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Up to $14 of every tank of gas you fill up is the result of oil speculation

by Thom Hartmann posted May 8 2012 3:18PM

Americans are getting screwed at the gas pump.  But it has nothing to do with supply and demand or instability in the Middle East.  Instead – it has to do with corruption.  As investigative reporter Lee Fang at the Republic Report uncovered – a slew of lobbyists are working on behalf of Wall Street to shoot down regulations intended to curb oil speculation. 

Bart Chilton, a commissioner with the Commodities Futures Trading Commission, said that as much as $14 in every tank of gas you fill up in your truck is a result of excessive oil speculation. That comes out to a $750 a year tax on all drivers courtesy of Wall Street banksters. 

Unfortunately for Americans who can’t afford these inflated gas prices – the top Republican financial watchdog in Congress – Representative Spencer Bachus –believes that his job is not to regulate the banks, but instead “regulators are there to serve the banks.”

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Filed Under :
Topics : Politics
Location : Middle East
05/08/2012 3:19PM
Up to $14 of every tank of gas you fill up is the result of oil speculation
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