Is Obama Helping His Oil Buddies Get Rich?

Since gas is now pushing $3.00 a gallon, I just figured it need to be asked.

Mongo wrote:

Since gas is now pushing $3.00 a gallon, I just figured it need to be asked.

Unfortunately OPEC sets the gas prices, not the president. It's time for regulation. There has been no real explanation of why the price of gas goes up and down. Sometimes there is no reason it seems. With Exxon-Mobil making 11 billion dollars profit in a month, I would say that we need to be asking them why and so does the president. Pres. Obama is pushing for alternative energy sources so we don't have to worry so much about what the price of gas will be tomorrow. And as Bush said many times...there is no magic wand to wave to bring down gas prices, right? And that was back when gas prices were over $5 a gallon. Gas prices will continue to go up and that is just another reason we have to look to other forms of energy so we are no longer so dependent on it.

I'm glad to hear you say it's not the president that sets gas prices. So many that opposed Bush claimed he was helping to make gas prices higher to make his oil buddies rich. I'm waiting to see if these same people blame Obama as gas prices get higher and higher.

Mongo wrote:

I'm glad to hear you say it's not the president that sets gas prices. So many that opposed Bush claimed he was helping to make gas prices higher to make his oil buddies rich. I'm waiting to see if these same people blame Obama as gas prices get higher and higher.

Does Obama have gas buddy friends? I'm just asking because I don't know.

Annie Oakley wrote:

Mongo wrote:

I'm glad to hear you say it's not the president that sets gas prices. So many that opposed Bush claimed he was helping to make gas prices higher to make his oil buddies rich. I'm waiting to see if these same people blame Obama as gas prices get higher and higher.

Does Obama have gas buddy friends? I'm just asking because I don't know.

He did receive campaign funding from some oil people I think but it pales in comparison to Bush's big Texas oil connections. If any president had a "magic wand" to wave to make gas prices lower, it would have been Bush.

If gas prices continue to rise, which they surely will, Obama will be directly the cause.. Oil is bought and traded on the open market based on the American dollar.. As the feds keep printing more money to cover Obama's historic spending spree the value of the dollar falls... Oil reserves are plentiful and demand is as low as it has been in years so as long as Obama keeps spending the price for oil goes up.. No other reason.

Lucas McCain wrote:

If gas prices continue to rise, which they surely will, Obama will be directly the cause.. Oil is bought and traded on the open market based on the American dollar.. As the feds keep printing more money to cover Obama's historic spending spree the value of the dollar falls... Oil reserves are plentiful and demand is as low as it has been in years so as long as Obama keeps spending the price for oil goes up.. No other reason.

You are 100% correct Lucas. You and I can see the big picture. Good luck getting some to even take a look.

After gas prices get to $3.75 a gallon, how long will it take BHO and his cronies to blame it on the Bush admin?

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You are 100% correct Lucas. You and I can see the big picture. Good luck getting some to even take a look

I thought we were avoiding this kind of talk?

gringaloca wrote:

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You are 100% correct Lucas. You and I can see the big picture. Good luck getting some to even take a look

I thought we were avoiding this kind of talk?

We are avoiding making things personal. Let's keep on the right track.

Lucas McCain wrote:

If gas prices continue to rise, which they surely will, Obama will be directly the cause.. Oil is bought and traded on the open market based on the American dollar.. As the feds keep printing more money to cover Obama's historic spending spree the value of the dollar falls... Oil reserves are plentiful and demand is as low as it has been in years so as long as Obama keeps spending the price for oil goes up.. No other reason.

While the value of the dollar affects the price we pay, the hole in your argument is that both the dollar's value and the price of oil is tracked daily and they aren't directly correlated, i.e. the recent rise in the price of gas does not have an associated drop of the same magnitude in the value of the dollar.

Oil is bought in futures.. Speculators see the drop in the dollar and expect it to continue as long as Obama keeps printing money...

Lucas McCain wrote:

Oil is bought in futures.. Speculators see the drop in the dollar and expect it to continue as long as Obama keeps printing money...

Future trading is only one part of the complex calculus of gasoline prices. Within that, the amount traded based on speculation of inflation/deflation can only be minimal, especially considering that even economists are poor predictors of those factors. What is more, the dollar has strengthened from its previous lows against the Euro and Yuan and the inflation rate has waned, even declined since January.