TV News LIES

Wednesday, May 25th

Last update05:20:13 AM GMT

You are here News Economy Finance expert says speculators are behind high oil and gasoline prices

Finance expert says speculators are behind high oil and gasoline prices

E-mail Print PDF

Speculators responsible for high gas pricesFinancial speculators are gambling on oil the same way they gambled on the housing market a few years ago — a frightening prospect for the fragile economy, a Democratic congressional committee was told Wednesday.

"It is similar to the gambling Wall Street did on whether or not people would pay their subprime (below-market rate) mortgages in the mortgage meltdown," said Michael Greenberger, a law professor at the University of Maryland and a former federal regulator of financial markets. "Now they are betting on the upward direction of the price of oil."

The housing industry collapse helped trigger the deep recession that began in late 2007 and whose effects are still felt today.

The economy is slowly recovering, Greenberger said, but it could come to a halt unless oil prices come down. Gene Guilford, president of the Independent Connecticut Petroleum Association, told lawmakers that the recent oil price run-up has cost consumers an additional $10 billion a month since mid-December.

More...


Most Recent Related Stories...


A third of cash is owned by 5 U.S. companies

Cash owned by five corporationsThe rising cash holdings of U.S. corporations is increasingly in the hands of a few U.S....

America's top CEOs pocket 355 times more than average workers

Mario GabelliThe US’s top 500 chief executive officers earned 355 times the average worker’s wage last year,...

Poll: Two-thirds of U.S. would struggle to cover $1,000 crisis

One thousand dollars emergency out of reach for two thirds of AmericansTwo-thirds of Americans would have difficulty coming up with the money to cover a $1,000 emergency,...

U.S. banks help their best customers find their way to offshore accounts

offshore accountsIn the spring of 2015, Miami-based Citigroup banker Victor Olivo emailed the law firm at the...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!