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IPFS News Link • Corruption

Corruption Accounts For As Much As $14 Dollars Out Of Every Tank Of Gas

•, Lee Fang
 You pay a hidden premium every time they fill up your gas tank. The prices are high at the gas station, but part of the price you pay is directly caused by commodity speculators. And you can thank lobbyists for why the government has been unable to do anything to solve the problem.

Over the years, Wall Street speculators have taken advantage of significant loopholes in commodity trading law — loopholes often written by industry lobbyists — to buy up oil delivery contracts and boost the price of oil. While excessive speculation results in lots of money for investors, it also means that Americans are forced to pay more at the pump.

1 Comments in Response to

Comment by Powell Gammill
Entered on:

Seriously?!  Commodity speculators are to be blamed for oil/ gasoline prices.  Sheesh!  It's like no bombs are falling in every oil rich area of the world.  And refineries are being build in every community of the nation.  And subsidies, regulations, permits and taxes don't apply to energy.