The oil speculators are driving down the price of gasoline.

For the past three years, we’ve heard nothing but endless tales from the liberal media explaining that gas prices were increasing due to speculators that were manipulating the market. In one of his campaign speeches earlier this year, President Obama stated that “speculators [were] buying up oil…only to flip the oil for a quick profit.” He makes it sound incredibly easy. I think if it is really this simple to make a quick buck, wouldn’t we all want to be oil speculators? If they’ve found a quick, surefire way to make money, then I think the government should start playing this game, instead of squandering our tax dollars on useless and illegal projects.

Speculators couldn’t and don’t have such a profound impact on the market. Sure, they could have some effect, but not the drastic impact that the leftist media would like us to believe. But for the sake of argument, let’s suppose that their contention is true. If the speculators are to blame for rising gas prices, wouldn’t they also be responsible for falling gas prices? The reverse would have to be true. Hence, with gas prices currently falling, we have to credit the speculators with driving down the price. I suppose they have suddenly gotten less greedy and have decided that it would be best if they lost troves of money on their investments. For a group of people that supposedly have the market figured out, this would seem kind of foolish on their part, but I’m not going to argue with such masterminds.

If it is supposedly well-known that speculators are driving up the prices of gasoline, logic would contend that it is also well-known who these speculators are. Can somebody point them out? I personally wouldn’t even know where to begin to look, but if they’re being blamed for single-handedly manipulating the oil market, we must know who they are. They can’t hide forever.

While the leftist media hasn’t accurately credited their beloved speculators for driving down the gas prices, they have fervently reported on the falling of gas prices as a sign of economic recovery. They say this directly after they report on the current tanking of the stock market. In any event, they celebrate whenever the national average gas price falls three cents for the week, as if we’re too ignorant to remember that prices were going up five cents per day for several weeks in a row. While the price decrease is definitely a welcome change, I notice that they never say “…compared to when Obama took office.” Saying this would put into perspective that the prices of gasoline are almost double what they were in January of 2009, when the national average was $1.61 a gallon. But I get it, they have an agenda to push.

The rise and fall of gas prices are simply products of the free market. It is simple supply and demand. If we were allowed to drill to a greater extent, gas prices could be dirt cheap. In Venezuela where they have unrestricted drilling, gas prices are less than a quarter per gallon. Those that say we cannot drill our way into prosperity are simply ignorant of the intricacies of the free market system.

Jeff Max | Texas Wesleyan University | @JeffreyMaxxx