Guess Who’s in Your Wallet? - Tire Review Magazine

Guess Who’s in Your Wallet?

With summer near, gas and diesel prices are on a sharp upward path once again.

Though hardly has awful as last year – $4.25-$5 per gallon reported in mid-2008 – consumers and truckers are screaming as gas is hitting $2.80 and diesel pushes $2.60.

And who is pushing the price buttons? Same as last year….oil speculators. You know, rich people placing high dollar bets on the price of crude. Oil, which reached an absurd high of nearly $150 per barrel last summer and came back to the mid-$50/barrel range earlier this year, vaulted above $70 per barrel in early June. Some experts say $3 per gallon gas is coming our way, as traders play games.

Finally, there are some groups taking up the fight. Nearly 80 consumer and business groups – including the American Trucking Associations and consumer groups – are taking it to Capitol Hill, calling on Congress to rein in oil speculators – and all commodity traders.

Here is the funny thing…much like our banks and mortgage houses and insurance giants, the entire commodity speculation arena is barely regulated! Who’d have thought?

“Absent strong and sweeping reform, we will continue to witness extreme price volatility and excessive speculation,” said a letter to Congress from The Commodity Markets Oversight Coalition. “Trading will continue to grow in ‘dark’ or unregulated markets and investment speculators will continue to elude federal oversight, data reporting requirements and position limits.”

If you have comments to share, send to me at [email protected].

– Jim Smith

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