The Inconvenient Truth of Vermont’s Oil Speculation

Sen. Bernie Sanders wrote an open letter to the President about high oil prices, according to a Huffington Post article Bernie Sanders Demands Action From Obama on Wall St. Oil ‘Gambling written by Zach Carter.

“Sen. Bernie Sanders (I-Vt.) demanded on Thursday that regulators impose limits on oil speculation to help lower the price of gas in a letter sent to President Obama. ‘There is mounting evidence that the skyrocketing price of gas and oil has nothing to do with the fundamentals of supply and demand, and has everything to do with Wall Street firms that are artificially jacking up the price of oil in the energy futures markets,'” Mr. Carter reported.

In the current regulatory environment, the Green Mountain State is included in those who are defined a speculators. They provide the corpus — the money — as investments in hedge funds and commodity indices. In effect, Sen. Sanders is mad with the labor unions and civil service employee retirement plans — the largest investors in the asset class known as Managed Futures — what some like to call speculators.

Read the rest of my article at The Huffington Post.


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