Obama takes on oil speculators.

Lev filed this under: ,  
  1. Gherald says:

    La la la, a dumb partisan take on a rather meh issue. Read Ezra Klein instead.

    And besides, the Democratic left supposedly WANTs higher gas prices to curb global warming. If you both:

    a) Believe global warming is a serious, pressing global issue and SOMETHING MUST BE DONE RIGHT NOW!
    b) Complain about gas prices being too high.

    You are either an utter hypocrite, an utter nonsense peddler, or some mix of the two otherwise known as “politics”

    • It would be real good if we could curb the excessive profiteering while doing something about global warming! Or do you feel that we should pay the huge profit to the big oil companies while they keep stone walling about the warming problem?

    • Metavirus says:

      I agree that gas taxes should be higher, to drive less consumption, fund crumbling infrastructure and all that. that’s separate and apart from the various policy issues that affect (arguably in some instances) oil/gas supply/prices, such as offshore drilling, fighting oil speculation, fighting a war with iran and the strategic petroleum reserve.

    • Lev says:

      Thanks for sticking a bunch of words in my mouth, Gherald! You know I always appreciate that ;) So strange that some brief little link got you all worked up that way.

      Mark is right, there is zero contradiction between wanting to combat global warming and curtailing profiteering. Speculation isn’t, like, THE reason why gas prices are so high, but it was a big part of what led to the ’08 financial crisis. At the very least, it creates a good amount of uncertainty into the equation. Plus, the fairness issue.

      I wasn’t aware that Republicans were pro-speculation, so I don’t see how this is a partisan issue. And I’m hardly a rote partisan, I’m quite vocal about being dissatisfied with how the Democrats operate. Your read on what the “Democratic left” believes notwithstanding, I don’t see gas prices as the whole ballgame on climate change. Cars certainly contribute to climate change, and things like hybrids and the Nissan Leaf (and just generally tighter mileage restrictions) are helpful in combating the problem. But the biggest factor is, and always has been, power plants, and specifically coal plants. Cutting those emissions would be far more significant. So, you’re wrong on where I stand.

      And as for your ending, don’t make me laugh. Like I’m a major political actor here at this blog, with huge influence over what officials think. I mean, nobody in politics cares what someone like, I don’t know, Jon Chait has to say, and he’s much bigger than I am. Get real. I’m just here to amuse myself and others, and get my thoughts out there.

      • Gherald says:

        Mark, oil company profits, and the subsidies that make them crazy high, are an entirely separate issue from the speculation that happens on oil futures markets, like any other good that trades on futures.

        Lev, my comment was a reaction to you saying “Good on him” and linking to something that’s sheer political nonsense and posturing. I did not raise the red hearing of you seeing gas prices as the “whole ballgame” on climate change. High prices are simply, and quite obviously, a necessary part of the ballgame played by Very Serious People who are Very Concerned About Climate Change (read: basically every progressive blogger in existence). People who play that game have no basis to complain about high oil prices. None. Whatsoever. STFU.

        You can say that you’d like the high price to be in the form of a tax rather than subsidized oil company profits. And I’m in perfect agreement with you on that count! But again, none of this has anything to do with speculation on futures markets. Speculation goes hand in hand with finance, investment, and risk. It’s a good thing.

        I don’t have anything to say about your (non)influence as a political actor and am unsure what you think this has to do with my comment about your peddling political nonsense. You want to be amusing? Be amusing. That’s fine. Peggy Noonan is amusing. Sean Hannity is amusing. They also peddle nonsense.

        You know what’s less amusing? When people with real elected power, like say President Obama or Jim Demint peddle the nonsense. I, for one, don’t say “Good on him”. I say “Fuck you guys”. And that’s the nature of our disagreement.

        • Lev says:

          Fair enough. I take your point.

        • and you really believe that the oil companies do not drive up the futures speculation!! They are connected and run by the same organization and people. If they where not the the “free economy” and the market would regulate itself, but not when both areas are controlled by the same people and the same organizations.

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