Obama is ready to get serious about the skyrocketing oil prices. He’s not going to eliminate red tape, bureaucracy, or regulations to make drilling easier. He’s also not going to stop making deals with foreign oil companies. But he has promised to investigate potential manipulation of energy prices. But why is he ignoring the real story – the declining value of the dollar.
The LA Times reports:
As gas prices across the nation inch higher, the Obama administration will investigate the energy markets for any evidence of manipulation of oil and gas prices through the formation of a new group, the Department of Justice announced Thursday.
With the average price of a gallon of gas at about $3.84 this week, almost a dollar higher than a year ago, according to the Department of Energy, the Oil and Gas Price Fraud Working Group will search for incidents of fraud and collusion in addition to price manipulation.
However, Glenn reported that a new CNBC story has pegged the declining dollar as the source for the rising prices of not only gas, but other necessities as well. CNBC reports, “Weakness in the US dollar, which is causing everything to go up—including gas prices, food and stocks—is unlikely to go away soon as a selling frenzy hits the currency market.”
“This is the most important thing I think you can teach your friends, and you don't have to go to a crazy conspiracy theorist like me, of course,” Glenn said.
“One, The Fed has to stop printing money. Two, we must cut our debts and deficits. And three, repeat one and two,” Glenn said.
“Remember, as the President does this little DOJ thing looking for, you know, the problem of gas prices and why gas prices are so bad, the answer is the Federal Reserve, period," Glenn said. "Your dollar is being devalued and everybody who has an ability to get out of the dollar is getting out of the dollar.”
Read the DOJ statement here