I have been bothered about the uncontrolled oil speculation for some time. The below paragraph is key to why more than 20 percent of the price and maybe as much as 35 percent of the price of gas currently is due purely to speculation.
January 21, 1993. Wendy Gramm makes first major move to deregulate oil speculation. “On the final day of the [George H.W.] Bush administration, January 21, 1993, [CFTC chairwoman] Wendy Gramm … approved the rule exempting key energy futures contracts from government regulation and returned a great chunk of the energy market to the grand old days of unregulated futures trading,” writes author Antonia Juhasz in the book Tyranny of Oil. The move mirrored the demands made by Koch’s lobbying coalition, The Energy Group. Gramm, the wife of then-Sen. Phil Gramm (R-TX), leaves the Commodity Futures Trading Commission and a month later joins the board of directors of Enron. See the entire write-up at http://thinkprogress.org/report/koch-oil-speculation/?mobile=nc
I believe the riches earned through this deregulation provide the funds the Koch brothers are using to tear apart our society. How sad. How wrong.
What can we do to change the focus back to America helping Americans to learn, grow healthier and smarter and to help attain a safe and stable world?