Obama’s Blame of Speculators, Forming of Gas Task Force Misguided
Maybe President Obama should start investigating John F. Kennedy’s shooting in his spare time, because he’s not going to find a satisfying conspiracy in gas prices.
Better yet, he could pick up an economics textbook and turn to the chapter on Supply and Demand.
His finger-pointing at speculators and formation of a gas task force to investigate prices at the pump ignore the real cause of rising gas prices. Further, President Obama’s blame of speculators is a costly barrier to fixing bad government policy that restricts oil and gas exploration onshore and offshore here at home.
Oil futures markets can affect prices at the pump by changing the amount of gasoline delivered to gas stations. If producers anticipate higher prices in the future, they might take some oil off the market today and wait to sell it later. But that doesn’t seem to be happening.