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Thursday, February 23, 2012

Of Traders And Traitors

Historically, financial speculators accounted for about 30 percent of oil trading in commodity markets, while producers and end users made up about 70 percent. Today it’s almost the reverse.
A McClatchy review of the latest Commitment of Traders report from the Commodity Futures Trading Commission, which regulates oil trading, shows that producers and merchants made up just 36 percent of all contracts traded in the week ending Feb. 14 while speculators who will never take delivery of the oil made up 64 percent.
Republicans are trying to blame Obama for high gas prices. History calls them liars. When Bill Clinton left office oil was $18.00/barrel. Then Bush/Cheney let Enron come to the Whitehouse and write the rules that would deregulate the energy industry. By the midpoint of the Bush/Cheney administration oil was at $150.00/barrel. Deregulation is a cornerstone of Republican party public policy.  This is yet another example of how destructive and bad for the country it really is
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