Higher Gas Prices and Koch Industries
Once again, gasoline prices are going through the roof. And once again, you’ll hear vague rumblings about “oil speculators” being responsible.
If you’re like me, you probably have no idea who these oil speculators are, what they’re doing to make such huge profits from higher oil prices (without producing anything themselves), and why they keep getting away with it. (As well as “Hey, how can I get in on this?”)
Would you believe, Koch Industries is one of the largest oil speculators. Why is this not surprising?
Needless to say Koch Industries doesn’t extract any oil. But they’re major players in shipping crude oil, refining and distributing it. With such control over every stage of the market, they have excellent information for speculating on the future price.
When it comes to parlaying their insider knowledge into complicated convoluted financial schemes, Koch Industries has picked up where Enron left off.
In 2008, Koch Industries practiced “contango” market manipulation. That’s the practice of buying and storing huge quantities of a commodity in order to create a fake “shortage.” In 2008 Koch Industries leased four supertankers for holding/hording oil off the U.S. Gulf coast, in anticipation of higher prices.
As far as why they’re able to keep getting away with this: the Koch Brothers have stacked Congress with their own private army of prostitutes (formerly known as Republicans) to make sure Koch Industries can keep doing what it wants when it wants.
The Commodity Futures Trading Commission (CFTC) says oil speculation is at a record high level right now; and this speculation is the cause of these skyrocketing gas prices you’re seeing. And by a sheer coincidence, Congressional Republicans keep trying to eliminate funding for the CFTC in order to protect their pimps.
In another wacky coincidence, Koch Industries lobbied frantically against last year’s financial reform bill because of certain provisions regarding transparency in the energy trading market.
If gas prices keep going up and up this summer, don’t blame it on them treehuggers. Blame it on the Kochsuckers.
Labels: CFTC, Commodity Futures Trading Commission, contango, Koch Brothers, Koch Industries oil speculation
posted by Tom Harper @ 6:04 PM
11 Comments:
"Koch Industries is one of the largest oil speculators. Why is this not surprising?"
Because like too many rich conservative Republicans and corporations generally, they don't give a happy damn about the public, about fairness, about their country or anything but amassing more wealth and power.
Leeches don't suck blood because they have anything against their host. It's just what they do. That's how it is with the Koch brothers, with Goldman Sachs, Bank of America, GE, Wal Mart and on and on. It's the way they are. It's what they do.
That's why we need public servants in government who will keep the leeches' appetites and blood-sucking habits under control.
WHAT?
We can't blame this on Greedy Arabs anymore? I'm sure that's the backup plan!
Erik
The Koch brothers are, by all appearances, sociopaths. Not that most of our big-corp CEOs are any better, of course. They're all scum, and I have a budget-repair plan involving them that just might work.
We strip them of their citizenship, appropriate all of their US property, and kick them the hell out of the country. Then we use their assets in the US to do some infrastructure repair. People get back to work, and these shitbags can, at long last, say they did something for their country. Right after it kicked them out.
Boy oh boy, I can't wait until all this wealth accumulated in the top 1% of the top 1% starts trickling down.
Well, off to choose between a Mercedes and a Ferrari.
Blow all the bastards up. We've had enough of their greedy bullshit!
That's right, Randal! Hey, it is trickling down right now, and has been for the last few decades, right? My house is about ready to fall apart, so maybe now is the time to look into the hundred grand or so in repairs that it has always needed but that my wife and I have never been able to afford... until now, thanks to right-wing economics!
Oh, but wait... I think what's tricking down on all of us is urine!!
Boy Tom, you sure know how to defeat a guy's blood pressure medication. Are you sure you're not working for the pharmaceutical cartel, driving up the demand?
About all I can get out of my highly educated mouth is KOCH SUCKERS, KOCH SUCKERS and KOCH SUCKERS!
SW: I like your leeches comparison. Like Mafia hitmen (and other corporate criminals) always say, "this isn't personal; it's just business."
Erik: Don't worry, millions of Americans will still blame treehuggers and Arabs.
JR: I could sure go for confiscating all of their assets, like the government already does with other criminals.
Randal: Something is trickling down, but I'm not sure what it is. It's not money.
Jack: Works for me.
Snave: They didn't lie to us. All they said was "trickle down." They didn't say WHAT would be trickling down.
jadedj: I'm surprised the Koch Brothers don't own a huge stake in the pharmaceutical industry, for the exact reasons you're describing. Or maybe they do.
A wolf in sheep's clothing.
Hi, is there any way I can post your comments on my facebook page? I don't see a share link...
A.M. Skelton: Sorry, I don't have any links to Facebook or any other social media type of things. You're welcome to either link to my posts or copy them to your Facebook page. I appreciate your stopping by.
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