Lest you think your federal government is totally obsessed with golden parachutes for Wall Street execs, this Washington Post story reveals something that’s slipped under the radar: Federal investigators are checking into the events that produced a record $25 a barrel runup earlier this week in the price of a barrel of oil.
The irony of profiteers trying to cash in on a day that profiteers – in another market – came crashing to the ground shouldn’t be lost on any of us.
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What if these commodities were treated as a public utility? Price increases could only be implemented by a commission after approving an application to increase rates. No more profiteering speculators. No more spikes in prices of fuel oil, gasoline, or diesel for homes, businesses, cars, trucks, buses, planes, and trains.