Well, apparently some of our representatives in congress are pretty happy with the current situation. Just in the last week, with everybody's hair on fire over the issue, here's what they have done.
Proposed to raise taxes on oil and gas companies. Nope that doesn't lower prices.
Threaten to socialize oil companies. Wrong again. That only works if you already own the land the oil is under. And then only for a short while.
Worst of all. Investors and speculators alike have a no risk investment right now with the supply/demand imbalance. And given that these guys trade FUTURES contracts, additional oil supply IN THE FUTURE would make traders consider the possibility that prices WILL come down. That would take a lot of the froth out of the market today. But guess what.
Congress won't even open up areas in the Gulf of Mexico where CHINA and freaking CUBA are already drilling.
John Peterson (R VA) tried to lift domestic offshore drilling restrictions, which was killed by the House Subcommittee of Interior and the Environment. Let's see, all the dems voted to continue the drilling ban and all of the republicans voted to allow our companies to do what China and Cuba are doing.
Ben Chandler (KY) voted NO
Norman D. Dicks (WA)voted NO
Maurice D. Hinchey (NY)voted NO
James P. Moran (VA)voted NO
Dave Obey (WI)voted NO
John W. Olver (MA)voted NO
Alan B. Mollohan (WV)voted NO
Tom Udall (NM)voted NO
Ed Pastor (AZ)voted NO
Ken Calvert (CA) voted YES
Jo Ann Emerson (MO) voted YES
Virgil H. Goode, Jr. (VA)voted YES
Jerry Lewis (CA) voted YES
John E. Peterson (PA) voted YES
Todd Tiahrt (KS) voted YES
The democrats have seen the polling data: They are 15% ahead among people who have gas prices as the No.1 issue. They have no reason to help make gas get cheaper until they have been elected. This is the lowest form of politics.
And don't tell me these guys don't understand speculating in markets. Clinton made a killing in beef/cattle futures and Obama made a killing speculating in real estate with his friend Resco.