Eric Bolling and Sarah Palin’s energy summit (Fox News Special – Paying at the Pump) ended with a super secret envelope opened by Sarah, containing Bolling’s suggestion for bringing down prices at the pump: (see the video below)
Suddenly a security guard brought out Bolling’s top secret envelope encased in a bulletproof suitcase.
“We have a top secret silver bullet here,” Palin observed. “We are criticized, I know I am, for preaching all the time, drill baby, drill. Well, this goes beyond drill baby drill!”…
Palin finally opened the envelope, and the cat was out of the bag.
“Top secret…In addition to drill baby drill,” Palin clarified.
Bolling spun his chalk board around which read, “RAISE ENERGY MARGIN REQUIREMENTS, ALL ENERGY TRADED ON EXCHANGE.”
“It doesn’t replace drill, baby, drill, Governor,” Bolling explained. “It’s in in addition. Raise energy trading margin requirements. All energy has to be traded on an exchange. Bear with me. It’s a little technical. The reason why so many billions of barrels are traded…is because the banks can trade it. People are allowed to trade it for little or no money down. At some point, Goldman Sachs decided they want to buy oil barrels it pushes the price up. If they sell them in the same day, they don’t have to put a penny up to do that trade. It’s a free trade for them. If they want to hold it overnight, sometimes they will pay up to $2,000-$3,000 on a contract that is worth $100,000. So governor, this we need to make this equation a little bit more even. We need to bring this bowl down to something more reasonable.” Source: Mediate
I watched this Special last night and it was very interesting. I don’t claim to know much about energy trading margins, so will not comment on the viability or the outcome.
Sarah Palin and Eric Bolling – Paying at the Pump: Change Trading Requirements (video)