A few months ago the American people were told by the experts to expect the price of gasoline to hit record levels and continue to increase through the summer months. As of this writing the price of a gallon of gasoline has not hit record levels, that distinction belongs to the G.W. Bush administration.
Then just a week of so ago President Obama and the Justice Departmnt announced an investigation has started to seek out how the price of oil (which affects the price of gasoline) has been manipulated by those dealing with oil futures who buy and sell oil on the open market and set prices. And what should have been to no ones surprise, the price of a barrel of oil and gallon of gasoline has been going down ever since and now the experts say the price will continue to go down during the summer months.
A legal investigation will get peoples attention every time, especially when the price of oil and gasoline are manipulated by those who benefit the most. Keep in mind production in the oil industry has been up, there has been no shortage and really no threat to drilling and or production world wide. Profits in the industry continue to increase and contrary to what oil industry executives say, federal and state regulations do not hinder the industry's drilling and production.
The President and Justice Department needs to follow through on their investigations and hold those accountable for their manipulation and speculation on the price of a barrel of oil. Those elected officials who are mouth pieces for the industry were just as wrong as the so called experts and are a pittiful bunch. It is way past time for congress to eliminate the billions of dollars of tax breaks for the industry.
