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With oil likely to breach it's record high just shy of $150/bbl in the next few months due to the current situation in Egypt, which will likely set off another economic catastrophe, why isn't anybody talking about overturning the Bush-era commodities modernization act that has turned our gas prices into a stock that can go up or down without any real reason? The entire premise of the anticipated price run up to record levels is that the unrest in Egypt might spill over into neighboring countries which might, under the right circumstances, cause a supply disruption? We are soon going to have to face $5 gas not because of an actual supply issue but one that could happen in an absolute worst-case scenario. Unless something is done, Q2 2011 could see something like -8% GDP. This entire commodities trading system was created so Bush and his cronies could get filthy rich off it, and Obama has failed to live up to his promise to abolish it. I understand prices must go up, but let's keep the Matt Simmons doomsday scenarios out of this discussion. This is about traders using this Egypt situation to legally steal money from the consumer when there is absolutely no reason at this point prices should be skyrocketting out of control. Did they not learn from 2008 when they ran up the prices to a ridiculous level only to have prices crash down to $30/bbl?
So if there is civil unrest in the Middle East in 2011 and oil prices rise it is George Bush's fault. He's been out of office for over 2 years now.
The entire 8 years Bush was in office we were told by the left what a dope he was. That he wasn't very smart. That he just did what people told him to do. Now that he has been out of office he still holds all this power? Seems like he was pretty smart after all.
And Obama was presented as this genius. Supposedly one of the smartest humans that ever lived. Yet, he (or his supporters) blame Bush for his failures? Obama must be pretty dumb, to let George Bush undermine his presidency like this 2 years into officce.
President Obama campaigned that energy costs would skyrocket if he was elected president. I say we give credit to him if gas prices up, since he said they would.
With oil likely to breach it's record high just shy of $150/bbl in the next few months due to the current situation in Egypt, which will likely set off another economic catastrophe, why isn't anybody talking about overturning the Bush-era commodities modernization act that has turned our gas prices into a stock that can go up or down without any real reason? The entire premise of the anticipated price run up to record levels is that the unrest in Egypt might spill over into neighboring countries which might, under the right circumstances, cause a supply disruption? We are soon going to have to face $5 gas not because of an actual supply issue but one that could happen in an absolute worst-case scenario. Unless something is done, Q2 2011 could see something like -8% GDP. This entire commodities trading system was created so Bush and his cronies could get filthy rich off it, and Obama has failed to live up to his promise to abolish it. I understand prices must go up, but let's keep the Matt Simmons doomsday scenarios out of this discussion. This is about traders using this Egypt situation to legally steal money from the consumer when there is absolutely no reason at this point prices should be skyrocketting out of control. Did they not learn from 2008 when they ran up the prices to a ridiculous level only to have prices crash down to $30/bbl?
uhmm..the commodities modernization act was NOT a bush era act....it was under CLINTON......here is the actual title of the act...The Commodity Futures Modernization Act of 2000 (CFMA)...was signed into law by President Clinton on December 21, 2000...30 days before he left office..............and it was revamped under H.R. 4173 (Wall Street Reform and Consumer Protection Act of 2009).
so your whole proponderance of a thread is null and void
btw...do you want the 'government' to regulate all worldly commodities???.....do you think the US government has the power to control the world????
Last edited by workingclasshero; 01-31-2011 at 07:33 AM..
A slow rise in gas prices is fine because the economy can absorb it. A sudden spike will cause a panic and create a recession that will make the last one look like a mere preview.
A slow rise in gas prices is fine because the economy can absorb it. A sudden spike will cause a panic and create a recession that will make the last one look like a mere preview.
The market will only take so much....
It is simple supply and demand.
Who knows? Invest.
There could be a dead cat bounce at the end.
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