Thank you!
Your support is sustaining the future of local news in our communities.

It’s time to crack down on oil speculation

Gasoline and heating oil prices are ratcheting up. In California, some motorists are paying more than $5 per gallon. President Obama declared that “there is no quick fix” for this problem. Meanwhile, the hapless but howling Republicans are blaming him for the fuel surge as if he is a price control czar. Indeed, President Obama has some proper power to cool off retail petroleum prices. David Stockman, President Ronald Reagan’s budget director, said it plainly on CNN last week: “Stop beating the war drums right now [against Iran], and Obama could do that, and he could say the neocons are history.”Having done his stint on Wall Street, Stockman knows that war talk by the war hawks inside and outside of our government is just what the speculators on the New York Mercantile Exchange want to hear as they bid up the price.Your gasoline prices are not charging up due to strains between supply and demand. Speculation, with those notorious derivatives and swaps, is what is poking larger holes in your fuel budget, according to Securities and Exchange Commission enforcement lawyers. The too-big-to-fail Wall Street gamblers — Goldman Sachs, JP Morgan Chase, Bank of America, Merrill Lynch, and Morgan Stanley — are at it again.Dr. Mark Cooper of the Consumer Federation of America documented that speculation added $600 to the average family’s gasoline expenditures in 2011. Earlier, the head of Exxon/Mobil estimated that speculation was responsible for over $40 per barrel in price increase at a time when oil was more than $100 per barrel. Last June, the Commodity Futures Trading Commission (CFTC) Chairman, Gary Gensler, declared in New York City that “huge inflows of speculative money create a self-fulfilling prophecy that drives up commodity prices.”Mr. Gensler and the CFTC received more legislated authority to police these Wall Street gamblers, but key members of Congress refused to give him a budget to, in his words, “be a more effective cop on the beat,” at a time of sharply increasing trading volume. Congressional campaign budgets are being swelled by campaign contributions from those very Wall Street gamblers. This is called “cash-register politics.” Meanwhile, you pay and pay at the pump and wonder why no one is doing anything about it. But an inadequate budget only explains part of Mr. Gensler’s problems. He is continually undermined by other CFTC commissioners who do not want real enforcement action. He also seems to be wearing down under the pressure. Back in the 1970s, a sudden increase in gasoline prices — even a few cents — led to an uproar among consumers and demands for regulation, price controls and other government action. Now that the New York Mercantile Exchange, with its big banking and hedge fund speculators loading up on fat profits and bonuses, is right here in the U.S., officials are throwing up their hands saying “there are no quick fixes.” Yet the constant Israeli-Obama-Hillary Clinton-Congressional-AIPAC belligerent talk about Iran developing a capability to produce nuclear weapons is provoking Tehran’s warnings about the Straits of Hormuz, and the oil price speculators are having a field day with your gas dollars. Sen. Bernie Sanders (I-Vt.) regularly demands that that Obama’s regulators impose limits on oil speculations. He asserts that the “skyrocketing price of gas and oil has nothing to do with the fundamentals of supply and demand.” Even Goldman Sachs analyst David Greely claimed Wall Street speculation in the futures market is driving up oil prices. In response to such clamorings, President Obama announced in April 2011 a new inter-agency working group to combat fraud. Don’t hold your breath waiting for any action here.So why doesn’t President Obama invite the various industries, such as the trucking and airline companies that are hurt by spiraling oil prices, together with consumer groups, motorist organizations (such as AAA and Better World Society) and the relevant government agencies to generate the pressure on Congress and the recalcitrant members of the CFTC to stop fronting for the Wall Street casino giants?Mr. Obama and Energy Secretary Chu keep saying there is enough oil in world markets and that speculatively driven higher oil prices are undermining the U.S. economic recovery. Yet Mr. Obama seems unwilling to fully use his administration’s existing authority to crack down on the surging speculation. There is much more action possible under current statutory authority for the regulators to use and earn their salaries. They need to hear louder rumblings from the people. While the people need, whenever possible and safe, to walk short distances instead of drive there, if only to stiffen their determination to fight back in more than one way. Consumer advocate and former presidential candidate Ralph Nader grew up in Winsted and is a graduate of The Gilbert School.

Latest News

Cornwall Historical Society celebrates Connecticut’s Black patriots

On Saturday, Oct. 24, at the Cornwall Historical Society, author and genealogist John Mills will breathe new life into the stories of some of Connecticut’s more underappreciated patriots. The reason these heroes were forgotten? They were Black.

At a time when white colonists were fighting for their own liberty and political independence, many Black men who fought alongside them remained enslaved. Some risked their lives only to return to bondage. Though enslaved people were promised freedom from both sides of the Revolutionary War in exchange for their service, Great Britain, too, was still deeply dependent on slavery. For Black people in America, the war presented both extraordinary risks and uncertain paths to the freedom that white colonists were demanding for themselves.

Keep ReadingShow less

A sanctuary for second chances

A sanctuary for second chances

Stephanie Saetta runs Charlie Chicken Bones, a sanctuary in Salisbury.

Madi Long
You only get one or two of these soul connection dogs, so I do this in his honor.
— Stephanie Saetta

Stephanie Saetta has spent much of her life caring for others. A physician at White Plains Hospital, she has another calling at home in Salisbury — one that has four legs and a wagging tail. She runs Charlie Chicken Bone Sanctuary, a nonprofit dog rescue that brings dogs from overcrowded pounds and the streets of Texas to foster homes in northwestern Connecticut, where they can begin again.

The sanctuary is named for Charlie, the dog who taught her how special a bond between a person and rescue animal can be.

Keep ReadingShow less
Big ideas come to Lenox for inaugural field festival

Hunter Runnette, founder and board chair of field, has spent years fostering arts and cultural programming in the Berkshires.

Provided

What do joy, gardening, artificial intelligence, the American experiment and the creative process have in common? Quite a lot, as it turns out, at least when some of the world’s most compelling thinkers get together to talk about them.

From Friday, Oct. 23, through Sunday, Oct. 25, Lenox, Massachusetts, will host the inaugural field festival, a three-day gathering of writers, artists, scholars and cultural figures at Shakespeare & Company. Billed as a festival of ideas, entertainment, learning and discovery, field brings together an impressive roster of voices to explore everything from the deeply personal to the profoundly political.

Keep ReadingShow less
google preferred source

Want more of our stories on Google? Click here to make us a Preferred Source.

The Pink House AM is serving up community

Mare Rubin and Maggie Levine of the Pink House AM.

Madi Long

It all started with a yoga class. Mare Rubin was working on her second act after leaving the Upper West Side, where she’d raised a family and worked in corporate marketing. Newly empty nesters, she and her husband decided to move to the wilds of northwestern Connecticut, where they had spent 15 years as weekenders, to see what life in the woods had in store for them.

Rubin started teaching yoga classes at the Union in West Cornwall, a space designated by the town of Cornwall as a community hub with couches, Wi-Fi, occasional events and a growing yoga class schedule. She was adjusting well but missed one important thing about city life: a casual coffee shop.

Keep ReadingShow less
Sons of Astro are musicians, friends and bandmates — in that order

The Sons of Astro will be at the Common Pub in Housatonic on Oct. 24 and the 2nd Home Lounge in Winsted on Nov. 14.

Provided

No matter where they are in the world, musicians seem to find other musicians. There’s a shared language, a shared experience of being on stage and performing, and a shared enthusiasm for making those melodies by themselves or together. Such is the case with Norfolk and Brooklyn-based cosmic Americana band Sons of Astro.

That magnetic musicians’ bond drew Brooklyn-based singer-songwriter and multi-instrumentalist Mike Cobb into the orbit of singer-songwriter and multi-instrumentalist Matt Statler. The two neighbors took to each other right away and were soon playing open mics together. As an ethics professor at NYU’s Stern School of Business, Statler made the case that if he sat in for Cobb’s set and Cobb sat in for Statler’s, they could play together and double their stage time. Clearly, these men wanted to make as much music as possible. That became a little harder when Cobb and his family moved up to Norfolk, Connecticut.

Keep ReadingShow less
One more weekend to get inside the art at ArtEast

The participating artists in this year’s ArtEast open studios.

Provided

ArtEast’s annual October Open Studio Tour is already underway, but there’s still one more weekend to step inside the creative worlds of artists working throughout eastern Dutchess County. On Saturday and Sunday, Oct. 24 and 25, artists will once again open their studio doors, inviting visitors to see where the work happens, meet the people who make it and perhaps discover something worth taking home.

Now in its 21st year, the ArtEast October Open Studio Tour offers a self-guided journey with participating studios in Holmes, LaGrangeville, Hopewell Junction, Pawling, Patterson, Poughquag and Wingdale. Visitors can explore painting, photography, sculpture, mixed media and other artistic practices, and get some leaf-peeping in at the same time.

Keep ReadingShow less
google preferred source

Want more of our stories on Google? Click here to make us a Preferred Source.

google preferred source

Want more of our stories on Google? Click here to make us a Preferred Source.