Week 10/15-9: Choice Posting on Romney Gas $ Attack, Super PAC's

Choice Posting:

1) Oil, Romney & Debate

I find it somewhat funny that Mitt Romney decided to attack President Barack Obama on gas prices in yesterday's debate. As a keen observer on the financial markets, I already know that being the President of the United States of America has no real power over how much the average American pays at the pump. This is simple math and economics; I expected Romney, who was a businessman, to know these simple facts.

World supply is a big issue. Yesterday as Governor Romney attacked President Obama that during Bush-Obama transition year, gas prices were rock bottom. However, he fails to disclose that as the economic crises was unfolding, world demand for petroleum decreases. Thus, as demand falls, supply falls. As our economy and the world economy has begun to make strides forward, demand naturally rises. China is a great example. As China became the world's largest energy producer, demand for oil and other energy products rise. Not only that, oil for cars rise as well, given that China is the world's biggest automobile market. So, to solely blame a politician for a supply issue is not a valid argument.

President Obama defended himself against Governor Romney's attack that the President has been a hindrance to the oil industry, thus raising prices. Though Obama has repeated several times that U.S. production of crude has been increasing to its highest levels, Romney's political beliefs step in instead of common sense. As Romney would know in this free market, companies find the lowest cost to them of bring gas to the gas station. In states such as New York or California, they import more costly oil from other nations than use cheap crude here in the United States. Why? Instead of transporting crude from Texas all the way to New York, its much easier to import some from the likes of Venezuela or Saudi Arabia. Romney decides to sway voters by simply stating Obama is the cause of high gas prices and he should be responsible, when, it is the capitalist motives of oil companies that are causing high prices.

Now, yes, Obama does have a bit of control over the logistics of oil, such as allowing more pipelines to be created. But, as we know, oil spills aren't great to deal with. Once again, Romney's attack is pointless.

2) Super PAC's
I was reading an article on Forbes about Mayor Michael Bloomberg of New York that he recently donated millions to an Obama Super PAC. The idea of a Super PAC is totally outrageous. To simply allow wealthy donors to send money to all these political groups is just like "legal bribing." Super PAC's spend these donations into buying television ads to support his or her campaign. 

Personally, I think that these wealthy donors shouldn't be sending money in hope of buying public opinion.  For example, the Koch Brothers. They are one of the world's richest men and hold on to one of the world's largest oil and gas products company. The Kochs dislike regulations which hurts their bottom line. So what do they do? Donate to Super PAC's that support environmental deregulation and promote the perception that global warming isn't real. The Kochs run the Super PAC they donate to, so they are in charge of who gets hired and what gets funded. A prominent scientist, Richard Mueller, was brought in by the Koch's Super PAC funded climate team to declare global warming is a "faux." Though the PAC's enormous pockets, the Kochs marketed this "finding" as a credible source and shown ads across the United States. Such en masse public purposeful deceiving should not be allowed in anyway shape or form. But, thanks to loopholes, these PAC's wield enormous power over the helpless citizens that are being constantly misinformed. 
Congress should pass an act to ban the formation of Super PAC'S in the American Political System.