Guest Perspective by Ralph Nader
Gasoline and heating oil prices are ratcheting up. In
California, some motorists are paying over $5 per gallon. President Obama
declared that "there is no quick fix" for this problem. Meanwhile,
the hapless but howling Republicans are blaming him for the fuel surge as if he
is a price control czar.
Indeed, President Obama has some proper power to cool off
retail petroleum prices. David Stockman, President Ronald Reagan's Budget
Director, said it plainly on CNN last week, "Stop beating the war drums
right now [against Iran], and Obama could do that, and he could say the neocons
are history." Having done his stint on Wall Street, Stockman knows that
war talk by the war hawks inside and outside of our government is just what the
speculators on the New York Mercantile Exchange want to hear as they bid up the
price. Your gasoline prices are not charging up due to strains between supply
and demand. Speculation, with those notorious derivatives and swaps, is what is
poking larger holes in your fuel budget, according to Securities and Exchange
Commission enforcement lawyers. The too-big-to-fail Wall Street gamblers -
Goldman Sachs, JP Morgan Chase, Bank of America, Merrill Lynch, and Morgan
Stanley - are at it again.