At Wednesday’s Kudlow & Company, Larry laid down an interesting challenge to me. "The Dems in D.C. are saying the White House cut oil prices just before the election. What do you think of that?"
My answer was straight forward: "I don’t really believe in conspiracy theories. The White House couldn’t even keep a 2nd rate burglary under wraps. Sure, it was fortuitous timing for the GOP to have Gas prices plummet by a third 6 weeks before elections. But I need to see a market mechanism. We know the Saudis have been pumping all out for 3 years. What made prices go down?"
This was before we went on air, and in the subsequent "Goldilocks" infused adrenal rush, I kinda forgot about it.
On the train in this morning, I overheard a couple discussing how they tanked up at $2.45, and how much lower gasoline now is.
And it got me thinking:
Yes, the timing is convenient. But so far, there’s nothing more than few funny coincidences. Show me the market mechanism for this, and give me a credible person saying this happened, and I will push it further.
Larry raised this issue, and all I have now are some interesting "coincidences. So I ask the assmebled multitudes — what proof is there of energy price manipulation? I don’t want theories or any tin foil hat crowd conspiricies — show me facts data or some evidence, and we will dig deeper into this.