Tue 15 Jul 2008
It’s amazing how willing even intelligent people are to accept as truth conspiracy-tinged nonsense when it comes to gas prices, especially when so much of it is being peddled by those with their own agendas. The latest reminder was the launch of the website StopOilSpeculationNow.com, a project by the airlines to get Congress to crack down on the evil speculators who supposedly are fueling (no pun intended) high oil prices. Two smart friends mentioned this campaign to me, one of whom was the recipient of the email blast send to frequent fliers. This sort of cynical exercise is really pathetic. Does anyone seriously believe that if the airlines could get Congress to pass a law declaring a national emergency requiring every able-bodied adult to work as a volunteer baggage handler for 10 hours a week, they wouldn’t do it in a heartbeat? And what better way for politicians, especially, but not exclusively, democrat politicians, who are always looking for someone to blame for their own failures, to distract the voters from their ideologically-driven obstructionist refusal to allow domestic oil drilling offshore and in ANWR than to blame futures markets, which almost no one understands?
The activities of speculators have as much effect on the underlying price of oil as the bettors have on the outcome of the Super Bowl. If democrats really want to punish them–and let’s face it, other than raising taxes, is there anything democrats like more than punishing capitalists?–they should immediately support drilling anywhere and everywhere. With the announcement that we are finished unilaterally surrendering to the sheiks and Hugo Chavez, the price of oil would fall and the bubble will burst faster than Pat Leahy, Chuckie Schumer or Dick “Eddie Haskell” Durbin or any other demagogue can say “windfall profits tax.”
I am truly sick of corporate weasels who are all for free markets until their industries are buffeted by their inevitable vicissitudes, at which time they whine to the government to rescue them. When they do, they always find willing accomplices in Congress, who hope to make political hay out of the latest “crisis.” Man up, boys, take your skirts off, put on your big boy pants, and deal with reality. It is not optional. Instead of wasting time putting up stupid websites and lobbying Congress, maybe you guys should invest a little effort trying to make sure my bag and I get to the same destination at the same time.









