Tuesday, May 8, 2012

Thom Hartmann: Up to $14 of every tank of gas you fill up is the result of oil speculation

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Americans are getting screwed at the gas pump. But it has nothing to do with supply and demand or instability in the Middle East. Instead - it has to do with corruption. As investigative reporter Lee Fang at the Republic Report uncovered - a slew of lobbyists are working on behalf of Wall Street to shoot down regulations intended to curb oil speculation.
Bart Chilton, a commissioner with the Commodities Futures Trading Commission, said that as much as $14 in every tank of gas you fill up in your truck is a result of excessive oil speculation. That comes out to a $750 a year tax on all drivers courtesy of Wall Street banksters.
Unfortunately for Americans who can't afford these inflated gas prices - the top Republican financial watchdog in Congress - Representative Spencer Bachus -believes that his job is not to regulate the banks, but instead "regulators are there to serve the banks."
(Can Representative Spencer Bachus really believe that? Tell us here.)

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