GAS PRICES AND THE MOTORIST.
What is there to do?
Gas prices are bound to spike some more, as President Barack Obama has decided to increase punitive sanctions on Iran, due to its insistence that its nuclear program will not be halted in any way.
Sanctions will force Iran to take off at least the 2.2 million barrels of oil a day that it produces, meaning that the abundance of it (oil) will be short on the world market.
Yet, since the face off with the rogue nation, Iran, by the United States and other members at the United Nations is important, if not beneficial to the rest of the world, it stands to reason that sanctions must continue, instead of attacking the country's nuclear facilities, whose outcome will surely make matters worse.
Saudi Arabia is the source to fill the void that the Iranian supplies will create, but it seems that production has its limits, and the country will be biting off more than it can chew to meet with the overall world demands.
Therefore, there is no way to stave off high gas prices, except to look around and to see where the problem actually lies; and it lies at no other place than Wall Street.
An article on "CNN Money" front page makes it clear that Saudi Arabia is willing to get the gap of shortage the Iranian crisis is creating to minimize, as such a step will be aimed at bringing oil prices down, but the culprit or the actual entity is still doing its damnedest to keep prices up.
"So even if Saudi Arabia could flood the market with oil and plug any perceived supply shortage, it wouldn't make a difference unless this overhang in speculation is addressed." the article states.
It ends by saying that, "The next time the President heads to the Middle East to discuss high oil and gasoline prices, he would be wise to make a pit stop on Wall Street." thus depicting where the whole trouble is coming from.
In other words, Speculators and profiteers are causing oil prices to climb, and each time a gallon of gas goes up by one penny in price, some people are getting their portfolios to expand at the expense of the motorist, who does not have a clue as to what is causing it, but to blame the government.
Meanwhile, the big oil companies are very quiet in the background and pretending as nothing is happening and making life to look normal, except the price swings that they always place elsewhere.
However, underneath it all, they are raking in tons of profits; and who is left to carry "the can" ? The poor, blind motorist, who has to pay, willy-nilly, any price.
If only those entities, Wall Street speculators and oil companies, will reduce their gains by a single penny, gas prices will drop overnight. The question is, will they do it?
The world needs Iran to stop its nuclear goal, which some perceive as one to enable it (Iran) to produce a bomb, and so sanctions are a necessity to restrain it (Iran) from that goal.
Using bunker explosives to destroy the nuclear facilities there will make the risk even greater. It will be like dousing fire with fire, and that will not work.
Politicians are taking advantage of the situation and making derogatory remarks, instead of pointing their fingers at those causing the crisis to escalate.
Is that fair?
There is nothing motorists can do, but to put up with gas price hikes; however, they must think about the whole picture, while they are pumping gas into their vehicles this Saturday morning, so as not assign blame anyhow.