Tuesday, May 24, 2011

Oil speculators charged with price manipulation

Federal regulators charged five oil speculators Tuesday with manipulating the price of crude and making a $50 million profit from the scheme.

I suspect that the Obama Administration is doing this for political reasons.  They are feeling the heat for the high gasoline prices and are attempting to deflect attention away from their own policies.

Their own policies are to get higher energy prices so that uneconomical "green" energy will be more competitive with oil.  A better strategy would be to make so called "green" energy more competitively priced than oil is now. Then there would be no need for subsidies.  In my opinion, it is a mistake to make war on oil just because you believe that it is the energy of the past.  It is still the energy of the present until something better comes along. Obama should just leave it alone.  The problem will take care of itself.

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