Speculators are the main culprit. The chief oil analyst for the Oil Price Information Service said:
“People are properly puzzled by the fact that we’re using less gas than we have in years, yet we’re paying more. We’ve seen about $11 billion of speculative money come in on the long side of gas futures. Each of the last three weeks we’ve seen a record net long position being taken.”
This is a Win Win Win for the Far Right. First, a few oil speculators will earn a huge fortune (maybe “earn” isn’t the right word). Second, higher gas prices could jeopardize the fragile economic recovery. This is bad news for Americans; Republicans on the other hand will be jumping for joy at the idea of making Obama look bad.
Best of all, the “Dril Heer Dril Now” inbreds will get all fired up. Them treehuggers won’t let us drill for oil. Hurry up and build that Keystone Oil Pipeline so we‘ll have billions of new jobs and we’ll never ever have to buy another drop of oil from the Middle East.
Fortunately for rightwing demagogues, you can fool ALL of the dunces ALL of the time.
Labels: oil demand low, Oil Price Information Service, oil prices rising, oil prices speculators