February 23, 2012
Democrat leader Nancy Pelosi has gone after Wall Street and profiteers for rapidly rising oil and gasoline prices.
“Independent reports confirm that speculators are driving up the cost of oil, hurting consumers and potentially damaging the economic recovery. Wall Street profiteering, not oil shortages, is the cause of the price spike. In fact, U.S. oil production is at its highest level since 2003, and millions of acres have been cleared for additional development,” Pelosi writes in a press release issued on Wednesday.
Pelosi blamed Republicans, of course.
“We need to take strong action to protect consumers from this speculation. 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. They have also repeatedly opposed our efforts to end billions of dollars in outdated taxpayer subsidies for oil companies enjoying record profits.”
It’s popular to attack corporations, especially during an election year, but it should be noted that Pelosi is fibbing about greedy oil companies.
“For every gallon of gasoline, diesel or finished products we manufactured and sold in the United States in the last three months of 2010, we earned a little more than 2 cents per gallon. That’s not a typo. Two cents,” reports an Exxon blog.
Meanwhile, federal and state governments reaped a bonanza on gas taxes.
According to research conducted by Mark Perry of Daily Markets, taxes averaged 48.1 cents per gallon across all states as of April of 2011.
If Pelosi were honest – and an honest politician is a rarity – she would tell us the real reason gas prices are so high: the cost of crude oil. It represents 55% of the cost. The remaining cost is from distribution and taxes, not gouging by greedy oil companies as madame Pelosi would have the commoners believe.
Another reason for high prices – Israel’s insistence on attacking Iran over its unsubstantiated nuclear weapons program. Iran has vowed to shut down the Strait of Hormuz and block the distribution of Persian Gulf oil if Israel and the United States attack, which is now virtually a foregone conclusion.
Pelosi might want to tell Israel to cool it. But she won’t do that because she is a dedicated Israel and AIPAC shill like most members of Congress.
Pelosi and the Democrats think their anti-Wall Street rhetoric will get them re-elected come November. In fact, both parties are captured by Wall Street and the bankers and Pelosi’s cartoonish call is merely flabby election year rhetoric.
It makes no difference who is in the Oval Office and Congress. We’ll get high gas prices and war because that’s what the global elite have in mind for us.