Do the math. Oil producers (OPEC, Venezuela, Russia, etc.) are currently getting about $50-60 per barrel. Transport costs from the middle east to the US are about $10 per barrel. So where is the extra $70-80 per barrel going? A big chunk of it is going in to the pockets of hedge funds, Goldman Sachs, etc., net of trading costs and commissions. The Enron traders who gamed the natural gas market years ago are now up to the same tricks with oil. Congress and President Obama need to put an end to this.

prices of oil have dropped $15 a barrell since obama began his mideast trip.his presence alone ,calmed tensions,because he is a true world visionary.he could probably be voted president of the world right now,without much trouble.wouldnt that be nice?

TJ Johnson July 22nd, 2008 3:53 pm ET

The know-nothing, knee-jerk democrats are going to get involved in the Wall Street processes and ruin this country. Hello, depression!
__________________________________________________
Thank you Chicken Little. Guess you want to ignore the fact that the Bush Administration's war and other spending and tax cuts to the top 1/2%, along with allowing the foxes to watch the chicken coop, and having pretty much no energy policy, have led us into this mess.

The lack of proper oversight has led to one financial disaster after another over the past 8 years, from Enron to Worldcom, to dot com, to Halliburton and Blackwater, to mortgage gate, to Katrina response.

But we know, when the Dems get in the sky is going to fall. Just tell me, how come every one of our last 5 recessions, going back over 40 years have fallen on Republican watch? How come nearly 80% of our entire national debt has been run up by just 4 Republican Presidents? How come most Americans have seen their real wages and share of U.S. wealth decline steadily under Republican Administrations, especially Reagan and Bush 43?

Your opinion is simply not supported by the facts – it's just typical conservative mythology and nothing more.

doesnt that include every friend of the current administration?wont happen until they are out of power.executive priveledge.

Orange jumpsuits are in order for speculators,they stole OUR money.Make their NAMES KNOWN NOW and find a strong tree.

Here we go with the Republicans crying like little girls and insulting the Dems because they know change is coming. Americans are tired of know-it-all Repubs. They want to drill more to please their Oil friends to give more divs from the Corporation's earnings. If you get speculators out of the way, less money gets released to the rich as dividend income. The Repubs do not want us to save, they need Big Oil to make as much moeny as they can and contribute. What gets me is they convinced the simple-minded followers of General of the World Napoleon McCain to say we need to drill now.

WELL SAID ROB!!!!

Why call it a "crackdown"? The rest of the world thinks of responsible policies as "regulations." The word "laws" comes to mind as well…

It's not just "speculators" who are driving up energy prices.

You'd also have to restrict inflows from institutional investment vehicles (pension funds, mutual funds, city/state investment portfolios) seeking the superior returns and inflation protection offered by commodities. They’re just better investments at the moment. Equities aren’t seen as good investments right now, due to slowing economies, and inflation isn’t helping bonds.

Melinda in Charlotte, that is not exactly correct. "It is a stupid idea that will not work. All oil speculators do is try to guess what oil will be worth at some future date'

They promise to buy a certain amount at a certain price the next month. The ones who have really won are the ones who bought at 100 a barrel and now sell at 135 (or what ever it is). and the oil companies, who are getting this higher price for their oil. The ones that are driving it now are the ones who are specualting that their 135 oil will go to 150. But, they may have found the top, because demand has gone down. OPEC is worried that we won't keep buying.

the republicans just want to give Dubya & Dick Cheney's Halliburton more oil well to drill now and make more profits…

they dont care about the environment and dont give a darn if americans dont see a drop of oil in 10yrs…same reason we went to Iraq, but now that the Iraqis wants us out…..the republicans want to start their OIL WAR HERE IN THE U.S.A!

we can't drill ourselve out of $4 gas………….we need to end the speculation and provide alternative energy.

OBAMA HAS THE RIGHT JUDGEMENT FOR THE WAY FORWARD!!!!!!!!!!!!!

Demand is down, supply has increased, and yet oil prices are up.

Republicans want to make it available for oil companies to drill new area before they finish testing what they have. Oil companies say the places they are allowed to drill may be 25% reliable sources, yet they also say that the proposed new locations have the same probability as current. It takes a minimum of 5 years to get the first drop. We can change the behavior of the speculators in days. Which choice is best?

Speculating is the main reason that gas prices are so artificially elevated. It makes sense to stop speculation on this one product to see if that would help prices. The answer is not to drill for more oil. It's time for us to change our focus to renewable energy, because even if we drilled and found every drop of oil in the U.S. we're still going to run out, and soon. Estimates are that by 2050 the planet will be out of oil. What then? It's time to change our priorities and start looking for renewable sources. Solar and wind alone could provide a very large percentage of America's needs, plus create jobs by building them. Oh, and by the way, I agree with Mrs. L. Some of you really need to work on your spelling and grammar.

Yes, it's about time!

Expose the people that have made a fortune here as well.You will be surprised at the names you will find.They are the manipulators of the market and lowest form of humanity.

We know it couldn't possibly be the huge demand and limited supply coupled with the declining value of the dollar. Nah, that couldn't be it. Let's just ignore those problems and focus on even more regulation and maybe some tax holidays. That is surely the answer.

It's high time for our ELECTED officials to listen to their constituents. The problem is not finding more oil, the problem is ridding ourselves from the dependence of oil. The technology is here, it just needs to be implemented WITHOUT the big oil companies blocking the avenues.

Why is it the GOP is so into expanding the oil drilling sites when so much of the already designated exploration lands aren't being utilized? Why are we even discussing this? So many problems would be solved when we can get off of fossil fuel dependence. WAKE UP.

I noticed that prices are dropping. Those individuals that have been ripping us off are trying to get there hands clean. Loof fast I think Bush and Cheney are at the sink right now!!!

can you imagine a republican not wanting to close the enron loop hole. they don't want to close it, and they want to drill, when big oil already has 80,000,000 acres of off shore that they already own, but not drilling. wanting to drill in new areas when 80 percent of the oil platforms that are already drilled are not producing one drop. just like small children, always wanting a second helping of desert before they have even finished with their first. we have the technology to produce electric cars, we sell one country enough ethynol chemicals to produce enough to be free from oil. drilling for more oil, is like putting another hole in your head. that's like voting for bush again, wait a minute that's what its going to be if mcbush gets in.

This is the root of the gas price fix.Regulate them now and hard,even though they have made billions already.Tax them too and big time.Its our money,take it back.

TOO LITTLE TOO LATE BUT STILL LATE THAN NEVER. They should also go after McCain and his surrogate Phil Gramm and Dick Chenney. Did anyone ever find out what was discussed in his in this white house energy policy meeting? Congress should have gone after him on that.

The Democrats are all talk and no action.

drill now or ten years from now it will be too late…any oil embargo to our country will cripple us and the green machine is 20 years away not 10

The vultures raked in billions of dollars while picking your bones clean in the mortgage market while Congress watched from the sidelines (and are only now trying to revive the corpse). Now the vultures are picking you clean at the gas pump. You can expect the Roadblock Republicans to do the bidding of their high-rolling oil company and investment bank cronies rather than the average consumer when (and if) this ever comes to the floor for a vote.

I'll say it again, more offshore drilling is not the answer. If it was, why didn't our beloved Bush push for it and get 'er done doing his 7 1/2 years in office? No. We need more refineries, more sugar ethanol, more alternative fuels, and increased diverse global trade. And the "economists" have analyzed the situation and have reached the same conclusion – More drilling is not the answer.

Do people actually think that only repubs have anything to do with oil? If so i have news for you, oil is just as in dem pockets as anyone. look it up.

At least the Dems are doing something.

To LITTLE to LATE dems! By the way were is Jimmy Carter been did Obama camp get him to shut up too?

Once again the dems in congress shows why they poll so low. This legislation will only stop the smaller players out of the market because it will impose higher margins on traders. The players who speculate in these markets won't be affected a great deal.
Obamas plans and the plans offered up by these people not only don't mention more oil production or Nuke power they glance over the fact that even if wind and solar and ethanol is a viable alternative, it will still take at least 10 years to ramp up. This congress are taking the politically correct blame everyone else game while dragging their feet and Obama is no different.

While we are working on real long term alternatives to fosil fuel use we need to make a commitment to reduce our dependance on foreign oil by increasing domestic production,refining capacity. We can start building more nuke plants and use liquified natural gas for our cars and trucks etc.

We cannot drill our way out of this mess as they say but, we can help our economy and the people who are having a difficult time coping with these costs while we make a responsible transition to non fossil fuels.

Ohh I've been waiting for this one!

DEMS, Yes DEMS are the problem here. What they really want to do is nationalize our petro industry. Then they are going to shut it down! That's because then they can go into their "super liberal" stuff, like have everyone ride bicycles. We will then look like a 3rd world country. But boy! we will have a low carbon footprint!

Now, DEMS don't care how much you pay for gas! Fools! Think about it. And every Obamo idiot on this blog, can't wait for him to get elected. He'll have them so broke before they know it. But they will still call Ovomit, their savior.

Dems are idiots, and idiots vote for Dems

Stop the speculation and the price will go down, drill for oil here and stop most of the importing, build more nuclear plants, oh no a hurricane the price of oil goes up, speculation, oh no a plane flew over iran a war is coming, speculation..and what happens the price of oil it goes up..why did we not drill 10 years ago and we would have had this oil…elect obama and nothing will change,,he is for himself and his own he will not defend the USA, why will he not wear a american flay on his lapel???he is not american, i am proud to be an american.

Drilling was never mentioned until the truth about price speculators came to light. Now all you here about is drilling. Stopping speculation will have a dramatic effect on gas prices immediately.

YEAH! Crack down on oil speculators and open the stratetic reserve. That's how democrats lower oil prices. Supply has nothing to do with it..

It is a stupid idea that will not work. All oil speculators do is try to guess what oil will be worth at some future date. That's it. It is similar to someone purchasing stock at a certain price with the hope that it will be worth more in the future. If heavy volume gets traded and it looks like the stocks will gain in value, they are worth more. Same thing with oil speculators. We may save a buck or two a barrel, but that's all. The ideas by both Republicans and Democrats will not produce lower prices. We need to explore for more, conserve more, and put some serious money in research for alternative energy sources. We all must also recognize that the transition to alternative sources of energy will be incredibly difficult. Americans tend to want to take the easy way out, and I am sorry to say, there is no easy answer to our energy problem.

I agree. The prices are in part up due to demand, however they are up more due to speculators who are trying to make a fast buck.

It's about time. And while they're at it they should do something about fixing the enormous problem with the LEGAL Immigration system too and start to be more proactive.

I say GO for it!

And when the price of oil does NOT come down then I wonder if Congress is going to launch and investigation into ITSELF as to why oil prices are so high. After all, Congress is a big part of the problem.

But who is kidding who?

Congress will just look for another SCAPE GOAT.

That is what they are good at.

And THEY wonder why their approval rating is only 9% .

Abby July 22nd, 2008 3:33 pm ET

Well, the republicans won’t go for it because it will anger their friends at Wall Street

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Have you not seen the sponsorship of the Democratic Party's Convention? Open your eyes people. The Republican Party is not the only one owned by corporations. It does explain the reversal on the FISA bill by many Democrats…

** Nader/Gonzalez 2008 **

I read that there are millions of acres, leased by the oil companies right now, that aren't being drilled. Isn't that artificially lowering the supply of oil, and isn't that essentially the same thing Enron did???

But, but, but..these are Shotgun Dick and Dumbya's brothers-in-arms… Does this mean the oil bubble is getting ready to bust?

Newt Gingrich said the same thing not long ago! Crack down on oil speculators…..while we drill for American oil to sustain us during the transition phase from petroleum to other energy sources. So the Democrats can't really take credit for that one.

From still another source……70% of the oil we use is foreign oil. They have us by the short hairs. We need to free ourselves by any means possible, or they will own us (if they don't already do so). As it is, we're currently on the losing side of this oil equation.

dems are great and they are going to crack down on MCCAIN.BUSH AND CHENEY for fraud!!!!!!!!!!!!!!!

It's all part of the plan ladies and gents:

Drive up oil prices, kill the economy, roll out the New World Order.

PLEASE DO YOUR RESEARCH. GOOGLE IT.

What about the oil reserve? Bush needs to let it go

SPECULATING-

TODAY IN THE NEWS, THE HEADLINE READ, "Oil Below $128 as Worries Fade Over Dolly Damage" CNBC

REFERING TO THE POTENTIAL GULF HURRICANE. HOW IS THAT NOT SPECULATING?

THIS REPRESENTATIVE CONGRESS, FREE MARKET ECONOMY, AND FREE PRESS HAS BECOME ANYTHING BUT REPRERESENTATIVE OR FREE…

NOW I'M HEARING ABOUT A BAILOUT FOR FANNIE/FREDDIE PAID FOR BY THE TAXPAYERS. THE CEO'S MAKE BILLIONS, THE IMMORAL, UNETHICAL, AND JUST PLAIN UNECONOMICAL LOANS FAIL, AND THE PEOPLE HAVE TO PAY, BUT THE CEO'S KEEP THE PROFITS? FREE TO SUCEED, TAXPAYER GUARANTEED NOT TO FAIL.

RON PAUL WAS RIGHT. BUT THE MEDIA TOLD THE SHEEP NOT TO LISTEN TO THE KOOKS.

I ALREADY HAVE A BUMPER STICKER THAT SAYS "DON'T BLAME ME- I WROTE IN RON PAUL!"

Good job democrats for taking food off my famliy's table because you refuse to drill here and drill now! Keep talking. You may get a green horn as POTUS but we can vote you clowns out and put the adults back in.

The know-nothing, knee-jerk democrats are going to get involved in the Wall Street processes and ruin this country. Hello, depression!

Why don't we hear wording from our oil companies as to their increase in drilling on the public lands they already have????????????

More stupidity and ignorance on the part of Republicans. Let's focus on offshore drilling that would take at least 7 years to show any effect on prices and has no gaurentee of producing more oil while potentially creating environmental hazards RATHER than go after the traders that are affecting the prices on a DAILY basis.

Now with more Americans driving less, the gas tax that is collected to help fix our infrastructure is in the red – but McCain still wants a gas tax holiday so even more roads can crumble and result in more job losses. Maybe he expects everyone to enlist and go off to Iraq because it seems McCain prefers to talk more about Iraq than problems here at home.

are you kidding me no GOP member would support this they are bought and paid for by oil money!!!!

Be Smart America Vote Obama!!!!

It no brainer to republicans will oppose crackdown on oil price speculators they are the speculators.

Does anyone believe that if there is any appreciable oil to be had on the coasts of this country it would still be there? The people of this country would cut off their hands if there was profit to be had from doing it. This argument is pointless.

people its I before E except after C

How many of you that blog here are adults?

End the Enron trading loophole, accelerate development and use of solar, geothermal, wind. Find new technologies. Promote conservation. Increase CAFE standards. Drill in areas already approved. Then, after all these options have been fully explored, we can consider if nuclear or expanded drilling is necessary.

Let's wait for some selfish, unpatriotic fools to protest about having to "downsize" their lives. The sacrifices we need to make to get us past these problems should be shared across our population, not just shouldered by military families and a few others or left for our children and grandchildren.

Just remember, Americans are fighting and dying in Iraq and Afghanistan, in no small part, to support your right to drive a gas guzzler. No one who drives an SUV (unless truly necessary) should comment about more drilling – you are the problem.

Leave the speculators alone, that's the American way. Drill for oil – but what is the limiting factor there. There's plenty of oil all over America, why drill in ANWR and off the coasts. We have all the oil we need in North Dakota and Montana, no need to drill in these other places. It is refinery capacity, not oil that is limiting.

Do it. If it doesn't work, then we know. At least it won't take decades to see the results, as with drilling.

"…as much as 20 to 30 to 40 percent of the current price could be taken off if you got rid of excessive speculation." – Sen. Dorgan

I think you're making this stuff up as you speak. Anyone can say "as much as" and "could" about anything they propose. Any hard evidence to back this up?

** Nader/Gonzalez 2008 **

Cracking down will mean taking money out of the Republicans pockets including Bush and his crime allies. The Dems can talk until the sun comes up but nothing will ever happen because Bush will not even hear of such a sensible thing. Save your breath!

This is such a crime. The gas prices here in Germany have not changed so why have Americas??

I thought it was supply and demand??? NOPE.. PRICE FIXING!

Republican Senate leaders — terrified by the prospect of losing five or more seats in November — have freed their members to vote however they need to vote to get reelected, even if that means bucking the president or the party’s leadership.

On at least four votes over the past month — Medicare, housing, the GI Bill and the Farm Bill — Republican leaders haven’t even bothered whipping members to toe the party line or back President Bush’s veto threats. Instead, a GOP leadership aide says leaders have told vulnerable senators that it’s all right to “get well” with voters by siding with Democrats on anything but energy and national security.

It’s unusual for rank-and-file members to get a green light to blow off their party leaders. But these are unusual times for Republicans. They are genuinely worried they could get their clocks cleaned in November. The prevailing attitude: It is better to lose some big votes now than big races in November.

This is the payback to the Reps forgetting that they are public servants elected by the people to govern on the citizens behalf.

well ther goes Phil Gramm's ENRON loop hole…boy McCain aint going to be able to see straight

Giant oil industry lobbiest would be against anything that would bring down the price of oil and of course they would be for getting as many oil leases as possible (even though the current price of oil should make it very lucrative to begin exploration on some of the leases they already have, but I digress). So which party do you believe is most influenced (past and present) by the oil company lobbiest? It is hard to believe that the Republicans really have the best interest of the country at heart.

Put a crackdown on oil, yes that's good. But democrats are just doing this so we don't have to drill for more oil. Democrats are wrong. Vote Republican for your Representatives, Governors and Senators if their seats are up for grabs, and vote John McCain on November 4th.

McCain/Romney '08

Let's see if the Democrats have the gonads to actually pull this off.

Developing more alternate energy sources is the solution. Cracking down on oil speculators is not the answer. Just the mentioned of alternate energy sources dropped the price of oil almost $15 dollars a barrel. Just imagine if we started developing alternative energy sources tomorrow?

What a joke. We are going to "clamp down" on a global commodity. Yeah. That'll fix things. Hey, maybe we can tell them to lower the prices or we'll stop buying oil !! That should scare them good, huh !Clueless Democrats followed by their clueless lemmings.

GREAT IDEA!!!! Best Idea the Democrats have come up with since the Party began. It is an outrage that these people are fueling the price of oil/gas at the cost of their fellow American citizen. Should be prohibited by Federal Law.

ARGH! Republicans make me soooo mad. Just do it. See what happens, and then take action if it doesn't work… oh wait, Republicans are only good at war and destroying our economy, not at fixing anything…

We can place the blame for high oil prices and the bank & Mortgage crisis squarely at the feet of McBush surrogate Phil Gramm ( nation of whiners) He was the driving force in the deregulation of banks and oil industries. Gramm is the architech of McCains economic & tax plans. God help the USA if Gramms is still advising McLame!

So does 95% of the Planet…. How is the Question?? You don't win any points for this….

Yes we need to improve the regulation of speculators whom are causing the prices to go up far beyond what oil should be worth.

The U.S. and U.K. are the only 2 financial markets that allow this type of speculation to thrive. Crackdown and end the speculation…prices should get more reasonable. That along with divesting and gradually phasing-out as much oil usage as possible.

The republicans would rather offer gimmicks ( gas tax holiday) or jeopardizing the environment ( more off shore drilling taht wont produce for 10 years) rather than try something that will actually work (regulate speculating) because they answer to Wall Street and the oil companies

Crackdown on oil price speculators; does this include the members of the Bush Crime Family. There speculation in the Iraqi oil fields and the ocupation of a foriegn country.

Well, the republicans won’t go for it because it will anger their friends at Wall Street

Tell ya what Congressional disbelievers, why not approve a crackdown on oil speculators and see if there is a drop in oil prices. It's better than doing nothing.