Petrochemical companies, banks, Wall Street and hedge fund speculators, though, don’t want to see real policing of this financial reform law to go into effect. They make billions with the status quo — at your expense.
In a classic red-herring tactic, House Republicans blame the federal budget deficit, EPA regulations and President Obama for high gas pump prices. Who’s really to blame? Let’s follow the numbers.
You can make a minor argument that increased demand for crude oil — and to some extent reduced supply — has some bearing on gasoline prices. There is a modest economic recovery going on here, in Europe and in developing countries like China and India. Everyone’s continuing to demand more black gold.
Yet there’s a huge disconnect between actual rise in demand and prices. According the American Petroleum Institute, gasoline demand rose 6.1 percent (year over year) in March while the pump price rose 22 percent during that period.
The prices of all grades of gasoline rose 5.3 cents in one week (ending April 20), which was the highest level since August, 2008.