Obama blames speculators for high gasoline prices
(AFP) – 1 day ago
ANNANDALE, Virginia — US President Barack Obama blamed oil “speculators” on Tuesday for soaring gasoline prices that risk weighing down the US recovery and could dampen his 2012 election hopes.
“It is true that a lot of what’s driving oil prices up right now is not the lack of supply. There’s enough supply. There’s enough oil out there for world demand,” Obama said at a campaign-style event not far from Washington.
“The problem is, is that oil is sold on these world markets, and speculators and people make various bets, and they say, ‘you know what, we think that maybe there’s a 20 percent chance that something might happen in the Middle East that might disrupt oil supply,’” he said.
“’So we’re going to bet that oil is going to go up real high.’ And that spikes up prices significantly,” said the president, who recently launched his reelection campaign.
When I saw the actual video - with all the stuttering and stammering - I nearly puked.
This fool knows as much about the economics of why gasoline is higher as does the dog (bleep) in my back yard. Which reminds me... I gotta go scoop.
Well, Zero...you could burst that bubble by announcing an aggressive drilling regimen in Alaska and the Gulf of Mexico.