As reported by the New York Sun, McCain lashed out at both speculators and profiteering oil companies at a recent town hall meeting.
Regarding oil company profits…
I am very angry, frankly, at the oil companies not only because of the obscene profits they’ve made but at their failure to invest in alternate energy to help us eliminate our dependence on foreign oil,” the senator said. “They’re making huge profits and that happens, but not to say, ‘We’re in this so we can over time eliminate America’s dependence on foreign oil,’ I think is an abrogation of their responsibilities as citizens.”
John, have you looked their profit margins? Hardly what I would call obscene. A little ray of common sense sneaks out as he admits the demand caused by developing economies could be effecting the price of oil…
Mr. McCain said much of the impetus for higher commodities prices was coming from India and China, but he added, “Any profit or manipulation by speculators, no matter where they are in the world, it has to be addressed and addressed seriously.” He did not elaborate.
Any profit by speculators is bad? Better shut down the commodity exchanges and outlaw day trading on the stock exchanges. More on speculators…
“I believe there needs to be a thorough and complete investigation of speculators to find out whether speculation has been going on and, if so, how much it has affected the price of a barrel of oil,” Mr. McCain said in response to an audience member’s complaint about investors driving up the price of fuel and other commodities. “There’s a lot of things out there that need a lot more transparency and, consequently, oversight.”
I agree transparency is good.
I find McCain frightening, it will be very hard to vote for him. I know the Democrates won’t agree with this because of his position on the Iraq war, but he truly is the best Democrat running.
