If you're paying about $40 at the pump now, you might soon be paying $80 instead, even though supplies worldwide are up and use down.
The old idea of supply and demand didn't work out so well, especially after the Great Recession, when everyone cut back on their driving habits dramatically. What to do? Trade oil on speculation, and rake in huge piles of cash. This free wheeling exclusive club of profiteers can be reined in, with the Dodd-Frank bill set to go in effect the 17th of this month, but no action has been taken so far. And with the Republican in charge, and Wall Street requesting a hold for at least a year, $5 a gallon prices at the pump may be next.
MSNBC had this incredible report:
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