As of now, I am in control here, in the White House

Obama Oil Gimmick Has Shocking Effect on Prices!

They went up.

President Obama’s announcement Tuesday that he wants to go after people who may be affecting oil prices by gaming the markets for personal gain was completely ignored Tuesday by the markets themselves, which promptly bid the price of oil up another dollar.

In fact, the price shot up upon opening at 9 am, just after Obama’s initiative was announced by the White House. By late afternoon Eastern Time, Oil had gained $1.26, or 1.2 percent, to $104.19 a barrel, according to Bloomberg, settling at its highest level in two weeks.

Obama’s announcement was clearly designed to suggest that he’s on the case with respect to gasoline price hikes. But White House Press Secretary Jay Carney Tuesday could not even say that the effort would directly affect prices.

There are so many things that go into setting the price of oil on a global — on the markets when you have a commodity like oil, which is traded globally.  So it is hard to know what the impact will be of the specific measures you take.  And of course, in this case . . . we obviously have to see what kind of actions is taken specifically with regard to potential manipulation or potential speculation.  So it would be pure speculation.

So, who knows? At least Carney was honest. And then he went into political attack mode . . .

I think the question that has to be asked of members of Congress is, why are you against putting more cops on the beat?  Why are you opposed to ensuring that the agencies involved here that regulate this market have the tools they need and the manpower they need to make sure that American consumers are not getting ripped off?

Because the only numbers the White House is truly hoping this will move are the president’s poll numbers.

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20 Responses to Obama Oil Gimmick Has Shocking Effect on Prices!

  1. Did anyone else catch his re-write of history during his speech. Pres. Obama said that the Enron scandal happened because the company manipulated the market to skew prices. I seem to recall that the Enron scandal happened because the company lied about its finances.

    • Forget barry hussein… his mind is probably still in the “Maldives”..
      He’s just not as smart as the media & koolaide drinking groupies
      (aren’t they one in the same?) think he is.. and by his ego alone,he probably thinks he should wear a cape around the WH….
      which would be a creepy thing.. Count Obamula !

  2. The fact that oil prices went up after the Douchebag spoke is hysterical all on it’s own. Cause and effect, Obama style. Really has his finger on the pulse, I am so amazed by his awesomeness.

  3. Because the only numbers the White House is truly hoping this will move are the president’s poll numbers. True and the proof is at the pump!

  4. This is insanity. MrCarney thinks putting “cops” on the trading floor will end speculation or the buying of oil futures.
    The markets are global, international, stocks are bought and sold in digital actions, and no “cop” in NYC can affect the world price of a barrel of crude.

  5. The Audacity of Hypocrisy!!! Obama stood to make millions, if not billions, in the fake trading of carbon credits on the creation of the Chicago Climate Exchange. Thankfully, the scheme was thwarted during his first term. Four more years will give him the ‘flexibility’ to do irreparable harm to this country.

    Too bad the media buried this story!

    OBAMA’S INVOLVEMENT IN THE CHICAGO CLIMATE EXCHANGE – THE REST OF THE STORY

    http://www.canadafreepress.com/index.php/article/9629

    • Girly1, the media buries EVERY 0bama that CPR possibly show Duh Won in a negative light–only the bright glow of his own media enabled halo.

      Same with Fast and Fuious, SolyndraGate, 2008FiananceGate; NewBlackPantherGate; 0bamaCare…i could go on and on…but I gotta get back to work….welfare recipients are depending upon me.

      • “The functionaries of every government have propensities to command at will the liberty and property of their constituents. There is no safe deposit for these but with the people themselves, nor can they be safe with them without information. Where the press is free, and every man able to read, all is safe.” ~Thomas Jefferson to Charles Yancey, 1816. ME 14:384

        We have irrefutable evidence that the government and the establishment media are colluding with each other. All is not safe…

  6. what the prez has proposed requires congressional approval, which the Republicans will not approve. Therein lies OweBama’s ‘gimmick’ “the gas prices are high because Republicans wouldn’t pass my plan which would have lowered it.” Trouble is, the regulatory and investigative mechanisms are already in place from 06 and his own agency to do so a year ago (and has done nothing)

  7. Here an idea: for Obama to lower gas prices he could lower gasoline taxes!

    In order to stay revenue neutral, he could RAISE taxes on drivers of hybrids and electric cars. After all, those elitists aren’t paying THEIR FAIR SHARE.

  8. And then there’s Argentine’s nationalization of the YPF oil company, 57% ownership Spain’s Repsol. Administration’s response is they are following it and Clinton as usual is not worth quoting. Apparently there was more going on at that SOA then just SS hi jinks. Maldives/Malvinas/whatever.

  9. Yep…a cop on the trading floor is going to change the fact that domestic drilling on Federal land is down 40%, and the Fed policy is to continue shrinking the dollar. Did he ever explain what the $50M is going to be used for?