Last Second Election Input

Well, since my anti-GOP bent is pretty obvious, and because my new job takes 110% attention, I haven't posted anything on the upcoming election. Hopefully everyone goes out and votes FOR A REASON, and not just following party line. Mentioned this blog on a Google Chat this morning (Hi, George) and so feel compelled to mention the forum sponsoring this chat, http://facethefactsusa.org   Haven't gotten a firm take on GWU's position, but there are some interesting political facts out there for you trivia junkies. I will now return to my usual economic rants.

Speculators manipulate oil prices 9%!

Oil was down ALMOST $9 for the month. Somehow the cabal of market manipulators and oil profiteers managed to jack up the price 9 PERCENT IN ONE DAY on the utterly bogus pretext that Europe was moving closer to solving its financial problems! In doing so, it took that 9% (factored up or down) out of the pockets of everyone who uses energy! Nice work, b*st*rds!

DOUBLE-DIP RECESSION HITS! (Spain)

Spain's gross domestic product fell 0.3 percent in the first quarter 2012, as its economy slipped back into recession again; it joins the UK that got there last week. Different places than the US, granted, but some of the same problems. Consensus is that a BAD job report looms on Fri May 4th;  and although gasoline prices have dropped lately, they are still too high (manipulated higher by speculators and the oil companies).

SPEAK THE TRUTH!

Better Markets' Dennis Kelleher posted article on MONEY.CNN.COM laying the blame for high gasoline prices squarely on SPECULATORS. He estimates they account for 70% of the "action" in commodities/futures trading!

I suspect that the oil companies support this as a "win-win-win" situation: higher gasoline prices make more money for them, plus they dampen the economy to help GOP cronies corral displeasure for Obama and thus win in the presidential election!

Oil interests are the REAL BAD GUYS

Reuters gets it half-right: *real* villains are oil companies who sit mute while prices rise, knowing they are in for another $10 BILLION PROFIT quarter, stealing that last dollar out of workers' pockets!!
Also, voter unhappiness helps their GOP cronies to win in November!!
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"Right now, oil speculators are cynically exploiting fears relating to U.S. and European efforts to prevent Iran from getting nuclear weapons," said Edward Markey, a Massachussetts Democrat, at a news conference on Wednesday.
Rising gasoline prices have become a hot issue ahead of the presidential election in November. Republicans want to tap into voter anger about prices as a way to criticize President Barack Obama's energy policies.

Lest You Doubt Class Warfare (and we're losing!)

The wealthy have seen after-tax income increase **278%** in the past 30 years, while the middle-class has gone up only 35%! (CBO) Don't ask about the poor.

The Ugly Truth: U.S Refiners Sell Their Fuel Overseas for $

Ain't that a kick in the head!

American (or UN-American??) refiners are exporting record amounts of gasoline and other fuels to other countries; that means less surplus here, and U.S. consumers are hence paying more for our fuel!

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Gasoline supplies are being exported to the highest bidder, says Tom Kloza, chief oil analyst at Oil Price Information Service. Refining companies won't say how much they make by selling fuel overseas. But analysts say those sales are likely generating higher profits or they wouldn't occur.