In Sunday's Houston Chronicle there was an article of the front page about the irratic oil prices and what on earth could be causing them. (For some reason, no one seems to direct their gazes at the oil people who are making billions of dollars and could just simply NOT raise the prices as much as they do for the suppliers, who in turn raise them for the local dealers. If I've got this process wrong, someone out there please correct me.)
Anyway, the article went on to imply that the runaway price of a barrel of oil can be traced in part of energy futures speculators. That may very well be true. But then the article goes on to point a hypocritical finger at the Texas Teacher Retirement Fund. Because the retirement fund began investing in energy futures several years ago, albeit to the tune of $40 million, it is now the teacher retirement system to blame for the rising gasoline prices! Please!
Teachers have been blamed for almost any ill of society that one could think of -- from teen pregnancy to high taxes. Now it seems that we are responsible, or our retirement money at least, for the horrendous gasoline prices. What will we have to take the blame for next?? Global warming???
Monday, May 26, 2008
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