This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Obama's Oil Price Crusade Is Bogus: Poll

To that end, we asked readers of The Street this week whether Obama's task force on oil price manipulation was for real, or really just a way to talk the angry masses down from the verge of revolt.

The angry masses seem to think that President Obama is not only trying to talk them down from their boiling point, but as usual, is talking down to them.

Roughly 85% of poll respondents said the Obama oil prices task force is just politics.

Only 15% of survey takers think Obama is serious and illegal oil trading schemes are real.

Several readers and self-appointed replacements for the Federal Reserve pointed to the dollar's weakness as the real reason why crude oil prices keep rising, notably, during the week when Fed chairman Ben Bernanke held his first press conference and delivered the verbal equivalent of burning dollar bills with a cigarette lighter. The euro reached above $1.48 on Friday, even though coming into 2011, currency experts were worried about another euro crash.

The Maryland law professor Greenberger would say expert opinion trumps the angry masses, and the dollar, and we didn't ask for party affiliation or opinion of Big Ben when posting the poll. "If Justice appears to be using their subpoena power then oil prices will drop. Traders will run scared. These guys don't want to end up in jail. It wouldn't take long to uncover and it would be a great mistake if Justice didn't take it seriously and put their shoulder to the wheel," the legal and commodity expert said.

Crude oil settled at $113.93 on Friday, and touched the $114 mark earlier in the day, higher than when the week began.

The traders aren't running scared yet.

-- Written by Eric Rosenbaum from New York.


>To contact the writer of this article, click here: Eric Rosenbaum.

>To follow the writer on Twitter, go to Eric Rosenbaum.

>To submit a news tip, send an email to:
2 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
BP $35.07 -0.85%
COP $55.72 0.81%
CVX $88.76 0.02%
RDS.A $54.41 -1.20%
XOM $79.35 0.06%


Chart of I:DJI
DOW 17,130.76 -1.10 -0.01%
S&P 500 2,014.89 +15.91 0.80%
NASDAQ 4,841.5340 +2.8910 0.06%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs