Goldman Sachs Admits Record Speculation To Blame For Skyrocketing Gas Prices

[NJMaverick]

Quote:Saying that “net speculative positions are four times as high as in June 2008,” investment banker Goldman Sachs “issued a warning that the price of oil has grown out of control due to excessive speculation.” The world’s largest commodity trader, Goldman Sachs told its clients that it believed speculators like itself had artificially driven the price of oil at least $20 higher than supply and demand dictate. They even admitted that their work to drive up prices has harmed the American economic recovery, pointing to “nascent signs of oil demand destruction in the US.”
Ed Schultz, who’s been one of the few voices in the media sounding the alarm about unregulated speculators, yesterday bashed Fox News for selling the “drill baby drill” line in response to the surge in the oil markets. Former commodities trader Dan Dicker explained to Schultz that the CFTC is failing its mandate to control Wall Street:

http://thinkprogress.org/green/2011/04/1...as-prices/

[Peacetrain]

It does not take a genius to see a pattern here..

Big Oil.. Koch Brothers and all their minions.. have invested so much money into different venues trying to derail the Obama campagin.. because they know regulations are going to hem them in.

Oh they would still make billions.. but money truly is the source of all evil.

Can't you just see the power brokers when they met a couple of weeks ago.. getting together in their version of smoked filled rooms.. saying , we can manipulate the oil market.. and bring this recovery to a halt just in time for the election.

They have tried everything else.. would not surprise me in the least.

[NJMaverick]

(02-19-2012 06:47 PM)Peacetrain Wrote:  It does not take a genius to see a pattern here..

Big Oil.. Koch Brothers and all their minions.. have invested so much money into different venues trying to derail the Obama campagin.. because they know regulations are going to hem them in.

Oh they would still make billions.. but money truly is the source of all evil.

Can't you just see the power brokers when they met a couple of weeks ago.. getting together in their version of smoked filled rooms.. saying , we can manipulate the oil market.. and bring this recovery to a halt just in time for the election.

They have tried everything else.. would not surprise me in the least.

I think you're on to something

Sent from my DROID BIONIC using Tapatalk

[jaxx]

I also read that refineries are being shut down for 'maintenance'. All together a well devised scheme to screw the people and put the blame on the President.

[Andy823]

And the article was from April 2011, and yet they did nothing to stop the speculation from continuing. Now how is that for being "patriotic"?

These greedy bastards are the scum of the earth!

[sandnsea]

Brent crude and light sweet crude both hit highs of $145 in 2008. I have yet to see an article mention that oil prices dropped to around $60 in 2009 and gas prices never did match that drop. So now gas prices have dropped, at least where I lived, and suddenly the media creates an oil bubble?? Too much economic mumbo jumbo and not enough plain dollars and cents. Of course they're trying to slow the economic recovery, the bastards.