LOS ANGELES, April 26, 2011 — The First Gasbag in Chief is now speculating about speculators.
President Obama is now in full campaign mode. He wants to do more governing, even though he tried doing the governing thing for the past two years.
Unfortunately, his “governing” did not work out, and now he needs scapegoats for his failed policies.
Ryan Riemath finishes filling his tank at a Shell gas station Tuesday, April 26, 2011, in the Seattle suburb of Bellevue, Wash. The national average hit $3.87 per gallon on Tuesday, more than a dollar higher than it was last year. (Photo: Associated Press
Ryan Riemath finishes filling his tank at a Shell gas station Tuesday, April 26, 2011, in the Seattle suburb of Bellevue, Wash. The national average hit $3.87 per gallon on Tuesday, more than a dollar higher than it was last year. (Photo: Associated Press)
Wind-powered press conferences aside, President Obama is not an energy expert. The price of gasoline is currently more than $4 per gallon in many places across the nation, as oil skyrocketed to more than $112 per barrel.
Obama knows that flowing rhetoric about “hope,” “change,” and “yes we can” will ring hollow in 2012, if people look to him to bring down the price of oil, and he concedes, “no I can’t.”
Since his platitudes wore thin and solutions elude him, Obama’s path to reelection will simply involve creating another conservative bogeyman to demonize.
The flavor of the week is “oil speculators.” Attacking speculators is as boring as it is misguided. Any moment now, everybody from George W. Bush and Dick Cheney, to the Koch Brothers, and British Petroleum will be blamed.
Mr. Obama might as well blame Buddy Ebsen. After all, Jed Clampett and the rest of the Beverly Hillbillies made their money in oil. This may explain why Mr. Obama brought Los Angeles traffic to a standstill last week, as thousands of cars idled away petrodollars.
Somebody get Barnaby Jones to investigate.
Those wanting to blame speculators should buy a thesaurus, and look in the mirror.
Somewhere in a nursing home, there is a ninety-year-old grandmother who has a mutual fund that contains a few shares of stock in some oil company she bought back when the Charleston was the latest craze.
Have this woman arrested now. She is a speculator.
Speculators play both sides of all markets, and phony politicians only complain when the market refuses to cooperate with the public. When speculators drive the stock market higher, there is happiness.
When the speculators drive it down, there are calls for investigations. Commodities provide the reverse reaction.
When oil skyrocketed to $147 a barrel in 2007, people screamed bloody murder. When it crashed down to $33 a barrel, nobody blamed speculators. Silver and gold hit all-time highs this past week, but nobody is screaming at speculators for that.
Mr. Obama cares about oil because it affects him — and his chances at reelection.
To all of those crybabies and the president desperate to appease them: The laws of supply and demand cannot be repealed. They cannot be declared unconstitutional. Barack Obama cannot part the seas and make the markets cater to his reelection efforts.
When running in 2008, candidate Obama pointed out that under his plan, oil prices would “necessarily” have to rise. This is not complex. In the same way the war against tobacco companies led to higher cigarette prices, Jihad against the oil industry is having the same effect.
In Obama’s mind, getting everybody off of oil is noble. He wants a green economy that operates on alternative energy sources. He wants Americans to give up their cars and rely on high speed rail. His entire energy and environmental agenda is meant to end dependence on oil.
Supporters find this laudable; critics find it impractical. Yet, what is truly ludicrous is for a man to deliberately try to destroy the oil industry, while wondering why this would affect prices.
There are so many ways to bring down the price of oil, from domestic drilling to turning Iran into a 50,000 hole golf course and seizing their oil.
Mr. Obama telegraphed that his policies are meant to get us away from oil. Therefore, any sensible gambler would play oil to the upside.
The gamblers did not create the trend; they jumped on the bandwagon. Anybody criticizing this investment strategy should deliberately try to defy trends, and see how they enjoy losing money.
Politicians are often irrational, but markets in the long run are as rational as can be.
Mr. Obama is right to want to make America less dependent on foreign oil; he is wrong to try and enact policies that have an adverse effect on ordinary Americans needing cheap oil today. He is even more wrong to blame those engaging in sensible actions, when his own senseless actions led to the problem in the first place.
Obama should do one of two things: He could go on television and explain why higher oil prices are good for America, or he could scold Americans and shame them into giving up oil and driving.
It would be political suicide, but a courageous, integrity-based stand.
He could also get out of the way and stop hijacking the permit process while pretending to support drilling. He could allow domestic drilling, hydraulic fracturing, and other techniques involving oil shale.
If he chooses to remain a leftist anti-oil ideologue, then he needs to have the honor and decency to justify his position.
This will not happen. Obama knows that his fantasyland approach to energy has failed, and hopes that he can fool just enough people to slink into a second term.
Speculators everywhere should buy and sell legally, whenever and wherever they please. Risk-takers built this nation. One obtuse and desperate politician should not be allowed to subvert centuries of global tradition and commerce.
Obama is the problem; speculators are the solution.
So, as people bet on 2012 oil prices, stock prices, and presidential prospects, Obama will continue to stew over what he cannot regulate, manipulate, or obfuscate.
It is called freedom. It existed long before leftist anti-capitalists, and will exist long after many more socialist models are discredited and reduced to the ash heap of history.
Based on historical trends, that is a very safe bet to play to the upside – whether President Obama likes it or not.
There is just one thing Obama can do to help reduce oil prices. He can stop being himself.
He needs to wake up tomorrow admitting that his anti-oil policies are a major reason prices are so high.
Brooklyn born, Long Island raised and now living in Los Angeles, Eric Golub is a politically conservative columnist, blogger, author, public speaker, satirist and comedian. Read more from Eric at his TYGRRRR EXPRESS blog. Eric is the author of the book trilogy “Ideological Bigotry, “Ideological Violence,” and “Ideological Idiocy.” Eric is 100% alcohol, tobacco, drug, and liberalism free. After years of dating liberals, he has finally seen the light and now only dates Republican Jewish women. His family is pleased over this. Republican, Jewish women, you may contact Eric above.
Read more of Eric’s work at The Tygrrrr Express at the Communities at the Washington Times.