Glick Report
  • June 11, 2008 03:30 PM EDT by Alexis Glick

    On the Hunt for Oil Gougers

    Angry about the escalating price of oil? Feel speculators are helping cause the spike? Are you looking for answers?

    The commissioner of the Commodity Future Trading Commission--CFTC-- Bart Chilton, which oversees and regulates trading in crude oil contracts joined me this morning on Money for Breakfast. I asked him if speculation was to blame for the run up and how he can tell. Listen to what he says he will do if he finds out that speculators have illegally manipulated the price. I'd be afraid!

chuck

There was an interesting letter to the editor in yesterday's Vicksburg Sunday Post. The author had written a long letter and explored alternate energy sources. Now one thing that emerged from this letter was the fact that aren't no walk nor bike trails built around the hill city. Madison has walk trails and back trails. The author pointed out the fact that other communities have followed suit. What the author revealed is the fact that local politicians don't like the idea. Which proves they don't believe improving the community with the rash of high gas prices. Whoever these politicains are they in reality are displaying poor judgement with the uncertain economics as they are. Surprises u eh that that town like Vicksburg nor Warren County doesn't have walk or biker trails. The author further pointed out the fact that this could attract more people to live here. But uncreative politicans who merely grumble and have self interest in thier minds and hearts are only hurting themselves and thier communities. Already the realities of high gas prices are settling in. Budgets of communities large and small are being affected.

June 16, 2008 at 4:38 pm

chuck

If you do a Google search on retail gas prices and vertical intergration you would find numerous sites. On the Slate.com site there is a history of vertical intergration. What emerged from that article was the fact that vertical intergration appear to come about when the oil commidities was deregulated. Or was the oil market regulated at all? Well vertical intergration should be examined and see along the line who benefits from gas prices in the retail gas chain. Juat an idea to explore since there is a lot anger out there over high gas prices. Now the interesting item that stood out in the Vicksburg Sunday Post article of Sept 6.2006 was the fact of keeping secret certain gas prices. Like how much purchased for the gas station etc. One thing that has emerged is the fact,even complaints of price gauging in the Vicksburg ms Market via Deparment of Energy,no one hasn't acted on those complaints filed. AG Jim Hood claimed during the election cycle of last year that no complaints were filed. But the electronic files were.

June 13, 2008 at 11:38 am

Alan

For years the environmental lobby has successfully blocked drilling for oil near Alaska and in US coastal regions. Now we find China is taking that oil by drilling off Cuba, and Russia is taking the oil to the north, so the only thing Congress has accomplished is to assure that the United States cannot have this oil.

June 13, 2008 at 10:42 am

chuck

The problem isn't the President nor Vice President. Wrong. Congress and both parties should share the blame for not acting on the issue. But on the Retail gas price front vertical pricing has to be examined. Seriously. Beside that questions should be raised about jobbers telling corporations like Walmart,Kroger and Cotsco that they can't put in gas pumps. Vicksburg ms is an example of this anti-competive behavior. Now Kroger is putting in thier gas pumps. But the speculators,hedge funders should also recieve the scruiting for pushing the price of the oil upwards. Always reacting with emotion over geopolitical issues. All the Oil Commidity market has been trying to find some good news to drive the price down. But vertical pricing of retail gasoline should be examined. Back in 2000 there was case filed by the California DA office on this same issue. The media should take a harder,closer scruitiny of seeing who is responisble scewing the customer at the gas pump. Also alternatives should be examined including four day work weeks. Rural areas are the hardest hit areas. Becouse of lack of mass transit and that needs to be address and rural areas like Mississippi and other states shoud have price relief addresses. If not small businesses are going to be the victims of these high prices. There are many areas of blame. But I don't blame President Bush for this. The truth is out there u just have to look.

June 12, 2008 at 4:34 pm

ken

the answer is BUSH and hes friends that is the answer to all the problems

June 12, 2008 at 11:11 am

stephenlee

It is as simple and complex as bring more supply on line to lower the price of a barrel of oil.

June 11, 2008 at 7:54 pm

about this blog

  • Alexis Glick is an anchor for FOX Business Network. Prior to joining FOX, Glick served as a correspondent for the Today Show and co-anchored the third hour of that program. Before her stint at NBC News, she was the senior trading correspondent for CNBC and reported from the floor of the New York Stock Exchange.

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