Journal Nine Sallie Mock Gas Prices

You will not run into many people who feel that gas prices are reasonable. This feeling was obviously very strong during most of George W. Bush's ( an oilman) Administration.The reality is that gas prices are manipulated like any other commodity that is in high demand. The perception of its value can be more important than its actual value. Americans know they are being gouged. Those who set the prices are not know for being completely honest with the consumers when they (the gas providers)try to justify an uptick in prices.
In an analysis article entitled "Wall Streeters Say Speculators Double Gas Prices," published in the 2 July 2008 Wall Street Journal, Jerry Mazza reports,
In a rare moment of candor, appearing before the House Energy and Commerce Committee, first Michael Masters of Masters Capital Management told members that the price of oil would quickly drop closer to its marginal of around $65 to $75 a barrel, like half the cureent $135-40. Ironically, this seems to jibe with my article, I ranian President Ahmadinejad calls oil price hikes 'manipulated,' in which he said, " speculation is the reason behind the increasingly high prices of crude, not a lack of supply."
This is probably an historic event, having Wall Streeters and the Iranian president agree. Additionally, "Fadel Gheit of Oppenheimer & Co., Edward Krapels of Energy Security Analysis and Roger Diwan of PFS Energy Consultants agree with Masters' assessment at a hearing on proposed legislation to limit speculation in futures markets."

Fadel Gheit adds "Record oil prices are inflated by speculation and not justified by market fundamentals. Based on supply and demand fundamentals, crude-oil prices should not be above $60 a barrel."

It is not just a perception, it is a fact. Gas prices are not reasonable and it is way past time the United States gets serious about using other fuel sources. This 19th century fuel source is damaging our 21st Century way of life.