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Istook1007 Obama Speculates on Scapegoats

Recorded on April 18, 2012

From The Heritage Foundation, I'm Ernest Istook.

President Obama has failed to convince the country with his other theories about gasoline prices, so now Obama blames speculators who buy and sell crude oil futures. His proposal is pure Obama: Hire more bureaucrats to monitor the speculators.

What he calls speculation is normal business to others. Those who use petroleum to make gasoline--or plastics--buy and sell oil futures to create predictability so they can plan ahead. Obama blames the futures markets for driving up the price of oil, but never explains why it's driven down other prices, like for natural gas.

We also have active global markets in gold, dollars, euros, and more. The food business buys and sells futures on corn, wheat, cocoa, soybeans, cattle, hogs, and my favorite, frozen pork bellies.

But Obama seems to be dealing with a totally different kind of animal. He's obviously trading in scapegoats.

From The Heritage Foundation, I'm Ernest Istook.