NBC Follows ABC's Lead, Wall Street Speculators and Oil Companies to Blame for High Gas Prices

NBC Follows ABC's Lead, Wall Street Speculators and Oil Companies to Blame for High Gas Prices

This is actually half true. Speculators, aka futures traders, are responsible for prices. They look at geo-political conditions, check reserves, visit refineries and make informed decisions regarding the future supply of petroleum. That determines what they pay now for delivery in, say July. If they determine that supplies of petroleum are going to be low, the price goes up.

I garontee if the moratorium on drilling was lifted today, by this time next week, the price at the pump would be half what is now. If you include opening up the areas currently off-limits, the pump price would drop even more.