Tuesday, June 7, 2011

$4 gas: Blame the Kochs

The Tea Party isn't the only thing the Koch brothers manipulate.

No, the union-busting billionaires are also in the business of oil speculation. You know, the unsavory practice that drives the price of gas up to $4 a gallon.

Our good friends at ThinkProgress reported today that the Koch-funded Tea Party (Americans for Prosperity) is organizing a national tour to blame President Obama for high oil prices. The tour will include rallies, a website and radio and TV ads.

Writes ThinkProgress:
Koch’s relaunch of Drill Baby Drill appears to be a crass attempt to distract Americans from a true driver of high prices: oil speculation, coming from companies like Koch.
The report concludes that the Koch brothers' crusade to deregulate oil pricing (allowing them to speculate) contributed to the high price of oil, rolling blackouts and monopolies within financial markets. It shows how a Koch employee traded the first oil derivative, how the Kochs lobbied to deregulate oil speculation and how they drove up the price of oil by speculation.

Read the whole thing here.