Re Election worried by gas prices, Obama seeks new oil market crackdown.(Yahoo).U.S. President Barack Obama, whose political fortunes are threatened by rising gasoline prices, proposed new measures on Tuesday to reduce oil market manipulation that are unlikely to get support from a divided Congress. Obama called on lawmakers to raise civil and criminal penalties on individuals and companies involved in manipulative practices. He also pressed for more money to fund the agency charged with policing the markets to hire "more cops" for oversight and upgrade old technology. Republicans, who blame Obama's energy policies for high gasoline prices, called the effort a political gimmick. "We can't afford a situation where speculators artificially manipulate markets by buying up oil, creating the perception of a shortage, and driving prices higher, only to flip the oil for a quick profit," Obama said in the White House Rose Garden. "We should strengthen protections for American consumers, not gut them," he said. Republicans said the new measures would not help Americans struggling with high gasoline prices. "It probably polls pretty well, but I guarantee it won't do a thing to lower prices at the pump," said Senate Republican leader Mitch McConnell. "The president has all the tools available to him if he believes the oil market is being manipulated," said John Boehner, the Republican speaker of the House of Representatives.
Gasoline prices have surged nearly 50 cents since late January, as tensions in the Middle East and supply disruptions bolstered oil costs. While prices at the pump have eased slightly in the past two weeks, gasoline remains around $3.92 a gallon nationwide. Obama has spent weeks trying to show he is on the case to bring down energy costs over the short- and long-term. Senior administration officials, speaking to reporters on a conference call, said increased volatility in oil markets justified the need for the crackdown. They could not point to specific increases in oil market speculation, however."Every time prices go up, there's some sort of ruckus," said Marc Spitzer, a former commissioner for the Federal Energy Regulatory Commission who was appointed by President George W. Bush. Spitzer said the proposed measures may satisfy a populist urge to bash speculators, but if implemented they would likely cause a modest increase in volatility, instead of bringing down prices. Hmmmmm........"Republicans, who blame Obama's energy policies for high gasoline prices, called the effort a political gimmick."How many of you are aware Sunoco, Conoco Phillips and The HESS Corp are all closing US oil refineries? Not many, as the media refuses to give this HUGE story coverage. My guess is that if Americans understood the complete truth to how we are being sold out, and enslaved there just might be the much needed revolution to turn this country around. Last September, both Sunoco and Conoco Phillips announced plant closing, effecting thousands of workers. Sunoco announced they are completely getting out of the oil industry. Closing up shop. They are done with the US oil industry. Sunoco is closing it's 2 oil refineries in July 2012 in Philadelphia and Marcus Hook, Pa. Those 2 facilities alone process over 500,000 barrels a day. Also announced last year, ConocoPhillips announced 2 plant closing for sure in Trainer, PA and Bayway, NJ., the other 3 plants are undecided as of today.
Conoco also announced they were closing their Alaskan refining facility: Just a week ago, the US 3rd largest oil refinery owned and operated by The HESS Corp just announced it's permanent closure. Costing over 2,000 jobs, and effecting 950 contractors.
Refineries on the East Coast of the US supply 40% of the gasoline sales and 60% of the diesel and other fuel oils. Of that, HALF that comes from the Sunoco and Conoco Phillips plant closures. When Conoco Phillips announced that it was closing the Trainer refinery, Willie Chiang, then ConocoPhillips' Senior Vice President of Refining, Marketing, Transportation and Commercial, noted that their decision to sell, like Sunoco's, was based on unfavorable economics caused by a competitive and difficult market environment characterized by "...product imports, weakness in motor fuel demand, and costly regulatory requirements." They are ALL closing up shop due to government regulations, union demands and excessive operating costs brought on by the Government regulations. Then you have the unions, led by Barry's buddy Leo Gerard saying they will close ALL US oil refineries starting from the east coast to west coast today. Think gas and energy costs are high right now.......wait 6 months. You haven't seen anything yet. How can anyone expect any company to do business with an anti-American, hostile government out of control? You can't. That is why we are seeing a mass exodus, across the board in every industry in the US LEAVING.Hmmmm.......You will obey and buy electric cars.Read the full story here.
