Organizing for America | James Chirico's Blog: Stop Oil and Gas Price Fixing

Stop Oil and Gas Price Fixing

By James from Brooklyn, NY - Jun 17th, 2009 at 11:51 am EDT

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$140/bbl oil and $5/gal gas was the arrow that burst the financial/housing bubble in our sales and service economy. With limited refinery capacity any slowdown reducing stocks forces a price rise and more profit for them, since they virtually control the market from the drill rig to the corner gas station and oil supplier. The Hunt brothers went down in the 80's for manipulating silver prices, we should do the same today with the bidders that cashed out future contracts, the main cause of the $140/bbl price. Gas at $4 and oil above $70 will cause inflation, hamper disposable income and slow if not stop what appears to be economic recovery. Refineries that make artificial shortages to increase prices should be fined as price fixers.

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