OPINION: These Guys Aren’t “Job Creators," They're Hucksters
Thursday, September 22, 2011 at 1:01PMOil oligarchs Charles and David Koch are now worth $50 billion - more than five times what it was ten years ago – making their combined wealth second only to Bill Gates. And it looks like they made a large chunk of their money screwing the rest of us over at the gas pump.
According to the Center for American Progress - for the last several years – the Kochs have engaged in rampant oil speculation – meaning they place bets that the price of oil will go up – and when it does go up – they make a ton of money – while the rest of us have to deal with paying more at the pump to keep our cars running.
According to Goldman Sachs – thanks to banksters and the Kochs manipulating oil prices – each barrel of oil is roughly $27 more expensive because of speculation. Between 2004 and 2008, when the price of oil surged from around 30 bucks a barrel to well over 100 bucks a barrel – the Kochs also saw their fortunes surge – from $5 billion to well over $35 billion.
And back in 2009 – ThinkProgress reports that the Kochs admitted they are one of the top 5 oil speculators in the world. These guys aren’t “job creators” – they are apparently among the hucksters who are running up the price of gas and ruining our economy.
Reader Comments (1)
Idiotic Article.