Prohibitions On Market Manipulation and False Information in Subtitle B of the Energy Independence and Security Act of 2007
Why is the oil market and speculators considered a free market, when there is no price diff. for oil, gas or diesel? One person, country or company can say "today i think a barrel will cost $200/barrel" and thats what it becomes the next day. A free market is where there are diff price ranges for diff things. For example, there cars that cost $60,000 and $10,000, hotels that charge $400/room and $99/room. Walmart sells pants at $12 each and Nordstrom's has $400 pants, a hambuger can cost $9.00 at one place and .99 at Mcdonalds and so on and so on... That is free market! One person doesnt say " today pants will trade a $200/pair" and thats it. That is price fixing, manipulation, and i think maybe even racketeering! If it is a free market, where are the Walmarts of the oil business? Where is the $2.00/gal gas station and company? All the companies charge the same, within a few cents, for gas. It costs the oil producing countries and companies about $1.50/barrel to get the oil out of the ground. It cost the oil companies/refiners about $40./barrel to produce.A barrel is $130/barrel and going up every minute. Most companies in business markup their products 100%. Oil is now at 300% markup now and on its way higher. We need to regulate the oil companies and the speculators who are causing this, just like electric companies and the original AT&T. We are also being controled and held hostage by foriegn countries who are mostly unfriendly to the US. We need to start to become more energy independent by drilling more of our own oil and keeping it for us, while producing diff forms of energy so as to reduce dependence on OPEC and the likes of Venezuela/Russia (hostile countries to the US)and lower the costs of oil by having competetion in the energy fields. (By the way, gas in Saudi Arabia is .91/gal and .19/gal in Venezuela. We are paying to subsidize this ) This is the American way and the only way out of this disaster. It must be done NOW, not in 10/20 years from now. It is a matter of our economic future of our country and the regular people as well as a GRAVE matter of national security.