Throughout his presidency, Obama has blamed one straw man after another in an attempt to deflect blame for his own shortcomings. Now, in what can only be called the biggest ruse of his presidency, he is trying to make you and I think that the only reason oil prices are high is because of oil price rigging and speculation. Even for Obama, this is a new low.
In his Rose Garden campaign photo-op of yesterday, he called on Congress to pass new legislation that would strengthen the government's ability to prosecute them. But, think about this. If oil rigging and fraudulent oil speculation is such a rampant problem, why is it that the President's own Securities and Exchange Commission, or his Department of Justice, or his Federal Trade Commission haven't prosecuted a single case of it in the last three years. Why is it that his year-old Oil Speculation Task Force hasn't exposed such illegal activity. The reason is simple. There isn't any.
So, Obama is calling for stricter regulation, increased oversight, and higher fines for something that his own people have "never" proven to exist. All he's really trying to do is prove to the dumbest of voters that he's doing something to lower oil costs when, in fact, he is more responsible for high oil and gasoline prices than anyone else due to his excessive spending and his blocking of new oil exploration on federally-controlled lands and offshore locations. But, more than that, Obama expects to use this as another one of his anti-Republican campaign messages. Clearly, if his call for new regulation is ignored by Congress, he will, again, say that it's because the Republicans are putting the rich speculators and big oil companies ahead of what is really good for this nation.
By the Way. oil prices went up yesterday with oil traders obviously laughing off Obama's grandstanding on increased regulation.
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