March 5, 2012
Excessive speculation in the oil futures market may be costing you 15 percent or more at the gas pump and playing a “significant” role in rising gasoline prices, according to a joint letter from 68 members of Congress that ABC News has obtained.
The joint letter, which cites a recently updated report by the St. Louis Federal Reserve titled “Speculation in the Oil Market,” urges immediate action by the Commodity Futures Trading Commission to install caps on the biggest traders on Wall Street, preventing them from controlling unusually large positions in the oil futures trading market.
The Reserve’s report called “Speculation in the oil market,” which was just updated in February 2012, concluded there are two main factors for large price swings at the gas pump.
Read the full joint letter HERE
It says “global demand shocks,” such as those caused by turmoil in the Middle East, “account for the largest share of oil price fluctuations.”
The report also concludes “speculation played a significant role in the oil price increase between 2004 and 2008 and its subsequent collapse. Our results support the view that the financialization process of commodity markets explains part of the recent increase in oil prices.”
February 27, 2012
As gas prices rev up into high gear well before the summer months of traditional high demand predictions estimate prices at the pump will reach well over $4.00 a gallon. Along with the impacts this will have on the average consumer, these increases will, and already have, produced gushers of political rhetoric, laying blame squarely on the President’s shoulders. While high gas prices are great fodder for political gamesmanship, their accuracy is often suspect. How much influence does or can the leader of the U.S. have over the price of crude, let alone the prices at the pump?
read more »
February 24, 2012
While Republicans promote themselves as the friendliest party for Wall Street, stock investors do better when Democrats occupy the White House. From a dollars-and-cents standpoint, it’s not even close.
The BGOV Barometer shows that, over the five decades since John F. Kennedy was inaugurated, $1,000 invested in a hypothetical fund that tracks the Standard & Poor’s 500 Index (SPX) only when Democrats are in the White House would have been worth $10,920 at the close of trading yesterday.
January 24, 2012
WASHINGTON — Two years ago, President Obama popped a surprise into his State of the Union address: His administration would double American exports in five years, helping to create two million jobs.
The bold promise sent the eyebrows of economists and policy experts upward, even as they applauded its intent.
Two years later, the administration is on track — for now — to meet its ambitious goal. Growing exports have been one of the central drivers of the recovery, accounting for about half the nation’s economic growth since the recession ended. Economists say the administration deserves credit for some of the gains.
November 11, 2011
This is a debate on The Economist website discussing the proposal that subsidising renewable energy is a good way to wean the world off fossil fuels. Read through both sides of the arguement and vote for which side you view as correct.
November 10, 2011
Every 2012 contender attended college. They all graduated. They went to schools like the University of Pennsylvania, Columbia, Texas A&M, Morehouse, Penn State and Emory.
But decades have passed since these Presidential candidates first stepped onto campus as freshmen. Is it time for an Econ 101 refresher course?
America’s Econ 101 professors say yes. Read more…
November 2, 2011
This article is a couple of months old, found while doing some peripheral research but definately still worthy of posting. It gives us a view of what to expect from the state health insurance marketplace exchanges set up through the Affordabel Care Act. If other companies like Walgreens step into the health insurance arena it will prove quite advantageous to those in real need of affordable coverage.
NEW YORK (CNNMoney) — Walgreens, the nation’s largest drugstore chain, is planning to start selling health insurance to customers this fall.
Deerfield, Ill.-based Walgreens will sell health insurance products with different price ranges and coverage levels from coast-to-coast through a private health insurance exchange, according to people familiar with the matter. Read more…