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Should feds crack down on oil speculators?

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  • Description

    Lou Dobbs evaluates Obama's plan to clamp down on oil speculation

  • Duration 6:16
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This transcript is automatically generated

Thanks still -- a Bill O'Reilly and lose the -- segment tonight you may know president Obama's calling for federal oversight into the oil speculation market.

Try to stem that crazy gas prices you know -- -- a second Lou Dobbs weigh in on whether this is a worthy endeavor for the president is it.

I think it's -- tube to bring attention to it.

To start talking completing manipulation and speculation.

Where the B and they crude oil markets or anywhere else -- is it is irresponsible on the part of the president -- you notice Eric -- guy you know -- -- -- halls of the Canadian -- -- bowling team can.

You don't -- President Obama heat was on earlier this week.

And said.

The speculators are are really responsible for about 30%.

Of the price drive up in the in the at the pump.

That -- is is pretty he's a free market -- this isn't some liberal guy.

That I believe that now and you you're skeptical.

I'm very skeptical of government.

And there -- special when you start from robberies in margins up to 50%.

That makes no economic or financial sense.

Is secondly -- -- regulatory agency in this case is a Commodity Futures Trading Commission.

It has been historically traditionally weak and poorly laughed until -- put you in charge of it.

And I don't -- first thing as I look for a different job because I would like out of it doesn't matter if you don't have to do it alone and you're charged how to do precisely what they've actually done which is -- positions which is different than raising mark to explain it to me out there what that means instead of being able one one hedge fund or.

Any user.

In the oil markets being able to corner 30% of the market.

Make that maximum that most 10% are.

Doesn't cut down the volume of oil barrels are able to control for their purposes aren't buying -- -- don't want the oil these guys wanna make money.

Gambling on what the president often that's -- -- -- case in the speculators that's exactly right and and for me.

That's garbage it's Vegas it's very ABA it's all right it's garbage -- -- -- -- -- anybody good for anybody.

Okay -- we have that traditional response to that is they provide liquidity that is one sad irony that means you've got more buyers and therefore higher and more attractive I don't care about that did you make I can't get enough money out.

But we have to -- what do we care about because what's at issue here is whether or not the system works.

For our fruit.

-- it doesn't work well it -- money supply and open up price goes up that's not supply your name and by the way you're exactly correct yes this isn't the answer.

The answer is to look at why prices at this point with demanded a fifteen year -- our heart it's not because of what's happening all -- you mind doing this it Somalia do win that.

Added some -- breaks down in the desert.

And that it is every excuse in the war are well I think any excuses don't ran across a processing plant we would delay three weeks we -- get -- -- off -- your analysis as usual.

Is a lot more from the I have to offer.

The fact of the matter is we're exporting gasoline right that's right four -- and it's going to China out of the places the fact of the matter it is.

-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- The past actors acted it's being -- -- by industry groups.

Yes I completely don't do it it didn't see you mean the exchange that operates these trading pits.

Have the power to raise margin requirements and their and they have held out whatever president sees a factor tonight and and you point you and you'll get it done.

I -- to that that's I would method to my madness.

I always available to us on not Friday I think WR Robert writes you know Robert -- I during the he's a Communist you know that's -- you can't.

Communist slash social -- did you guys that guy he secretly -- -- -- Karl Marx and up there in Cambridge where.

Okay now.

He says that because.

The US companies are now multinational.

-- right to deny and and we just -- upon a sea oil companies American oil company selling a product overseas.

That the government now has to step in.

To make sure that our economy is good roll the -- Now they are global.

So if we don't have a government that is investing in our people in education.

In job skills -- in infrastructure and public transportation basic research and development all the things we need governments do.

We can't expect the big corporations.

Are going to do it.

Tyson he's the private sector is no longer going to invest in America because -- your interest in making money all over the world and any other place.

And you say I say he's right arm and it at least in one respect.

They would the government won't be you're watching much happen in the way of private investment as long as it continues to borrow trillions of dollars.

And sucked back capital out of the private economy.

How can companies -- -- if the government is sucking up all of the resource.

But number two businesses aren't the ones -- create infrastructure it is always the public sector.

Or whether it is the highways -- a system where there it is massive projects like dams and bridges.

I can't handle what he says I don't know I don't know why don't -- -- and that it would -- it is.

But would Wright is saying is that you have the government has to fund Solyndra.

Yeah it has to fund electorate are sure we -- has to do it because the private sector is not going to do it.

They're making enough money in fossil fuels they're making enough money with the suvs to get eight miles to the gallon.

They should blank you we're not gonna put R&D money in there so rice says the government has to do it or nothing will get done and you say our civil apparently nothing will get done for all the cronies buddies and donors -- President Obama because I was funneled money -- you're right about the private sector not investing because they're making so much money now in the old way -- why put it into the new way I've brought.

The fact of the matter is that the private sector is investing in the fact of the matter is and innovation occurs in this country in our factories or manufacturing facilities he Italy are high and -- No absolutely.

Not he's just a Communist I eat well we'll leave -- -- Communist courtesy of but that's our immediate -- I did and never.

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