GLW

Speculators Continue to Drive Oil Higher at Risk of Global Recession

Blame both congress and speculators. As long as congress refuses to open up oil drilling, crude is going to be attractive to speculators. The two go hand in hand. Congress is guaranteeing that domestic supply won't increase and speculators are eating it up. Think of it as a trillion dollar per year tax that congress has put on us - because that's how much more gasoline, oil based, corn based products (because of their stupidity with ethanol subsidies), and transportation costs have added to everything we buy.

A trillion dollars in new taxes a year. Chicken feed compared to Obama will do to taxes and this economy. If you like high oil and gas prices - you ain't seen nothing yet if he gets in and you increase the number of democrats in congress.