According to Carlos M. Gutierrez, Secretary of the U.S. Department of Commerce, the voice of business in government, blaming the price of oil on speculation "is a distraction" to focusing on demand reduction and adding supply.
It just happens to be that the overwhelming volume of a consolidated capital holding over 70% of oil futures contracts for non-delivery (for speculative purposes) is not being invested in adding supply.
The speculative investment is, however, reducing demand by deflating the economy. The official Republican administration policy, including John McCain, is that the trickle-down economics driving the demand reduction is supply-side economics.
That would be false by the most obvious measure of the evidence used to support their hypothesis: that the price of oil is due to a fundamental lack of supply.
You would think neo-conservatives are intelligent enough to come up with something that at least resembles a convincing argument.
Remove the consolidated capital from the speculative demand, reinvest it in adding supply (economic growth), and this "fundamental" problem of not properly organizing to add supply, but to restrict it, goes away.
If you want economic growth, if you want to grow your business, join the coalition for Obama!
Very best wishes.
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