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Money lines drawn

Started by nmindependent · 9 months ago

LAS CRUCES — In the U.S. Senate race, the top contributing industry to Republican Steve Pearce’s campaign is oil and gas, while lawyers are the top givers to Democrat Tom Udall’s campaign.
That’s no surprise, said New Mexico pollster and analyst Bria ... Continue reading »

1 comment

  • Because of Pearce and the republican Congress in the past few years oil speculators rule. That is why oil speculators contribute to Pearce's campaign. Twenty years ago, 21 percent of oil contracts were purchased by speculators who trade oil on paper with no intention of ever taking delivery. Today, oil speculators purchase 66 percent of all oil futures contracts, and that reflects just the transactions that are known.

    "Speculators buy up large amounts of oil and then sell it to each other again and again. A barrel of oil may trade 20-plus times before it is delivered and used; the price goes up with each trade and consumers pick up the final tab. Some market experts estimate that current prices reflect as much as $30 to $60 per barrel in unnecessary speculative costs".


    Thanks Congressman Pearce!!! Job well done.
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