The Price of Gas yes we are being taken

Thu, 07/10/2008 - 1:41pm
By: jackyldo

since Congress has allowed commodities to be traded bought, sold and bought again.

Experts and even Opec agree the price should not be more than $80.00 a barrel.
But at that price no one will want them to drill in Lake Peachtree for oil.

In the letter to consumers and Congress, the airlines say oil speculators are currently purchasing 66 percent of all oil futures contracts, compared to 20 years ago when they acquired only 21 percent. This new balance has left speculators with more control over the end price, and airlines are picking up the bill, the air carriers claim.

"Speculators buy up large amounts of oil and then sell it to each other again and again," the airlines say in their letter. "A barrel of oil may trade 20-plus times before it is delivered and used; the price goes up with each trade and consumers pick up the final tab."

The airlines' CEOs say in the letter that regulatory oversight of market speculation has declined in recent years, and the industry sees a need for reform to ensure speculators do not keep overheating the market to a point that hurts the end consumer.

Atlanta Business Chronicle

What to do call your Congressman / Senator and ask them to deal with this

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