Time To Cut The Oil Barons Off

You need to know this. With oil barons making record profits – it’s time to cut off their taxpayer subsidies. That’s essentially the message the President is trying to get across as gas prices continue to climb. Despite the fact that domestic oil production is running on all cylinders with the number of oil rigs in operation around the country at an all time high – and demand for oil is at it’s lowest level since 1997 – prices continue to tick up. That’s partly because speculators on Wall Street are artificially driving up the price by placing billions of dollars on derivative bets that create fake demand for oil. Not only that – oil companies are selling much of the gasoline produced in the United States overseas - our nation just became a net-exporter of oil products for the first time in over 60 years. And don’t’ expect the Keystone Pipeline to help with gas prices. Bloomberg just reported that the Keystone Pipeline will boost oil industry profits by $4 billion each year - while raising gas prices for Americans across the nation. That’s because Keystone’s oil isn’t bound for American gas tanks – it’s bound for shipping lanes to be sold to foreign nations. In the last 5 years, the oil industry has raked in $500 billion in profits while laying off ten thousand American workers – and the higher gas prices climb – the higher their profits climb, too. So don’t blame President Obama for gas prices, blame those who are benefiting the most – the Koch brothers, Wall Street, and executives at ExxonMobile, BP, and Shell.

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