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Friday, February 24, 2012

Pelosi: Wall St. and Republicans Responsible For high Gas Prices

Most Americans know Nancy Pelosi more for her maladroit attempts to smile and her rapid eye movements rather than her command of economics so they will probably not be surprised to learn that the former Speaker has named Wall Street as the cause of rising gas prices. One would have thought Occupy would have gotten that straightened out last fall but it's not surprising that Pelosi, like Occupy would find someone other than Obama to blame for this latest mess which is the logical result of the President's war on oil.


"Wall Street profiteering, not oil shortages, is the cause of the price spike," Pelosi said in a statement. "Unfortunately, Republicans have chosen to protect the interests of Wall Street speculators and oil companies instead of the interests of working Americans by obstructing the agencies with the responsibility of enforcing consumer protection laws."


Supposedly, if Senate Republicans would allow the Consumer Protection Agency created under Dodd-Frank to function tighter limits would be placed on futures contracts and since all this is due to speculation in the futures markets price shocks would be a thing of the past. What Pelosi and Bill O'Reilly can't grasp is that for every buyer of a contract there is a seller and refineries don't pay the future price for oil. They pay the spot price.

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