Tuesday, July 28, 2015
1012 C Street  •  Floresville, TX 78114  •  Phone: 830-216-4519  •  Fax: 830-393-3219  • 

WCN Site Search


Lost & Found

Found: Chihuahua and Dachshund near Floresville High School. Call 210-548-0356.

VideoFound: older Dachshund running down the road. If this is your dog please call (210)789-0925. Will need proof and verification that the dog is your's.
Lost: Black cow off Hwy. 119 and Denhawken area, has a horseshoe brand with N on left hip and two ear tags. Call 830-391-5589 or 830-391-4802.
More Lost & Found ads ›

Help Wanted

WILSON COMMUNITY HEALTH CENTER, Equal Opportunity Provider and Employer, Floresville, Texas has a vacancy for a Phlebotomist or Medical Lab Assistant. View qualifications visit http://atascosahealthcenter.weebly.com/index.html. Send resume or curriculum vitae to: Human Resources, Atascosa Health Center, Inc., 310 W. Oaklawn, Pleasanton, TX 78064, fax 830-569-8320.
Fike Construction currently has an opening for a welders helper, skills in metal building construction and fence preferred but not necessary. Call 830-216-0524.
More Help Wanted ads ›

Featured Videos





Video Vault ›
RE/MAX homeTNMCRichardson Chevrolet home
You’ve been granted free access to this subscribers only article.

Section A: General News


Editorial:Most of us may be guilty of oil speculation




E-Mail this Story to a Friend
Print this Story
June 6, 2012 | 1,201 views | 1 comment

By Merrill Matthews



In the midst of outrages like an $800,000-plus party scandal at the General Services Administration, the Secret Service prostitute scandal, and a recent Medicare fraud bust that netted 107 people scamming Medicare out of $450 million, what does President Obama want to do? Why, spend $52 million in taxpayer dollars cracking down on ... oil speculators.

Depending on how the administration defines “speculation,” the target could be half of the U.S. population -- including me, and probably you.

So let me ’fess up right here. I have a little money in a 401(k), and I have been known to put some of that into mutual funds that invest in the energy sector.

But I swear I’m not trying to bring the country down or drive up what you pay at the pump. Given that the Federal Reserve Bank has kept interest rates at near zero for years, and that none of the president’s or the Fed’s multiple economic stimulus efforts have worked, I was just looking for an investment that would be worth more when I sold it -- in other words, speculation.

And I’m not alone. About 70 percent of U.S. oil and gas company stock are held by pension funds, asset management companies (including mutual funds), and IRA and 401(k) plans. If I’m an oil speculator, I’m in good middle-class company.

Of course, Obama might claim he’s not talking about us, but those who are actually buying oil futures. Notice I didn’t include natural gas.

No one seems to care about natural gas speculators because the price of gas has tanked -- largely because of the huge supply, the result of new extracting techniques.

Conversely, long-running federal restrictions against new drilling on federal lands and offshore have limited the country’s ability to increase oil supplies. But when markets get spooked by potential shortages due to turmoil in, say, Libya or Iran, the administration doesn’t come to a corollary conclusion -- that a lack of supply is causing the price increases. It blames speculators.

Who are these speculators? Southwest Airlines might be one. Southwest has a fuel-hedging strategy, contracting for future fuel at a set price now in the hope of avoiding a higher future price. And that strategy has worked.

When the price of oil was going up in 2008, Southwest still managed to do well, in large part because it was getting its fuel for a previously contracted lower price. And now the Dallas Morning News reports, “Southwest said its first-quarter results were boosted by $170 million in ‘other gains,’ primarily linked to gains from its fuel hedging portfolio.”

Most people looking at Southwest’s strategy would think “shrewd business move”: Obama looks at it and sees one of those scurrilous speculators.

Or is it manipulators he’s after? While the president has been chastising speculators -- “We can’t afford a situation where some speculators can reap millions while millions of American families get the short end of the stick” -- his $52 million proposed crackdown appears to be targeted at market manipulation. They’re not the same thing. Southwest may be speculating; it is not manipulating.

Market manipulation is already illegal. For example, the Wall Street Journal points out: “In the past 35 years, the Commodity Futures Trading Commission has brought dozens of cases alleging manipulation in energy markets. It was successful in proving only one in court.”

Yes, some people around the globe will try to find ways to manipulate a fast buck. But the oil and gas industry is a huge global market, including about 7.7 percent of the U.S. economy (in 2009), according to a PricewaterhouseCoopers study. Manipulating global prices in a sector as large as energy is nearly impossible.

President Obama’s newfound interest in reining in oil speculators is nothing but a political move: He needs to claim he’s doing something to bring down the price of oil, especially since his restrictionist drilling policies -- the Congressional Research Service said in March that domestic oil production on federal lands has fallen by 275,000 barrels a day since 2010 -- have had exactly the opposite effect.

If oil prices begin to settle down and maybe even decline in the next few months, which seems likely, we won’t hear much more about oil speculators. And then maybe you and I and our 401(k)s will be safe, at least for a while, from a president running for re-election and desperately trying to find someone to blame for his lousy economy.

Merrill Matthews is a resident scholar with the Institute for Policy Innovation in Dallas.
 

Your Opinions and Comments

 
Publius Valerius Publicola  
Rome, Tx.  
June 6, 2012 2:45pm
 
I find it very interesting that given Obama's history he has the hutzpah to accuse anyone else of being a manipulator.

Share your comment or opinion on this story!


You must be logged in to post a comment.




Not a subscriber?
Subscriber, but no password?
Forgot password?

Section A: General News Archives


Full article available to Wilson County News subscribers only. Click here to subscribe. Attend Health Fair in Seguin July 29 (July 22, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Crash near county line claims one (July 22, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. ECISD gives raises, keeps tax rate same (July 22, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Editorial: Choose carefully where to invest your energy (July 22, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Editorial: Government for Big Money (July 22, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Editorial: Is the Civil War over? (July 22, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Editorial: It’s time to take a stand in defense of liberty (July 22, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Emergency services directors review OT costs, reduce fleet (July 22, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Fox Chapel continues SEDC payments (July 22, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Franchise Ownership Workshop July 25 (July 22, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Goody bag items needed for chamber (July 22, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Hospital district approves adding new medical staff (July 22, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Jade Helm 15 military exercises under way (July 22, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Jason Talley to lead state organization (July 22, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Keeping Floresville in style for 25 years (July 22, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. La Vernia area could combine paid, volunteer fire staff (July 22, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Meeting Watch: Falls City City Council (July 22, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Meeting Watch: Falls City ISD (July 22, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Meeting Watch: La Vernia ISD (July 22, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Obamacare increases starting pay for food-service staff Stockdale ISD (July 22, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Paying ‘stupid tax’ (July 22, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Police Blotter (July 22, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Police seek three suspects for theft (July 22, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Poth ISD board gets first glimpse of 2015-16 budget (July 22, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. UIW to bring holistic healing to SA’s south side (July 22, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Bealls participates in clothing drive (July 15, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Beautification group to meet (July 15, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. CoDA finds source of anxious behavior (July 15, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Commissioners grant waiver to Mission Rail Industrial Park (July 15, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Editorial: Americans’ focus is on anything but serious issues (July 15, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Editorial: Looking back on my 85 years (July 15, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Editorial: Surprise! Scientists have ‘cracked code’ to happiness (July 15, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Elmendorf council votes 4-1 to abolish ‘assistant city administrator’ post (July 15, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Elmendorf, SAWS reach deal (July 15, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. FEMA seeks Texans to work at disaster recovery offices (July 15, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Floresville joins opposition to water transport project (July 15, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Floresville Visitor & Tourist Bureau takes small steps (July 15, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. La Vernia council remains as MDD board (July 15, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. La Vernia council terminates city secretary (July 15, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Letter: Let’s get involved (July 15, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Managing growth, groundwater responsibly — an analysis of water ‘surplus’ project (July 15, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Meet DPS Sgt. John Henke (July 15, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Meeting Watch: La Vernia City Council (July 15, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. No lease: Floresville 4A Corp. applies for beer license (July 15, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. No quorum for Poth EDC (July 15, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Otto Kaiser plans health fair, low-cost physicals (July 15, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Police blotter (July 15, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Questions remain after reported attack (July 15, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Reputed dope dealer takes plea (July 15, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Saenz interns with Cuellar (July 15, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. STEER calls for award nominations (July 15, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Stockdale News: Giving Jubilee kudos (July 15, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Stockdale News: Leos to hold yard sale (July 15, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Stockdale News: Library fun continues (July 15, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Stockdale News: Mitchell places in top 10 of national rifle competition (July 15, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Stockdale to receive $311K in grant, earnings distribution (July 15, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Texas A&M to pair with two-year colleges (July 15, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Unauthorized subletting (July 15, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Veterans eligible for VA Medical Care (July 15, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Winter rainfall dries up city’s utilities income (July 15, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. World Heritage Site designation piques curiosity in ranch (July 15, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. ADCaP, UIW online fall information session is July 9 (July 8, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Avoid skin cancer; protect your family from the summer sun (July 8, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Chief appraiser’s opening draws four applications (July 8, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Connally donates to Floresville Food Pantry (July 8, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Court Update (July 8, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Dangers of leaving children in vehicles during summer (July 8, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Deel named top 10 advisor, inducted into Hall of Fame (July 8, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Does the YMCA have a future in Wilson County? (July 8, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Editorial: Guns in church can work (July 8, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Editorial: U.S. Supreme Court disasters (July 8, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Evergreen states opposition to Cibolo, Schertz water plan (July 8, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Floresville Economic Development Corp. (July 8, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Floresville Planning & Zoning Commission (July 8, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Floresville police hunt suspects, arrest two (July 8, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Home safety while you’re away (July 8, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Host an exchange student (July 8, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. How to handle difficult discussions in the workplace (July 8, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Letter: A third letter to America (July 8, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Letter: Hoping to find the cowardly culprit (July 8, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Letter: No press coverage, no tickets (July 8, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Meeting Watch: Poth ISD (July 8, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Museum seeks lumber, pictures (July 8, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Nominate your 2015 favorite country doctor (July 8, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Nonprofits encouraged to partake in Newcomers Fair (July 8, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Parking garage at SA airport to close (July 8, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Pause investing for a luxury (July 8, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Police Blotter (July 8, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Poth cancels another city council meeting (July 8, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Poth, Stockdale could get Connally Memorial clinics (July 8, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Rancho de las Cabras achieves World status (July 8, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Shooting range drives citizens to City Hall (July 8, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. SSCA to meet (July 8, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. St. Hedwig City Council backs off fire-code variance (July 8, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Texas sues EPA (July 8, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Trustees approve $9.55 million budget (July 8, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Yoga Center marks one year (July 8, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Corner Store grand opening is set for July 2 (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Court Update (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Crouch Memorial Bull Riding (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Dan Patrick weighs in on same-sex marriage decision (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Disabled veteran license plates available for widows (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Does the EPA control your stock tank? (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. East Central ISD decisions will save taxpayers millions (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Editorial: Changing the past to fundamentally transform America (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Editorial: Donald Trump tries to put his brand on GOP (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Editorial: Hillary and history: Best-known is not the same as best-qualified (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Event highlights seniors, vets, services July 17 (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. FELPS aims to improve reliability systemwide (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Floresville ISD adopts $39M budget (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Floresville keeps city manager, 'extravaganza' (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Free July training for business owners (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Guadalupe deputies hunt fugitive after bar fight near Seguin (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. H-E-B recalls burger buns (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. La Vernia approves $26M-plus budget (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Letter: Frightened aging bones (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Meeting Watch: Falls City City Council (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Miles Svoboda earns saddle in chute dogging event (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. New battalion commander recalls Floresville roots (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Nixon residents respond to shooting with prayer (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Parkside Homes wins planning and zoning approval (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Scam email: Pay up or die (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Skloss retires after four decades with Karnes Electric (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Tanker, tow truck crash on U.S. 181 (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Tour vintage aircraft at Stinson Municipal Airport (July 1, 2015)
Full article available to Wilson County News subscribers only. Click here to subscribe. Traps to avoid after graduation (July 1, 2015)