Pelosi Blames Wall Street for High Gas Prices

Democrats from President Barack Obama on down are concerned about the impact of rising gasoline prices on their re-election chances. So it probably should come as no surprise that House Minority Leader Nancy Pelosi blames Wall Street for the increase, as The Hill reports.

Experts in the oil market say the price gain stems from Iran’s threat to block oil shipments from the Persian Gulf. Regular gasoline prices now averaging $3.58 a gallon and have risen almost 20 cents in the last month, according to AAA. Many experts anticipate prices will surpass $4 soon.

As for Pelosi, "Wall Street profiteering, not oil shortages, is the cause of the price spike," she said Wednesday. "Unfortunately, Republicans have chosen to protect the interests of Wall Street speculators and oil companies instead of the interests of working Americans by obstructing the agencies with the responsibility of enforcing consumer protection laws."

Presumably, she means oil traders. But that would include everyone from major oil companies to average individual investors.

Pelosi urged Congress to take "strong action" against excessive speculation. Meanwhile, Republicans urge Democrats to allow more domestic energy production.