Oregon Congressman Peter Defazio isn’t making many friends on Wall Street these days because he’s touching on one of those “untouchable” realities of commodity pricing on the world market. Defazio is pointing out again that Wall Street Banks and other funds are buying up so much oil and gas on the open market that it destabilizes the price of such commodities which then causes prices to spike. Wall Street calls it “market timing,” that if they can create minor shortages in various strategic areas of the world, prices rise and we all pay.
Here’s the story told all over again by Rep. Defazio. Click here.