by TYSON SLOCUM
You might think that the declining price of gasoline means that we don't have to pay attention to all that talk about oil speculation driving up the price of oil.
Right?
Wrong.
Even though the price of gas has fallen, you're still lining the pockets of Wall Street every time you gas up.
As Memorial Day approaches and summer driving season kicks off, remember that speculators will clean up even as the price of oil drops.
It's a rigged game, with rules that make you give your hard-earned money to financiers no matter what. It's like the bully on the playground who established the ground rules for a coin toss game as "heads I win, tails you lose." Under those rules, the bully always wins.
In this case, the bully is Wall Street. With oil markets, loose rules allow speculators -- not end users -- to dominate the volume of trading, increasing price volatility and making more money the more the price changes -- whether that price is going up or down.
Goldman Sachs has admitted that speculation adds as much as $23.39 per barrel to the price of crude. That translates to 56 cents per gallon.
You might think that the declining price of gasoline means that we don't have to pay attention to all that talk about oil speculation driving up the price of oil.
Right?
Wrong.
Even though the price of gas has fallen, you're still lining the pockets of Wall Street every time you gas up.
As Memorial Day approaches and summer driving season kicks off, remember that speculators will clean up even as the price of oil drops.
It's a rigged game, with rules that make you give your hard-earned money to financiers no matter what. It's like the bully on the playground who established the ground rules for a coin toss game as "heads I win, tails you lose." Under those rules, the bully always wins.
In this case, the bully is Wall Street. With oil markets, loose rules allow speculators -- not end users -- to dominate the volume of trading, increasing price volatility and making more money the more the price changes -- whether that price is going up or down.
Goldman Sachs has admitted that speculation adds as much as $23.39 per barrel to the price of crude. That translates to 56 cents per gallon.
WRITE TO CONGRESS to tell them to enforce our laws
and protect the American consumer.
and protect the American consumer.
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