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CNBC Credits Obama For Drop In Oil Prices
Republicans have done everything they can to lay blame of the rising oil and gas prices on Obama. Now they may have to eat crow. In the days after President Obama spoke at a Reno, Nevada town hall on April 21nd, he stated that, he asked Attorney General Eric Holder to create a task force “to make sure that nobody is taking advantage of American consumers for their own short-term gain.”
This obviously created a stir in the regressive blogosphere and pundit universes. Regressives were blaming lack of oil drilling and regulations. Essentially they were blaming oil on everything but the core problem, Wall Street speculation. According to CNBC,
As Holder assembled that working group for the President, oil prices collapsed from a high of $114 on May 2 to a low of $94.63 on May 6, the same day the Attorney General sent a letter to the Commodity Futures Trading Commission, Department of Energy, the Federal Reserve and the other participants he had secured, thanking them for “your leadership and participation in the Task Force’s Oil and Gas Price Fraud Working Group.”
Some traders have gone so far to imply that direct messages have been sent from the government and related agencies to certain exchanges or firms pressuring them to curb speculation. However, most believe that it’s the increased rhetoric that’s been enough to knock oil below $100 a barrel.
This past week the Chicago Mercantile Exchange (CME) increased margins by 25%. This entire week oil has been extremely volatile bouncing but has settled for the most part below $100 dollars a barrel.
I believe the 2008 former Senator from Illinois Barack Obama was right, we need legislation to curb energy speculation.
On top of speculative trading we also have the oil subsidies. These same CEOs who are defending subsidies in 2011 at a U.S. Senate hearing, with oil around 100 dollars a barrel said they agree with President Bush and DO NOT NEED incentives in 2005 when a barrel was at $55 dollars.
CEO Jim Mulva of ConocoPhillips, one of the world’s largest and most profitable oil companies, yesterday said its “un-American” to take away taxpayer subsidies from the oil industry. This wasn’t said accidentally; the comment was put in a press release.
Mulva later added that “nothing was intended personally,” but he would not apologize or retract the characterization.
Mulva thinks Democrats are being un-American by asking oil giants to enjoy its profits without additional taxpayer incentives, but he doesn’t think Democrats should take it “personally.” He also doesn’t believe George W. Bush was un-American, when he proposed the same thing. Simply Amazing!
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19 Responses to CNBC Credits Obama For Drop In Oil Prices
Jtl
May. 13th, 2011 at 12:45 pm
DEMAND —and some fear of oversight will do it everytime! The speculators have wet socks!
And look who really raised the National Debt!
www.flickr.com/photos/spe...
Shiva (Moderator)
May. 13th, 2011 at 1:17 pm
Now theres an image to save and post!
Dorothy Rissman
May. 13th, 2011 at 4:38 pm
I love that chart. I am going to send it to some other sites. It is easy to understand and visually interesting enough to stay with us. Thanks jtl.
J.L.
May. 14th, 2011 at 9:24 pm
Great visual, but where are the facts to back this up? I know Obama is not to blame, but I would like facts to back up a picture. I can make a picture like this and say it is fact.
I want to distribute this, but I cannot unless I have the numbers to back it up.
Shiva (Moderator)
May. 14th, 2011 at 9:27 pm
Read the article please, it tells you why they credited Obama
J.L.
May. 15th, 2011 at 1:19 pm
Credit Obama? What does that have to do with the Graph? The Graph credits Obama with Bush and Reagan making our national debt bigger?
Nasty Liberal
May. 13th, 2011 at 12:45 pm
I do believe in American virtue; in time of crisis, may the scales fall from our eyes.
Reynardine
May. 13th, 2011 at 1:19 pm
Right wing dogma simply defines everything by essence. Republicans are, by definition “patriotic”, “God- fearing,” and “ril Americans”, even when offshoring production, selling our oil reserves to OPEC, our port security to hostiles, or leaving the skies strangely unguarded on 9/11; Democrats are inherently “un-American”, even when trying to to help Americans or killing Bin Ladin, and especially when occupying the White House while black. Wealthy corporations are inherently “deserving” of the public treasury and mustn’t be “punished for success” by being asked to give back to the nation that made them rich; the “little people” are useless eaters, peevishly and unpatrioticly refusing to “share sacrifice” if they demand a living wage, public education, or the right to exist when the corporations no longer can exploit them profitably. Right- wingers are “courageous and outspoken” when they engage in lies and bigotry; anyone who calls them on it is an “elitist” who is “playing the race card” or “engaging in class warfare”. That kind of definition is to be expected… from right- wingers. What is truly sorry is that the MSM accepts these definitions and therefore so does the suckered public.
GrumpyDood
May. 13th, 2011 at 4:36 pm
Amen to that, this pretty much sums it up.
Dorothy Rissman
May. 13th, 2011 at 4:39 pm
thanks reynardine. Very well said indeed.
janicket
May. 13th, 2011 at 5:31 pm
Wow, you have perfectly summarized just about every ludicrous Bizarro World theme that pollutes public understanding of what’s really going on.
J.L.
May. 14th, 2011 at 9:30 pm
This is funny to me, mostly because I BELIEVE in God, I am PATRIOTIC, but I am also an Obama supporter. I could care less if people believe in God or not. I am not here to push my beliefs or try to convert anyone. I don’t care. I care about my family and that is it.
It is funny that these God-fearing individuals are so contradictory. I also find it funny that OBAMA got OSAMA, and not Bush (who he believes was chosen by God to run America).
I am not a Democrat, but I am an Independent. I also support Obama, and defend him quite often. I have lived in California and Ohio most of my life, but I moved to Utah for a couple of years and WOW! You want to talk about religious freak, go there. I have never met such racist, bigoted, TWO FACED human beings in my life, and I visited Mississippi!
JayInDallas
May. 13th, 2011 at 1:45 pm
They had to replace the seatcovers after the oil guys finished testifying because all of their buttholes puckered to the point of ripping the leather. Look over there! Is that some kind of handwriting on the wall?…
Reynardine
May. 13th, 2011 at 1:55 pm
I don’t doubt the seat covers had to be replaced, but I refuse to speculate on the reasons.
Realist
May. 13th, 2011 at 2:40 pm
Until I hear these words coming from that “real” American Rick Santelli of CNBC (He who instigated the Tea Baggers with his snide comment about who are real Americans and who are not), I refuse to believe that this is anything but a pys-op on the part of CNBC.
janicket
May. 13th, 2011 at 5:32 pm
LOL! You have a point there.
Shiva (Moderator)
May. 13th, 2011 at 8:54 pm
I say we do this. They drill on US soil. From now on we will pay them to get it out of the ground, the oil is ours and we are the beneficiary’s of the profits the oil makes here at home.
Screw Goldman Sachs, screw the oil corporations and screw wall street
Ray Medeiros
May. 14th, 2011 at 7:47 am
Agreed!
Realist
May. 14th, 2011 at 11:57 am
A reminder to the ladies to use safe practices with your implements lest their infestations affect you.