Government investigation

CNN had a report this morning that the government announced on Thursday there is to be a wide ranging probe into oil price manipulation and said it would get more information on the effect investors are having on the market. This is to be undertaken by the Commodity Futures Trading Commission

"There is a theory that the price of crude oil is being driven up not by supply and demand principles, but by speculators using what are called dark markets, markets that can't be watched by the public or regulators, to manipulate the price of crude," said Michael Greenberger, a professor at the University of Maryland and a former CFTC official.

Victim of what?

I don’t know about you my instinct when things look foul is to look for someone to blame.  I’d love to blame the oil companies or oil speculators or anyone convenient.  And, it’s easy to see how we could lay blame on some of them.  After all, in my lifetime I have never seen gas prices go up so dramatically without some kind of associated shortage. 

Shortages?

Gas prices went up in the late 70’s and we had long gas lines, stations running out of gas and we could only buy gas on certain days in order to manage the shortage.  It was scary. But not as scary as gas prices over the $5 mark, which is sure to come before the end of summer. 

So what does explain this insane leap in oil prices? Even the government can’t account for it.  I mean, sure, former third world countries with huge populations (China and India) could account for increased demand.  That would surely create some shortage and make it harder to get enough wouldn’t it, along with the increased prices? But we aren’t seeing shortages: only increased prices.

But I AM a Victim!

I do feel like a victim in this regard since I have no power to even understand what is happening with our gasoline prices.  But, if I were to admit my part in all this I would admit to not having bought a hybrid yet.  I could also say that I only just last week saw “Who Killed the Electric Car?”. 

Owning our part

As Americans we have been sitting idly by as our planet has gotten in worse and worse condition, driving our Hummers and watching our video games with little real attention paid to the cost of carbon-fuel. If we are to own our part in this current situation we have to recognize that we are not victims. We all have some responsibility in our dependence on oil.  The electric car can and should have been made available to the public, but we didn’t demand it, we just kept buying bigger cars; even when we knew better.

What can we do?

Rather than looking for the government to rescue us from the big bad oil companies we need to organize ourselves in a way that puts our resources into finding alternative, clean energy sources. Cars powered by electricity coming from windmills or thermal power? Now that could be clean energy. Maybe even nuclear power. More plants is a possibility. Let’s put our focus on what we can do rather than “woe is me!” Victim stuff. Now, that could change everything.

Comments?

What do you think? Do you have any ideas on this topic? Let me know what you think. Comment below.