When people watch this video and begin to comprehend just how much influence a Wall Street company like Morgan Stanley has on oil and gas prices they’re pretty blown away.
Long Island, New York (PRWEB) April 16, 2012
Long Island is home to the ultimate auto and commuter subculture. Every day tens of thousands of cars pack the Island’s asphalt arteries such as the Long Island Expressway known affectionately as the largest parking lot in the U.S. Perhaps that’s why this already-vocal population screams a little louder when gas prices soar.
The Long Island Press, an alternative weekly publication now in its tenth year, has been writing about the subject of high oil and gasoline prices for several years. In an effort to combat the misinformation and continued confusion surrounding this issue the Press has crossed mediums to produce a video-short that explains the role commodities speculators play in the price at the pump. The video titled “Why are gas prices so high? The Book of Morgan” —along with a timeline of important events and other resources—can be viewed at: http://www.LongIslandPress.com/bookofmorgan
The video is written and hosted by Long Island Press publisher Jed Morey who writes frequently on the topic. In 2008 Morey authored an award-winning cover story titled “Crude” about banking giant Morgan Stanley’s involvement in driving the price of oil to its highest point ever during the summer of ’08. Despite myriad attempts to regulate rampant speculation in the markets, relatively little has changed with respect to oil trading on the exchanges prompting the Press to revisit the topic of manipulation in the commodities market.
“It’s an incredibly dense and layered topic,” says Morey. “In other words, it’s extremely boring.” So Morey enlisted the support of friends who produce animated multi-media presentations to try and tell the story a different way. “I think people understand that gas prices are somehow being manipulated,” continues Morey. “But it’s a lot simpler to blame the president or point the finger at China or Iran. But when people watch this video and begin to comprehend just how much influence a Wall Street company like Morgan Stanley has on oil and gas prices they’re pretty blown away.”
In the past decade the Long Island Press won more than 250 local and national editorial awards including the New York Press Association Newspaper of the Year in 2010. It is best known for its investigative journalism.