How speculators work

(I know that everyone is focused on the Convention.)

Not long ago, former Labor Secretary Rich did a brilliant exposé on NPR of how oil traders create their own "market momentum."

One strategy is to bombard consumers with scary predictions like this:

"Prices are going to go up pretty soon. You’re going to see increases by 5, 10, 15 cents a gallon,” said Tom Kloza, publisher and chief analyst at the Oil Price Information Service in Wall, N.J.

Now allow me to point out that this is COMPLETE rubbish. ("5, 10, 15 cents a gallon" what a crock!) This asshat has NO EFFING IDEA if this storm will have ANY effect on prices WHATSOEVER at all! The "Oil Price Information Service" has one goal: to drive retail gas prices higher.

The con game works like this: float some hairy scary story that portends high prices. Run retail gas prices up seventy five cents. When the story turns out to be rubbish, drop back fifty cents.

Violá -twenty five cent price increase of PURE PROFIT.

John McSame and the GOP are worse than robber barons.