Republican high gas prices
Demand for gasoline at the pumps is the lowest since 1999. Wall Street speculators control 60% of the price of oil. While Republicans cry, “drill baby drill,” speculators have pushed crude oil to $105.28 per barrel, up more than 35%, in six months. Republicans support Wall Street’s parasitic speculation, and it is speculation that has driven up prices at the pump and resulted in record oil company profits. And why shouldn’t Republicans support Wall Street speculation? Wall Street hedge funds and money managers bankroll the GOP. Gas wars are great news for Republicans. High gas prices make voters angry. Angry voters want to blame someone. Republicans are trying to pin their own shame on Obama, but drilling for oil in the US is up 8% over Bush. There are thousands more drilling rigs operating today than under the Republicans. Face the facts. Republicans are not interested in lowering gas prices. No sooner had House Speaker John Boehner told Republicans to take advantage of voters’ looming anger over prices at the pump than House Republicans passed a bill to expand more dangerous offshore drilling and force the White House to issue a permit for the anti-clean air/clean water, Keystone XL pipeline. Refusal of Republicans to regulate Wall Street is the real reason for higher gas prices at the pump. With the economy recovering, Republicans have lost their election-year trump card. Europe’s debt crisis is easing; Greece is being bailed out; EU banks are keeping rates low; and China is investing in the U.S. It is ironic that Republicans are using high gas prices to divert attention from their own economic failures.
Richard Dorsey, Hacienda Heights, CA