13 Answers

Crazy isn't it?  We don't need our money anyway but the Shaw of some far off country certainly does... They are so hard done by.... poor poor Shaws.

Investigation into the unregulated Oil futures exchange turned up major financial institutions like Goldman Sachs, Citigroup and Vitol, a swiss company that owns 11% of oil futures NY. mercentile Exchange. They have purchased vast futures at higher than market price in hopes they can sell it later at the future price. This drives prices up, both present and future prices and Investment companies and Oil companies stand to make alot of money.

As a result of speculation of these companies, an estimated  60 % of the price of oil per barrel was added. A barrel of oil in reality schould be $ 40.00

This type of speculation that affects all of us in our daily life, schould be investigated and new rules need to be implemented by our government immediately to stop this from happening.

the petrol companies will charge what they wont,the government will then tax it and we will continue to pay the price of our reliance on the car.the only way to break the cycle is to not use the car and thats not going to happen.

Ya it's heading that way, i honestly think it's beyond Obamas control...

Look at the market, it soaring. American oil speculators have much to do with this increase.

Greedy people just wanting to line their pockets and bank accounts while ripping off the middle class and poor just PLAIN CRAZY!!

Does anyone remember when gas prices were rising during George W Bush's second term, and how the main stream media and Democrats POUNDED him for it?

They were calling for his head.

Funny how the tables turn when "their guy" occupies the Oval Office.

Hypocrites

The oil  producers in the USA are exporting to China.!  That is how they get the highest prices here by  reducing supply and abroad  to those who will  pay a high price. 

Supply & Demand   or S&D pricing rules

Great answer Ann, the problem with the little people getting an investigation is that big business has big and important friends that don't seem to give a poop about the little guy. Unless there are riots in the street, usually nothing ever get done on the behalf of the people.

I seem to remember Obama saying he hoped gas prices went high, that way people would start investing into cleaner, green energy. I think it's part of his agenda.

The oil companies are paid by our government to drill exploratory wells. They are not paid to take oil out of the ground and reward land owners or states for the oil that is removed. So oil companies cap wells and go on to other sites to drill for oil that are capped off as also. Most of our fuel comes from refineries that take a little heavy crude oil and add hydrogen in the polymerization process to produce a mixture of  hydro-carbon fuels as gasoline for use in cars. As is, most of our automotive fuels  have little if any similarity to crude oil the process yield in gasoline far exceeds the oil coming in from where ever. The price of gasoline is based entirely on finance processing through banks. Our higher gas prices are paying for an aging Greek love story and the support of the Euro-dollar. I have been considering the effects of Nationalizing the oil companies but I don’t think that would solve the problems reflected in our collective ministry of finance.

Good point Leeroy, Imagine another fuel source ,  what  would that do to the arab economy. Within next two years there will be a company that will sell a hydrogen kit that can be put on some vehicles. Hydrogen produced at home by a generator , which is powered by a solar panel or wind generator.No fuel expense except for kit. There is nothing more that i would like to see in my lifetime than to see oil down to 30.00 a barrel because of american inventions to solve energy problems.

As much as you may want it to be, it isn't Obama or any other president. Many variables effect gas preces, such as, mid-east conflict, speculators, and more expensive ingrediants added during the summer. Neither the president nor congress has any real effect on gas prices. It just make good political nonsense.

The people involved as speculators , buyers, of contracts set the price. From what i hear there is no shortage, just that damn fool from iran causing a stir. That in turn keeps higher prices, more money for them,. But take away the need for oil , and that country will fall apart along with the rest of oil producing nations. Imagine that will you.