by Ralph Nader
Nader for President 2008
March 6, 2008
The gouging price of oil – today reaching over $105 a barrel – is spiking gasoline and heating oil prices.
The price is being manipulated as a speculative commodity on the New York Mercantile Exchange.
A necessity for billions of people is now in the grip of speculators while producers and refiners are laughing all the way to the bank.
Where is our government?
It is doing nothing.
The oil-marinated Bush regime and the oil-saturated Congress are leaving Americans defenseless.
Four dollar a gallon oil is coming, analysts declare.
Millions of poor Americans are shivering without adequate home energy assistance funds.
While Exxon/Mobil makes over $1700 a second.
And the bosses make tens of thousands of dollars each per hour.
Despite appeals, the giant oil companies will not contribute to these energy assistance funds.
Over two years ago, they rebuffed Senator Charles Grassley’s request that they show some sympathy for the poor.
The major party candidates – McCain, Clinton and Obama – are not speaking out forcefully and demanding that the federal government investigate the causes of the skyrocketing price of oil.
They are not speaking out forcefully and demanding the Justice Department and Congressional committees use their subpoena powers to delve into the workings of the these mercantile exchanges, the timing and excessively long shutdowns of refineries for repair, and the resulting refinery shortages – which curtail supply and push prices upward.
Nor do they aggressively advocate for an excess profits tax on the oil industry – a tax which has been supported by American leaders ranging from former President Harry Truman to entrepreneur and CEO Jeno Paulucci.
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