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Grandstanding

Some  of our Congresscritters are trying to grab the spotlight by grilling oil execs about their “windfall profits”.

Perhaps these LEGISLATORS need a lesson in BASIC economics.

The president, legislators, nor the oil company execs have LITTLE control over oil prices. And although he leads everyone to believe that he can through his recent ads, not even Barack Obama can do anything to control prices. It’s the traders in the futures market that are irrationally bidding up the price of oil (as well as OPEC, who determines the amount put out to the market). Be  patient, though, as this price bubble will be certain to burst, causing oil to go down in price.

I don’t like these prices any more than anyone else, but until the market bubble pops, there’s nothing that we can do to fix it.

 

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