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Morning Sun
  • GUEST COLUMN: Our gas future

  • As usual, Obama is being falsely accused of something (they’ll try anything!). The latest is that he is causing rising gas prices. Gingrich boldly proclaimed that if he were president, gas would cost $2.50 a gallon. I don’t know why we don’t have a “truth in politics” law like we have in advertising. The lies being proclaimed daily are truly incredible.

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  • As usual, Obama is being falsely accused of something (they’ll try anything!). The latest is that he is causing rising gas prices. Gingrich boldly proclaimed that if he were president, gas would cost $2.50 a gallon. I don’t know why we don’t have a “truth in politics” law like we have in advertising. The lies being proclaimed daily are truly incredible.
    I’ve been investigating and here’s the real story: Rising gas prices are not caused by the president, and not even by supply or demand. They are mainly caused by Wall Street speculators - the big banks that are always shaking us around like rag dolls in a mad dog’s mouth. Eight-five percent of oil “futures” are controlled by these speculators, and they don’t give a hoot about anything but their profits. With their buying and selling they can artificially affect the market. That means only 15 percent of the trading has anything at all to do with actual oil production. The Dodd Frank bill was supposed to regulate these speculators but the Commodity Futures Trading Commission (CFTC) that is the governing body is currently hung up on a detail and may not rule on it until 2013.
    The protectors of the 99 percent are always the Democrats and my favorite Senator - Independent Bernie Sanders. Sanders has worked on this problem for years and was joined last week by Democratic senators in putting forth a resolution that the CFTC finish its work. The problem (as always) is the Republicans in the House. You would think they would support a free market system that allows real supply and demand to determine the oil market, but instead they want to use the gas price problem (or any other problem) to blame Obama and try to advance themselves politically. We need to call or write our representatives and demand they support regulations on oil speculation.
    While we’re on the subject of energy, here are a few more facts. Under Obama there is more drilling going on than there was under Bush. Domestic production has increased. There are oil leases available if anyone wants to drill some more. It’s simply not true that Obama doesn’t support domestic drilling. He supports an “all of the above” strategy. Unfortunately, the U.S. has only 2 percent of the world’s oil, and a rising market actually helps support extracting the kind of oil we do have left — shale oil.
    But the real future lies in developing alternative energies like wind and solar, and Obama is also supporting that. We should be way past debating climate change by now. If we had listened to the climate scientists 30 years ago and started stringently limiting greenhouse gas emissions, we would not be seeing the catastrophic climate conditions we now have. Get ready for more hurricanes, tornadoes and floods. Get ready to lose our ice caps and all the disaster that this will cause.
    Page 2 of 2 - All we can do now is wake up and try to avert the worst disasters. Meanwhile, let’s all do what we can to defend ourselves against Wall Street speculators raising our gas prices through the roof. Write Lynn Jenkins, or better yet, vote her out in November, unless she starts voting to protect us from Wall Street excesses.
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