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Posts Tagged ‘obama oil’

Obama Targets Oil Speculators

Will GOP block enforcement efforts?

by on Apr.19, 2012

President Barack Obama wants to crack down on oil speculators.

Facing political pressure to drive down near-record prices for gasoline. President Barack Obama wants to take action against energy traders and speculators, who are potentially earning record profits from the upward movement in oil prices, by “putting more cops on the beat.”

Obama wants Congress to strengthen federal supervision of oil markets and empower regulators to increase the amount of money energy traders are required to put behind their transactions.  Energy analysts contend that the current system makes it far too easy for speculators to manipulate prices with little downside risk.

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“Even if we drilled every square inch of this country right now, we’d still have to rely disproportionately on other countries for their oil. That means we pay more at the pump every time there’s instability in the Middle East, or growing demand in countries like China and India,” Obama said during remarks in the White House Rose Garden.


Oil Plunges – Have Gas Prices Peaked?

Petro traders see barrel dip below $100.

by on May.06, 2011

Has the run-up in oil prices peaked?

Maybe $5 gas isn’t so inevitable, after all – at least not for now.

Oil prices have taken their sharpest skid, this week, since the price plunge of late 2008, leading some analysts to predict that pump prices are also heading down – perhaps to $3.50 or lower – in the weeks ahead.

The unanticipated slide, which saw a barrel of crude trading for less than $100 on Thursday, follows reports that the nation’s economic situation has worsened.  Economists were wary that if oil kept climbing the U.S. might find itself slipping back into recession.

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The decline comes as President Barack Obama has stepped into the picture, asking his administration to look into potential market manipulation. During a visit to an Indianapolis hybrid transmission plant, today, the president is expected to discuss ways to further bring down prices at the pump – which had just nudged the $4.00 a gallon mark, nationally, before the petro slide.


Is $5 Gas Unavoidable?

Nation facing economic slam - and political turmoil.

by on May.02, 2011

A rarity a month ago, $4 gas is now the national norm, some expecting $5 prices in a matter of months.

Late last year, when former Shell President John Hofmeister warned that the U.S. could see $5-a-gallon gas prices by 2012, few took the executive seriously.

“The wolf is out there,” acknowledged Tom Kloza, chief analyst with the Oil Price Information Service, and “we’ll see those numbers at some point this decade, but not yet.

Anyone who has had to fill up lately is starting to take Hofmeister’s dire forecast very seriously.  In Michigan, prices rose almost 20 cents in the last week, a pace seen across much of the country.  The Los Angeles area is already approaching the $5 mark, at least on premium fuel, and virtually the entire country is now over the $4 mark for unleaded regular at self-serve pumps.

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The surge in fuel costs is triggering a political free-for-all, President Barack Obama blasting the oil companies and demanding an end to oil company subsidies, while wild-card Republican Donald Trump has suggested the U.S. simply grab Mideast oil sources.

Ken Reidy, a contract trucker who maintains his own 18-wheel rig, said he didn’t care about the politics, “as long as someone helps me cut my fuel bill.”  Fueling up at a truck stop along Michigan’s I-94, Reidy’s eyes narrowed as he watched the numbers race seemingly every upward, ultimately handing over his credit card to cover an $895 charge for diesel.