Quantcast

‘Dan Rather Reports’ Investigates the Real Reason Behind the Recent Rise in Fuel Costs

April 19, 2011

DALLAS, April 19, 2011 /PRNewswire/ –Tonight’s “Dan Rather Reports” investigates the soaring price at the pump. According to the latest estimates, gas is up a dollar per gallon from last year, meaning that an average family could end up paying hundreds of dollars more to fill-up this summer than last.

(Logo: http://photos.prnewswire.com/prnh/20080324/HDNETLOGO)

Why the big jump? Some analysts believe the blame lies not on supply and demand, nor tensions in the Middle East – there is plenty of oil still flowing – they believe you can blame it, in part, on one of the hottest trends on Wall Street…commodities trading.

Most economists agree that some speculation brings stability to commodity markets. But in an interview with Dan Rather, hedge fund manager Michael Masters claims that a recent surge in speculation has thrown the oil market out of balance making prices at the pump rise and fall at the whim of Wall Street. “Speculators today have about 70 percent of the open interest in the commodity markets,” explains Masters. “Ten years ago – they controlled roughly 30 percent of the market.”

Congress attempted to reign in speculation with the Dodd-Frank Wall Street Reform and Consumer Protection Act. The landmark financial overhaul has a provision that requires federal regulators to restrict how much money speculators can pour into the oil market. But the financial industry has fought back, spending more than $100 million last year lobbying on Capitol Hill. And many of the new rules have been delayed, including the one that limits speculation.

John Damgard, a lobbyist and the president of the Futures Industry Association, said, “You talk to any of these people that are knowledgeable about the markets, and they will say, ‘These markets are working to our benefit. And we simply don’t want the government in there trying to determine what we should do and what we shouldn’t do.’ …The people that really understand the way these markets work, frankly, are not Congressmen.”

In an interview with “Dan Rather Reports,” Massachusetts Congressman Barney Frank and co-author of the financial reform bill shot back, “They are the ones whose irresponsibility, lack of understanding, arrogance, over-confidence, and in some cases excessive greed, gave us the worst economic crisis in 70 years. How could he say we don’t understand it? His problem is that we do!”

Don’t miss “Dan Rather Reports: Gas Pains” premiering on HDNet, TONIGHT, Tuesday, April 19 at 8:00 p.m. ET with an encore at 11:00 p.m. ET.

About HDNet

HDNet (www.hd.net) is the independent network with unique and thought-provoking content that appeals to men of all ages and is delivered in true high definition.

HDNet is the exclusive, high definition home for popular, original programming, including the network’s Emmy Award winning HD news feature programs, “HDNet World Report,” and “Dan Rather Reports,” featuring legendary journalist Dan Rather. Only HDNet goes beyond the headlines to deliver real news that is redefining the way we look at our world. HDNet News is provocative, sometimes controversial and always relevant – telling the important stories of our time in-depth, with attitude and with independence. HDNet is also the exclusive high definition home to critically acclaimed and award winning documentaries, airing as part of the “HDNet ‘Round The World” series. “NASA on HDNet” presents all live shuttle launches through 2011.

HDNet presents championship sports coverage featuring the best of Mixed Martial Arts with its Friday night series, “HDNet Fights” (www.hdnetfights.com). HDNet works with leading MMA promoters including DREAM, Sengoku, XFC, K-1, K-1 Max, MFC and more. HDNet produces more live Mixed Martial Arts events than any other network and HDNet’s “Inside MMA” is the hottest Mixed Martial Arts program on television, giving fans their weekly fix for everything MMA, while “Fighting Words with Mike Straka,” goes one-on-one with some of the biggest names in the sport. HDNet also features live coverage of regular season games from the United Football League.

HDNet also delivers the world’s largest and most diverse concert line-up through the HDNet Concert Series. The HDNet Concert Series features leading artists and bands including Paul McCartney, Mariah Carey, John Mayer, Nickelback and more. HDNet also features revealing lifestyle programming featuring “Art Mann Presents,” “Girls Gone Wild®,” “Deadline” and “Get Out!”

Only HDNet Movies (www.hdnetmovies.com) delivers exclusive Sneak Previews of new movies before they hit theaters. The HDNet Movies Sneak Preview series features top Hollywood stars in critically acclaimed performances including Gwyneth Paltrow, Joaquin Phoenix, Demi Moore, Michael Caine, Tom Hanks, Vera Farmiga, Parker Posey, Brian Cox, Matthew Broderick, Kirsten Dunst, Ryan Gosling, John Malkovich, Emily Blunt, Robin Williams, Charlize Theron and Kim Basinger.

In addition to being the exclusive home of Sneak Previews, HDNet Movies viewers enjoy the best films from the classics of the 1950s-1970s, to favorite films from the 1980s and 1990s, to recently released theatrical films.

HDNet Movies offers subscribers a premium movie viewing experience in true HD, and more original movies shot entirely in HD than any other network.

Launched in 2001 by Mark Cuban and General Manager Philip Garvin, the HDNet networks are available in the U.S. via AT&T U-verse, Charter, Comcast, DIRECTV, DISH Network, Insight, and Verizon FiOS and in Canada via Access Communications, Cogeco, Rogers, Shaw Cable and Shaw Direct.

The HDNet networks can be followed via Facebook at facebook.com/HDNet, facebook.com/HDNetFights and facebook.com/HDNetMovies and via Twitter at twitter.com/hdnet, twitter.com/hdnetfights and twitter.com/hdnetmovies.

SOURCE HDNet


Source: newswire



comments powered by Disqus