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FBN’s John Stossel and FNC’s Bill O’Reilly debate whether oil speculators are harmful to the market.
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You buy gasoline this wait to get ripped off.
How would you know.
Well one guy -- sure he's getting ripped off as my colleague bill -- -- He's right about a lot put on this he is just how to -- he says your local gas station collude with other gas stations to fix the price.
He says America should put limits on oil price speculation.
And that America should impose a fat tax -- any business the dearest ship our oil overseas.
I -- lots of Americans agree with -- he does have the most popular cable show anywhere but.
In this case he's just wrong about all of that I went in studio to try to convince.
Are you got a lot of stuff right but you get this wrong three things he say oil speculators are bad and they.
Drive the price so -- put some limits on correct.
They have they do admire my solution to the speculation problem in oil is too.
Require 50%.
So if you buys and content crack down you've got to pay a 50% for them but when I buy stock I don't -- -- I gotta pay the stock broker for the stop.
Why -- speculators have to pay 10% of 5% of what they do.
Explain it to me because that's how futures markets don't work got ya -- little lever that's not the way did.
Because that's how it works that shouldn't be how it works it works well together crooks out product and get to serious people -- I don't -- speculate -- -- crooks that because they've basically.
All right if they -- to go to Mohegan Sun golf.
But we -- need oil the live and I don't wanna commodity that I need my family needs to live.
To be the subject of speculators were gambling like it would be -- -- -- and I have a commodity for you -- I don't need it.
Well this is the one product that the government said we're gonna stop speculation in the 1958.
-- USA -- Agriculture Department.
Was so upset that the price of onions went off.
Speculative.
Activity I don't care about onions or any -- hear me out of my show speculative activity causes severe and unwarranted fluctuations.
In the price there and it since then what's happened.
The prices going up and down more got an audience went up more than oil is not a free market onion growing is -- oil to be in really wanted him are no it's not.
Because you have to get government approval to look for it to -- to it right.
That's not a free market that's controlled by -- government.
You Stossel can't find start this docile oil company like remember when you have that little lemonade stand out there I couldn't even start -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- All right -- because you don't all right abuse you know I'm right that's why your move not know you're an.
You're -- -- -- -- plan to lower the price of oil by taxing companies that send it out of the country's export and I don't expect that to lower the price of Boyle I just want economic justice.
Kind of like the Communist that a run around and Occupy Wall Street movement which -- -- -- who owns the land in the United States so.
Private -- singers aren't you gentlemen let's have everybody out there watching singing a song this land use you'll in my.
This land is mine and -- that song you'll bit of you probably wrote it all right -- Outstanding -- it's our daughter -- the lay and his -- land which -- -- welcome from under those land.
Therefore we the people always.
The oil.
Okay so then you have ExxonMobil common writings -- Well drilling for you bill because I can't really myself and I said OK guys just give me a -- cut when you find it all right.
-- -- -- -- -- -- -- -- Very -- Text is gold alright great stuff yet and then they -- -- out -- tanker incentive to China.
I don't want mile oil flowing to China when oil prices here are so high.
You want to punish a lot of airports companies that are good it refine it yes keep maybe he'll find it funny thing marrying big companies drug trade is -- I'm still -- -- Hey it's free fifty gallon here you want to keep everything we may get a very well here I want you every coordinated car right.
No included a mile oil -- -- oil and I don't want it shipped over to China which is -- eases my price on the oil.
Why don't you see this because they would retaliate this would make already -- pollution it's -- free trade is good this is a bad idea.
Few last point.
You say they gas stations collude -- yeah that's the yes we had a bad about that let's let's play that clip of that.
I go to golf -- go to shall I go to Texaco I go to get a basis -- -- I don't believe your that is not the exact same price summit.
Thousand dollars -- that I want a thousand and can I get a thousand.
I'm gonna hold mobilize ankles and civil money drop out of right there.
-- -- -- so we made the thousand dollar gas and I paid off the dead even know I didn't lose it.
You -- -- because we had different did lose a lot period tell -- -- Northern Boulevard.
Between Great Neck Manhasset they -- four stations for all right they always have the price either identical or one penny off all -- -- -- -- -- -- Web sites now that list of the general you can check every day every day the prices are different and we checked gulf -- shell Mobil they all had different -- -- -- -- not enough location they don't and they love.
I these people came to speak English -- I can't speak lovely music -- locally and -- -- here that's a good question the first when you vast.
They get a little facts a little -- this is what you will be charging today and that having -- -- that I think idiocy do.
You're wrong about that but yet again further rather interesting guy guy yet your standup guy you -- you not just paid the thousand dollar bet.
You paid 5000 dollars this household classroom I assume it was a mistake -- always glad you're wanted to.
These are not now we look.
And I am I have absolutely -- if I get punched Howland 1000 I felt sorry feud that's why did -- I wanna -- because it is a good charity.
But I'll tell you this and everybody should know this the oil companies are not your friend.
We are getting hosed at the pump and for all of the things that we discussed tonight.
Thank you -- right act.
He's wrong about everything but write about one thing the oil companies are -- our friends they are greedy self interest and ruthlessly competitive company.
And later I'll explain why we should be --
