Washington vs. Wall St: Fight over high gas prices
DC blaming oil speculators for soaring gas prices
- Duration 5:48
- Date Mar 10, 2012
DC blaming oil speculators for soaring gas prices
Also in this playlist...
This transcript is automatically generated
This is to blame for your pain at the -- Democrats in Washington say it's Wall Street.
And now are calling for an investigation but John -- use safe are the ones to blame.
Of course they're the ones to blame what every -- prices go high since the seventies every administration.
Every administration has blamed the speculators believe they're the only ones would they lower approval rating -- politicians and that is what they're doing right now -- destroy other administration.
Talking point but -- look we're the only country in the world without an energy policy.
When China goes from four million barrels a day just a few years ago to nine million barrels in the -- the same thing they're going to fifteen million barrels a day.
We are -- 86 million barrels a day we can produce on this -- right now.
That is the problem right now all prices and add the fact that Israel -- an itchy trigger finger and they have no friends in the Middle East.
That's while prices are high the fact that we don't have an energy policy not speculators that stupid.
Wayne is this simply supply and demand.
I think so I I mean a trade is a trite there's got to be somebody who's losing and somebody who's winning if I sell oil at one price and I've decided that that's my profit I've done that.
Try to as a not to blame for this -- -- the congress to listen.
In the 1990s we have -- major oil companies have downed a full are now.
It's the same thing that we've -- before you've got big oil on the one hand and big government on the other hand and they have both and they're competing to ride the congress to get favors form that's all that's happening and it's and it -- it doesn't have anything to do with speculation besides which -- the Democrats just voted down of the congress the Keystone Pipeline terribly are -- about.
All we want there -- high oil price at Iowa breadth.
They don't even pass a tombstone pipeline that would relieve part of it the personality.
-- was -- though here's what they say about the CFTC and it's just point three senators 45 house members they said that.
Basically that the CA CC should stop.
Dragging their feet to investigate.
Oil speculation the market yet.
It's been investigated several times I mean -- -- us.
Works if you look at what it would -- have time for all -- but the domestic -- domestic production in the United States is at its highest in the last decade at number two.
According to -- Canada's.
Only permit application for the pipeline.
It would actually raise gas prices in the United States yeah.
And I got called I.
This stuff up in my if they.
They didn't have a permit application by depleting reserves in the midwest.
But look the larger point is here the Fed did a study 15% it's not overwhelming -- 50% of gas prisons are in fact accounted for by speculators.
But we can all agree the bigger problem here is all of this -- Saber rattling with respect to Iraq and which incidentally.
A lot of the Republican candidates are trying to trump up so that they can drive up gas prices and blame the president.
Okay well I'll tell -- well let me take this to -- bottle get respect to oil analyst he actually said that he believed that speculation -- -- market was driving the price higher by about 30%.
Later -- -- surprise me the final would even say that.
Well -- speculation is just a -- term for judgments I mean that's what it is we all make speculation every day.
And yes a lot of us use gas use the loyal think it actually helps our lives.
And we only see a potential war in the Middle East who we see an administration that is openly hostile all and deal with -- the fossil fuel industry when we see a Federal Reserve that printing more money -- lessening the value of the dollar -- there's of course a lot of us who actually and value gas and oil actually by inspecting the prices are gonna go up because given the administration it.
Probably -- the -- here's the thing shallow person well.
The point is that you made the point there's been no proof of any speculation ever every time they try to investigate this.
Until the market trades on the future it is -- futures market what's the market telling us -- -- -- so I'm sure in.
About what this administration is gonna do about anything uncertain because there's no energy -- uncertainty could they can't.
I ran to save their lives uncertain because we don't know gas prices are going and -- that's gonna affect our overall economy so the oil market right now telling us.
They did visit and laughable at best and that we're gonna -- by dialing back down -- -- sooner than anybody -- Yes Sally took her pointed at the business network we've gone through this over and over and what tracer is saying is is gonna probably be true we are looking -- -- -- on ES but you know what what's funny is one of those things where look we know.
Are at least at you know so it's reasonable people let me have the former economist of the oil industry lobby firm has said.
That there's really nothing anything that the administration -- in the short term to address gas prices incidentally I can't I can't avoid it.
You know there's just a really interesting extras in the times noted that said you know the Republican candidates what -- -- below -- on that what they would -- in Iran is.
Eight president Obama's do this again and said I am going to fix our energy problem here in the United States and he's done nothing 'cause I'm not gonna -- -- -- -- the business nor -- And as the business story and what Trace his -- is this is this is futures are trading futures oil futures we don't know what the future holds in the Middle East.
Right and of course and cool accounts for the majority the vast majority of oil futures trading is that the speculators -- And no it's actually that commercial users of the commodity itself we shouldn't make it -- with the president.
You see what's -- -- should do about that gas prices stop even guiding that speculators start making them.
They're bringing a message.
Hi -- mark and I -- not get it the problem isn't the speculators but we can't prove anything but actually we should be thanking them at the.
Hey don't major what it.
-- -- the airlines -- major price well at the nano the Disney World has been with Hudson and I think -- as an independent and anymore.