On December 14 in 2000, Republican Senator Phil Gramm of Texas pushed through the Commodity Futures Modernization Act, deregulating all derivatives trading, which was signed into law by President Clinton on December 21.
That law was a major cause of The Enron Scandal in 2001, and also deregulated petroleum futures traders, the cause of rising gas prices ever since.
The price at the pump was $1.29 when George W. Bush became President in January of 2001, and is now a nationwide average of $3.63 – nearly three times higher. The prediction for the Summer of election year 2012 is that gas is likely to be $5.00 per gallon.
I figured this could be blamed on Newt Gingrich, but he was replaced as House Speaker in January 1999 by Republican Dennis Hastert of Illinois. Senator Phil Gramm is currently a full-time lobbyist for Union Bank of Switzerland.
The Republican propaganda machine will, of course, point the finger at President Obama. But the factual root cause of high gas & oil prices remains Republican Senator Phil Gramm and the fascist Republican agenda of deregulation.
2 comments :
You may want to look at the vote. In both houses and who the president was. Then my ( the Rep) did nothing to change it between 2001 to 2006 when we lost the house. You may remember the Dems never (that I recall) used this as the reason to attack prices. It was always Bush fault.
The truth, we all got screwed by the CFMA. It's not one person's fault. Again look at the vote. We continue to get screwed because no one will be honest enough to admit they were wrong to vote for it and now change it.
This has nothing to do with Obama. Now I think he can be hammered on a lot of issues related to energy but not the CFMA. He probably has no clue what it is since he is clueless in many things.
So everyone needs to stop trying to use this to point fingers and blame and realize it was an entire government failure. Use that energy to get it changed.
Look the Dodd / Frank bill is another disaster.
I do not blame Obama he had this mess dumped on his lap big oil and the corrupt officials on capital hill are to blame The only thing our government they did not stop the bleeding of the middle class And big oil closes refineries to cause a shortage of gas which is the reason for the high prices Well i guess the middle and poor have not bin hurt enough by these high prices I do see another depression in our near future Ben Franklin was right when he said that we should over the government to keep them honest
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