President Barack Obama announced on Tuesday his administration’s support for new measures that would crack down on oil speculators in an effort to reduce the price of gasoline at the pump. Following the president’s press conference, Fox News contributor Eric Bolling and Fox Business analyst Phil Flynn exchanged a heated war of words over the impact of the president’s policies on the oil market.
Eric Bolling, who hosted a special on the “Pain at the Pump” with former Alaska Gov. Sarah Palin last week, appeared to support the president’s proposed initiatives. Bolling said that one of their recommendations was precisely what the president had proposed.
Bolling said that he and Palin recommended that the government “give the CFT [U.S. Commodities Futures Trading Commission] more teeth, if you will,” said Bolling. “Let them go after traders who are rouge traders. And That’s not a bad thing. Also raise the margin requirements – most importantly – raise the margin requirements on trading energy futures. It’s not a bad idea.”
Flynn could not disagree more vehemently. When asked what he believed the effect of Obama’s new regulator measures would be, he responded without hesitation that “it means that you’re going to pay higher gasoline prices and higher oil prices.”...MORE