil speculation, “There is now more supply in America available in America today than there was three years ago when the price of gas was a buck ninety a gallon. There’s less demand now than there was at any time since 1997, so we’re not looking at a supply and demand problem. What we also know is that over eight percent repeat over eighty percent of the oil futures market is not controlled by people who actually use the oil, airlines, etc. , but by Wall Street speculators like Goldman Sachs/Morgan Stanley.”

After estimating that legislation ending excessive oil speculation would drop the price of gas by at least fifty six cents a gallon, Sanders was asked by Schultz if the Republican presidential candidates were lying about the Obama’s policies driving up the price of gas. The Vermont senator answered, “Yeah, they are. The truth is, as the president indicated, we are doing a lot of oil drilling right now. But I think at the root of the problem is not the supply issue, I think the root of the problem is that our friends on Wall Street who caused this recession through their greed are at it again, and by manipulating oil futures market they’re driving up prices. What we are trying to do, Ed, now is demand that Commodity Futures Trading Commission, an arcane agency which regulates the oil futures market use emergency power to end excessive speculation.”

We’ve been down this road before as a country many times. Sen. Sanders was one hundred percent correct. The cause of the problem isn’t supply and demand. It is the excessive oil speculation driving up prices. If President Obama wants to put an end to this, he can do so at any time by uttering this one sentence. Today, we are launching a federal investigation into excessive speculation in the oil futures market. That one sentence would put the brakes on this entire scam.

Gingrich, Romney, and Santorum are lying to the American people about the cause of rising gas prices. If the Sanders legislation would pass and be signed by the president, the price of gasoline would come down, but as usual, Republicans who are looking to score cheap political points ahead of the November election oppose any more that would lower the price of gas and help the American people in any way.

I wish more Democrats had the courage to stand up and plainly say what the Independent Bernie Sanders did. The Republicans are lying to the American people. Their presidential candidates are lying. Their members of Congress are lying, and their propaganda machine is putting out a stream of endless lies all based on the hope of winning an election in November.

Republicans are lying, and it is up to all Americans who care about facts to join with Sen. Sanders and President Obama in calling them out on it.

http://www.politicususa.com/bernie-sandersgas-prices/

 

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A socialist blaming capitalists.

What were the odds?

Rho

 

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If the Republicans are lying, then so are the Democrats headed by barry.

 

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Yeah like socialists were responsible for the Wall Street meltdown, don't you ever get tired of repeating myths?

Sanders bill would force CFTC's hand in effort to lower gas prices
By Andrew Restuccia - 03/21/12 01:39 PM ET

A handful of liberal senators unveiled legislation Wednesday that would force federal regulators to curb “excessive” market speculation that they say is responsible for soaring gas prices.

The bill, authored by Sen. Bernie Sanders (I-Vt.), mandates that the Commodity Futures Trading Commission use its emergency powers within 14 days to put limits on speculative trading in energy futures markets.

“Millions of American consumers are hurting as a result of excessive speculation on the oil futures market and the future of our economy hangs in the balance. The time to act is now,” Sanders said Wednesday.

The legislation is co-sponsored by Sens. Richard Blumenthal (D-Conn.), Sherrod Brown (D-Ohio), Ben Cardin (D-Md.), Al Franken (D-Minn.), Amy Klobuchar (D-Minn.) and Bill Nelson (D-Fla.).

The senators argued that the CFTC has been “dragging its feet” in establishing
“position limits” on the amount of futures and swaps contracts for oil and other commodities that traders may hold. The limits are required under the sweeping 2010 financial reform law.

Democrats have increasingly blamed “excessive” speculation for rising gas prices to counter GOP attacks on President Obama’s energy plan.

A coalition of Democrats, 23 senators and 45 House members, urged the CFTC earlier this month to put limits on speculative trading.

“It is one of your primary duties — indeed, perhaps your most important — to ensure that the prices Americans pay for gasoline and heating oil are fair, and that the markets in which prices are discovered operate free from fraud, abuse and manipulation,” the lawmakers said in a letter.

Pump prices have risen to the top of the political agenda in Washington, D.C. Gas prices increased to a national average of $3.86 per gallon Wednesday, according to AAA — up 30 cents during the last month.

Republicans have sought to pin the blame for high gas prices on Democrats, arguing they have not done enough to expand domestic oil-and-gas production.

Energy experts say federal policymakers have limited options to lower gas prices, as they are tethered to oil prices, which are set on world markets.

 

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But do you have any comment on what he said?

If oil speculators are doing anything illegal, the Obama administration should already be prosecuting them.

If they aren't, then they should be left alone. Speculators are betting that oil prices are going to go up higher than they are driving the market up already. If that's true, they win. If it's not and the supply and demand are truly as Mr. Sanders describes them, they will lose and lose big when the price drops and the speculators' investments tank.

The same supply and demand model that sets the world oil prices will determine where the speculators land, as it should. Speculators do not drive the price, they are betting on the price.

Rho

 

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Not bad. Not bad at all.

I certainly hope that last part is true but I never doubt whose hands are in whose pockets anymore. Seriously, I could hear the craziest story about corruption and easily imagine it being true.

Yes the invisible hand theory, sorry but what you really mean is that human greed and the manipulation of the market is a good thing for the American People.

So why not let them investigate hmmmm?

Why because more than likely there is collusion, and the leading front runners of the Republican Party will be shown for the liars they are.

By your response you must believe that Obama has nothing to do with the large rise in price then, shame on your for abandoning your Party's position.

So which is it?

 

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"If it's not against the law, it's morally acceptable."

Got it. So you're a filthy hypocrite. That's cool.

 

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Is there something stopping an investigation?

And, I would posit that the speculators are betting the prices are going to rise because of Obama's policies (read: attitude about petroleum, in general).

Rho

 

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