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Olbermann: Traders Are Driving Up Gas Prices to Harm Obama

Noel Sheppard's picture

Disgraced former MSNBC and Current TV anchor Keith Olbermann suggested Sunday there's a conspiracy to drive up gas prices in order to harm President Obama.

Such was said on ABC's This Week in response to host George Stephanopoulos's question regarding the impact speculation has on what consumers pay at the pump (video follows with transcript and commentary):

GEORGE STEPHANOPOULOS, HOST: Let's talk a little bit more about the economy. Gas prices are starting to come down this week, but the president wanted to show he's on top of it, saying he's prepared to crack down on speculators.

(BEGIN VIDEO CLIP)

PRESIDENT BARACK OBAMA: My administration will take new executive actions to better analyze and investigate trading activities in energy markets and more quickly implement the tough consumer protections under Wall Street reform. None of these steps by themselves will bring gas prices down overnight, but it will prevent market manipulation and make sure we're looking out for American consumers.

(END VIDEO CLIP)

STEPHANOPOULOS: Keith, the president did made a concession there. The problem is they actually hadn't been able to come up with any evidence that speculation was driving up the price. There's a lot of hunches, no hard evidence.

KEITH OLBERMANN: Yeah. One of the -- one of the things I turned to, to try to establish that was to look at the average gas price at various key moments, and the lowest price in the last six years, the nadir of gas prices at the pump, was the day of this president's inauguration in 2009. There has to be some connection between that being the least busy political moment of a president's career, where you're not going to -- you're not going to hurt them, you're not going to harm him that way, and the price of gas. There has to be an almost deliberate or at least a side effect quality to that. There must be.

This is either astonishing ignorance, deliberate misinformation, or both.

The reality is that commodity prices as a whole, after a precipitous decline during 2008's financial crisis, began to bottom in December of that year. This is also true for crude oil prices and wholesale gasoline.

Let's understand that as part of the overall collapse in the value of virtually everything in the second half of 2008, oil plummeted from a high of $147/barrel in July to a low of $32 in December, a staggering 78 percent decline.

During the same period, wholesale gasoline went from a high of $3.63 in July to a low of $0.79 in December. This was part of a mass liquidation of all assets other than United States treasuries as investors panicked like it was the end of the world.


The eventual rebound in assets including energy prices was a function of the panic being overdone and the markets in general stabilizing after one of the largest crashes in history.

To now make the case that there's something nefarious about this and it is somehow evidence of a conspiracy to harm the current White House resident is absurd.

If traders were looking to manipulate markets for political gain, the stock market wouldn't be near the highs of this president's term. Far lower stock prices would hurt consumer confidence which would cause the current economy to be far worse including unemployment.

The fact is that besides this president's clear antipathy to fossil fuels, what's largely driving the recent rally in oil and gas prices are tensions associated with Iran's nuclear ambitions.

It's of course not at all surprising that Olbermann understands none of this and rather thinks it's all a grand conspiracy to harm the president he adores.

That ABC gave him a platform on Sunday to spout such nonsense is actually more disturbing than the comments themselves.

Readers should also see "Peggy Noonan Schools Olbermann: 'A Lot of People Think Businessmen Create Businesses Which Create Jobs'" and "George Will Asks Donna Brazile 'If Obama Can Stop the Seas From Rising Why Can't He Bring Down Gas Prices?'"

Comments

#1 Hey Keef, I see that you're

Hey Keef, I see that you're worming your way onto some various TV shows, now that you've been canned by ALGORE - who is as bloated and delusional as you are!!! And, you're wrong again - your Boy Baraka has been attacking the EVIL oil industry from day one, and continues to do so , even as we speak - so your little theory that EVIL BIG OIL is trying to 'harm' Osama Obama is just another excuse, alibi, and explanation of a falsehood - coming from your angry and bitter big mouth.

And while we're on this subject, there's another thing that has bugged me for a long time, with regards to these self-righteous, anti-BIG OIL delusional libs. Considering the amount of 'fossil fuels' (that would be dead dinosaurs) that people like Boy Baraka, Moooooooooooooooochelle, ALGORE, and any other number of blabbermouths from the left use - and more often than not at OUR expense - I can't understand why they continue to degrade and disdain the very industry and product that allows them to do all of the things that they do. But......................then again.............they're delusional and hypocritical libs.

#2 Good evening killa

To answer all your questions - they're dummocrats.

 

Jesus Loves You so much He died for you

#3 Wasn't it Schumer's ex-aide

Wasn't it Schumer's ex-aide who let slip Obama has an October surprise of gas prices falling rapidly?

 

"DumbAssity of Dope"

#4 Something about Baracko's Mooooooooooo-

oooooslum bruthas in Saudi Arabia flooding the market with enough cheap gasoline to buy the election? Wouldn't be surprised in the least. Anyone stoopid enough to fall for a stunt like that deserves what they get.

#5 Ignorance, yes; astonishing,

Ignorance, yes; astonishing, no.

There "has to be" some connection?

Good grief!

#6 "This is astonishing

"This is astonishing ignorance, deliberate misinformation, or both."

I would call it incoherence.

If you're not getting flak, you're not over the target.

#7 More like incontenance of the mouth

.

" Experience should teach us to be most on our guard to protect liberty when the government's purposes are benificent. Men born to freedom are naturally alert to repel invasion of their liberty by evil minded rulers. Justice Louis Brandeis

#8 It has become increasingly clear

that tuning in to any of the liberal programs (especially MSNBC) is akin to eavesdropping on conversations taking place inside of an insane asylum.

#9 "One Flew Over The Cuckoos Nest"...

...was on over the weekend. I could see someone taking those counseling sessions with Nurse Ratchitt and the boys, cut in some Demo talking points, and have comedy gold.

#10 Splice in a laugh track...

...and have a campaign ad for the ages.

#11 ObieDog on This Week

  • That ABC gave him a platform on Sunday to spout such nonsense is actually more disturbing than the comments themselves.

Bingo !! Thank you. 

(;~> gary

#12 Exactly what I was thinking Gary

Obermunster trashes and got trashed by MSLSD, then disses and gets fired from the Goracle's network - Current TV. Don't liberals EVER learn?

Um, never mind. Stupid question...

#13 RIGHT! You nailed it!

ABC exposed itself AGAIN as a mouthpiece of the left!

Chris H. Beyer Right of Way Pundit

#14 A conspiracy?

It would involve hundreds, if not thousands of people to "manipulate" gas prices. Yet, the LSM can't find one single, solitary liberal, er progressive, um, communist to confirm that this heinous conspiracy exists? Thought not.

Thanks for playing Keefy, now go play in your bath tub.

To re-elect Obama would be like the Titanic backing up and hitting the iceberg again.

#15 Another option

This is astonishing ignorance, deliberate misinformation, or both.

There is another option: I'm going with "delusional."

#16 Really?

"the nadir of gas prices at the pump, was the day of this president's inauguration in 2009.."

Really? Then explain to me how, just a few short months previous, gas was a heck of lot higher during the Bush Administration (4.12 a gallon in June, 2008). Was that some type of conspiracy too? One designed to get Obama elected?

The Citizens of each State shall be entitled to all Privileges and Immunities of Citizens in the several States. The US Constitution

Unless you're a fetus. The US Supreme Court

Or Anwar al-Awlaki.

#17 Just remember, Keith

Just because you're not paranoid DOESN'T mean they aren't out to get you...or in this case, your idol.

#18 Here in Asiamaui gasoline is now over $5 a gallon.

Shall I post a chart showing holes in the ground/price of natural gas?

In Colorado the gas drillers have punched so many holes in the ground, that natural gas prices are at a 10 year low.
Oh NOOO a gas driller hit OIL and guess what, the EPA shut them down.

However those optimistic drillers wanting to get a another permit, how dare they!!!

#19 No ka oi, you know how it is

No ka oi, you know how it is over here in my part of Asia too, right??? When's the last time you saw sub-$3 gas??? Not anytime that Boy Baraka has been on the scene, that's for sure!!!

Yeah..............those EVIL oil people!!! Truely anti-American!!! They want to make things hard on ALL of us.............and especially the libs, since they are the ones who seem to gripe the most. And, Keef......................that limo (with the smell and the chatty driver) that you were being chauffered around in, while earning $10 mil/year??? Did it run on Solyndra solar panels, or did it have a windmill on top of it?? Or, maybe the chatty driver took it down to the nearest water hole and filled it up with pond scum???

Morons, all!!!

#20 Killa, Polynesian Paralysis is a world wide fever.

Ignorance is bliss, is also a fellow traveler.

One of the renters next door has a windmill on the roof of his car.

You just can't make this crap up:

Hawaiian Electric to raise rates because of solar losses!!!!!!!

Hawaiian Electric Co. customers who don't have solar panels installed will see their rates go up to make up for the revenue lost by the increasing number of homes and businesses that are installing photovoltaic systems.

#21 smilar thing happened

here in the Mojave Desert (CA, of course). Everyone was encouraged to put in xeroscape yards to conserve water. Then the water company raised rates to offset the losses.

#22 almostacowboy77

Las Vegas pulled the same bs - don't ya just love how those who follow the rules/try to "do their part" are always the ones who pay out both ends?

The government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.
Ronald Reagan

#23 It's gotta

hurt to be that stupid

A Recession is when your neighbor is out of a job. A Depression is when YOU are out of a job.. A recovery is when OBAMA is out of a job Hat tip to Ronald Reagan

#24 I think, therefore ....

There has to be an almost deliberate or at least a side effect quality to that. There must be

I think there is, so there must be. Exceptional use of logic Mr. Olbermann. Not.

#25 And how is something

"almost" deliberate???

They "sorta" meant to, but not really?  So it ended up being accidental??

And a "side effect" to WHAT, exactly? 

Gee, Keith we've really missed your blithering incoherence.....er......keen insight.  Good to have you back!!

#26 Echo Chamber

While I like reading comments here and used to post. Its an echo chamber. Of course Keith is a stupid leftist hack and at least in part the left's broad inability or lack of desire to understand complicated finance and economics is responsible for their puerile and wrong observations. While I happen to believe in God, there certainly is a point when people say primitive peoples long ago -- and apparently still today -- blamed unseen forces of evil or good for the things they don't understand, like speculation, or better, investments in futures. Unfortunately, like the ancients, there is always that leftist desire to sacrifice some poor virgin to the gods to fix it...

#27 gmonsen

I hear you, but, isn't it just a tad reassuring so many people see through the bias and have common sense?

The government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.
Ronald Reagan

#28 yet again?

Is he off his meds? Choices: He is certifiable (mental illness) or he is pathological liar? I vote for both

Ronald John Lofaro, PhD

#29 Olbermann doesn't use meds. He's nuts.

That would be the in-depth diagnosis.

ACA

...

Quoted from: 'Acaiguana notes from the Underground' (Soon to be at theaters near you)

#30 KO

I cannot believe that ABC doesn't realize having this guy on hurts their Credibility

NewLife56

#31 Forget the sarcasm tag?

Did you forget to note you were being sarcastic?

ABC? Credibility?!? Hahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahahaha!!!!!!!!!!!!

Stop. You're killing me....

#32 Hurts their .....

what?

#33 Keith vs. Glenn Beck

Is this the same Keith Olbermann who used to mock Glenn Beck for "crazy conspiracy theories"? You know... that he laid out with video & audio & print of people IN THEIR OWN WORDS as PROOF that the dots he was connecting had MERIT?

Keith... This is the same Glenn Beck who now owns a P-R-O-F-I-T-A-B-L-E network with more people who PAY to see HIM than YOU can get to watch you FOR FREE, if their cable network even CARRIES the network you were last on... What was it called?

#34 Death, misery & despair take 2nd stage to Obama's poll #s!

There you have it in a nutshell. The liberal left, in politics, the media, education and the scientific halls, care about issues through only ONE lens: 'Will it hurt Obama's re-election?'

World wars killing thousands and tens of thousands? Who cares about THEM? Only if it reflects badly on Obama does the liberal left care about it.

Millions unemployed? Losing their jobs, their houses, their livelihood? People hungry, broke and desperate? They're just 'bumps on the road' for Obama to stomp on! Who cares about them, except if they get in the way of 'the messiah'?

Gas prices skyrocketing? Food prices going through the roof? Taxes are sky-high? National debt ballooning out of control to an inevitable meltdown that will affect hundreds of millions? We in the liberal left care nothing about that! The important thing is, can OBAMA keep his poll numbers high through it all?

Who cares if families starve! Who cares if they wind up in the poorhouse! Who cares about death, misery, despair, destruction and chaos? Obama's poll numbers and re-election are all we on the liberal left care about!

But how can real Americans, who have common sense, be surprised at that? We're talking about leftists - an ideology who says they'd just as soon slaughter millions of people if it means they could stop 'global warming'....

If a Liberal/Democrat politician/media figure wants to put their arms around you, or pat you on the back, all they're doing is looking for a good place to stick a knife.

#35 There's just one problem,

There's just one problem, Obama wants high gas prices.


#36 and..

"affordable" $50 green light bulbs.

#37 Keith the CPR dummy

Let me get this straight: Keith "there's undiscovered gas in my bathtub" The Sports Boy claims that high pump prices are a conspiracy to damage Obama?

This is Keith Olbermann, who took $10 million from Algorithm and was fired from an unseen cabal news channel, who is complaining about gas prices?

When was the last time he drove a car? Can he? Has he ever pumped gas (into a car, not a microphone)?

#38 Oil Prices

Obama has been blaming higher prices on speculators since he has taken office.

He has done nothing to stop this because:

  1. He has no actual proof of this
  2. They are not doing anything illegal even if it were true
  3. Obama actually wants higher prices

 

If conservatives are RIGHT, then liberals must be WRONG.

#39 Keith Olbermann Interviews Casey Anthony

After reading the transcript of Keith Olbermann's interview with Casey Anthony in the Daily Rash, I am convinced he's the Edward R Murrow of his generation. No, really! http://www.thedailyrash.com/keith-olbermann-lands-first-interview-with-c...

#40 Great link!

I howled while reading this

#41 Look at what the cat dragged in!

olbermann? Really?!

#42 Huh????

What idiot booked this jerk? Heads should roll.

#43 So in other words, Keith ....

... gas prices were lowest in the last six years exactly at the end of Bush's presidency and they've been consistently higher ever since. Thanks for calling attention to that.

#44 Did

ABC have to to pay obie 5 million to sit and make a jack-a$$ out of himself? Suppose Noonan will be the next "worst person". Oh, forgot, he got the boot from Algore.

#45 Olbermann is a bum

Here's proof.

-Dave

Vote for the American in November

#46 A fat, pasty

A fat, pasty bum..................jeez, Keifie and ALGORE have similiar body types - bloated, constipated, and filled with hot air and putrified brain cells AND fecal matter!!!

#47 OMG Dave

He filed a wrongful termination suit against Current TV seeking $50 million to $70 million,

I can't believe he's suing Algore! After Gore gave him a job after being fired from MSDNC? He is truly an unappreciative bum!

#48 I think it's funny as he//

Here we have 2 perfect elitist dimwits fighting over 10's of millions of dollars. While suggesting you and I give more of ours to more elitist dimwits. What a couple of creeps.

Seek Truth, Defend Liberty

#49 SPECULATORS

http://napoleonlive.info/economics/oil-prices-means-speculators/

#50 So, if speculators serve no purpose, why isn't oil

purchased only on the spot market?

#51 Why, after being dumped...

by the two worst stations in existence, is that big giant-headed moron asked to opine on any thing any where any time?

#52 Good grief.

Would George Will not eat this moron alive?

#53 VACUOUS TALKING HEADS . . .

It is pathetic that a few ignorant talking heads who understand little would make and accept idiocies, but it is more disturbing that this same IDIOCY is in the White House, leading America.

#54 ink-barrell

dem-lib-progs have the ink (by the barrells), on; and the their hand on the spigot of the barrels (off!). thank you very much!

vcb-tn

#55 Olbbe has another agenda

Let us not forget comrades, he is verwy verwy crafty and along with the KGB may be planning to start a clandestine shortwave radio station operating at approx. 9500 KHz to transmit propaganda and instructions to our revolutionary forces in the field.

#56 Olberman

If there is one creature on this earth that I detest is this FRUIT! What a stupid fraud this guy is. He is an absolute idiot and a know norhing pompous ass!

#57 Olbermannish Boy

Just like Herpes Simplex II, he keeps coming back.
And he's about 100X NASTIER than Herpes!

Socialism is the Extreme in America!!

#58 The funny thing is that Obama

The funny thing is that Obama blamed Bush for high prices during the 2008 campaign.

Thanking Obama for killing Bin Laden is like going into McDonalds and thanking Ronald McDonald for making your hamburger. It's the guy cooking the burger that should get the credit .... not the clown.

#59 Noel, correct me if I'm wrong, but

if the speculators were conspiring to drive up prices to hurt Obama, wouldn't the producers who buy crude then purchase it on the spot market, rather than buy futures at artificially inflated prices? Of course one would have to understand that the spot market is not driven by speculators, but the other way around, no?

Bathtub Boy was auditioning for ABC, and I'm sure he passed the "run interference for Obama" test.

#60 Two knuckleheaded leftwing operatives pretending to be reporters

What a fruitcake.

Hey moron, do the following statements ring a bell?

“We have to figure out how to boost the price of gasoline to the levels in Europe".

“I think that I would have preferred a gradual adjustment” when asked if the price of fuel was too high.

“Under my energy plan, the price of electricity would NECESSARILY skyrocket.”

“If you're complaining about the price of gas and you're only getting 8 miles a gallon, you know, you might want to think about a trade-in.”

Yes, dummy, this is a president who has REPEATEDLY stated -- and demonstrated with his actions -- that he WANTS fuel prices to rise. This is a president who has resisted every effort to open up exploration and refinement.

And now he's getting all the credit he deserves, no matter how much you whining propagandists squeal.

#61 Feed The Monkey

What qualifies this bucketmouth to blow his frothing idiotic rants on national TV? Surely it can't be education or experience. Leave it to ABC to pay attention to this irrelevant egotistical moron.

#62 Ever stand behind a man at

Ever stand behind a man at the grocery store check out who smelled like pee? That would be Olberman.

#63 Good morning Puffin

That's because in real life he's Don Keixolbe, veteran of many outhouse wars.

 

Jesus Loves You so much He died for you

#64 abc news...KO and lil Georgie...really?

Someone in here that is wiser than I please explain this to me. MSNBC and Algore part ways with him. They finally realized that KO is clinically insane. So some producer at abc books him with lil Georgie and the "powers that be" at abc news think this is a good idea? Really?

#65 I know texan

I thought we were through with him for good!

#66 Amazing

It's amazing that atmospheric pressure hasn't crushed Olbermann's empty skull.
I guess this is ABC's way of trying to get laughs - he's a stretch even for them.

#67 Hi can survive any

Hi can survive any atmospheric pressure. Every time he opens his mouth he equalizes pressure within to that without. See, his head isn't empty per se, it is filled with hot air.

“To compel a man to furnish contributions of money for the propagation of opinions which he disbelieves and abhors, is sinful and tyrannical.” - Thomas Jefferson

#68 Keith the economist

What is really shocking is ABC actually put Keith on the air as if he understood anything at all about the economy. How ridiculous is that? If speculators were pushing up gasoline prices just to thwart Obama, can the same thing be said back in 2007 when oil hit $150/Bbl? LOL! The fact is speculators speculate. Speculation pushes oil higher and lower. What isn't understood by many is for the most part, supply and demand are relatively closely aligned in the world today. That means, geopolitical tensions like news of a bombed pipeline or a national strike in an oil producing nation, will cause speculators to speculate to the upside. When a world recession is forecast, speculators will short oil pushing it into the toilet. Resultant actions from Opec can then provide support or resistance to any price. But we have something more at work here in the states. The US is somewhat awash in crude today. Our problems are more to do with a capacity to refine crude for domestic markets. We haven't built a refinery in 30 years due to EPA requirements. We've actually seen refineries close their doors in the last 30 years even while the country's refineries are expected to obey various state laws in refining as much as 65 different formulations of gasoline thoughout the year on top of diesel, kerosene and other oil products.

#69 The bigger story, which no

The bigger story, which no one reported, other than in passing, was that Obama's response to high gas prices was not increasing supply, but rather adding regulation to the market. Never (and I mean never) has regulation resulted in lower prices. But that is this President's response to everything, make government even bigger.

Sheesh, even a blind hog can find an acorn every once in a while, but the President couldn't buy a clue.

“To compel a man to furnish contributions of money for the propagation of opinions which he disbelieves and abhors, is sinful and tyrannical.” - Thomas Jefferson

#70 Olbermann

The only person more ridiculous and irrelevant than Olbermann is Al Sharpton.

#71 Keith Olberman - Gas Prices

RIGHT, Olberman. The manipulation will be on the part of Dems. Rumor has it that Obama already has plans to make a deal with Saudis to reduce rates leading up to November. Now, why in the world would he do such a thing? Check out Chuck Schumer's recent request to get that ball rolling sooner rather than later.:

http://www.freerepublic.com/focus/f-news/2852067/posts

Guess it's okay for everyone else to drill . . . such as Saudi Arabia and Brazil . . . yet the U.S. remains off limits.

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