Dear Mr. President,
We’ve been inundated with news and information about “Big Oil” and the high cost of gas, and what’s driving the prices up and up.
Some say it’s supply and demand, but the global and U.S. supplies are plentiful and the demand is stable… so that’s not the right answer. Some say it’s the continued unrest in the Mid-East, the death of Bin Laden, etc… and that’s what’s making nervous buyers bid up the prices. But that’s not the right answer either.
It’s all just smoke and mirrors to keep the public from understanding what’s really going on, and to keep them “fear based” so the oil companies can continue to extort our Government for billions of dollars in tax credits and subsidies that NOC’s don’t need.
The real culprit is of course, Wall Street. Roughly 70 percent of contracts for future oil delivery is bought by financial speculators, not by a purchaser that actually intends to use the oil. This type of speculation is driving oil prices through the roof and making instant billionaires on Wall Street, while the American people can hardly afford enough gas to get to work.
We’ve heard a lot about “reigning” in Wall Street by reinstituting regulations to prevent this type of manipulative abuse. So my question to you, Mr. President… when is this going to happen? When are we going to step in, step up, and support the American consumer? This has been going on for far too long, it’s high time our Government started fighting for the middle class, not special interests.
Please take the necessary steps to reign in speculators on Wall Street and end tax breaks and subsidies for “Big Oil”.
The Gadfly Granny