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How much do YOU spend on oil in an average week? Because I guarantee it's more than the nine dollars that I do.
That means it's UP TO YOU to stand up for yourself against these businesses that are hoarding and monopolizing your natural resources. But instead you're saying that I need to calm down? Good luck solving your problems that way.
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That's the wonder of "price" in a capitalist society, when the price is high, everybody begin to conserve and start looking for alternatives. That may not be the case when government begins to subsidize, regulate and distort the price. Don't you all want to drive a car that produces no greenhouse gases and toxic fumes ASAP ? with oil going back to 20 bucks/barrel caused by government price distortion. We won't be seeing electric or air car anytime soon with severe climate change around the corner.
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This whole issue is really simple. YOU ARE BEING RIPPED OFF BY BIG BUSINESS. Speculators now account for about 70% of all benchmark crude trading. Banks are driving up the prices because they can -- they know demand won't go down
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If the banks and "speculators" are restricted in US, they will go elsewhere to place their bid for oil. with that, US will gradually lose the pricing power on oil which is extremely detrimental to the dollar as world reserve currency. If the entire world begins to restrict the "speculative" activities on oil. The excessive paper money and digital fund from banks and "speculators" all over the world will spill over to food, consumer goods & metal based commodities, causing the same kind of inflation. I can only think of two practical ways to stop this inflation, first is the replacement of oil with alternative, second is to trigger a global financial meltdown (money supply )with double digit interest rate hike, but Bernanke is no Paul Volcker at least for now (election year).