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Phil Gramm should be strung up for enabling it.
and some wall st companies are really in the oil buisness
ing bailout es ed us on oil prices and still got a bailout.....mother ers.
Phil Gramm should be strung up for enabling it.
There are people who didn't know this?
Actually, you copied and pasted articles that told us so. You told us nothing. Which is about par for the course when it involves you.
That's Propaganda Dan for you.
Can someone explain to me how speculators drive up the price? I still haven't seen it. If a speculator buys a future for too much, he loses money at market. Period. It still boils down to supply and demand.
Should have watched 60 Minutes last night.
Who is the biggest oil company in the world? Morgan Stanley.
It all started with Enron and their goal to control the Commodities market, energy in particular (electricity specifically). After they fell, it was estimated that they alone drove up the price for electricity by as much as 300% for residents on the West Coast.
Now, you have large investment houses using their investors money to buy "stock" in the price of oil/natural gas/coal/etc. They invest hundreds of billions in an attempt to drive the price up, even when demand is low.
I have said it before, I am no economist (I think its a ing farce), so please excuse any errors as purely my fault and not of the subject matter.
its sad because people on this board swore up and down that it was supply and demand....... ing lemmings.
hedge funds are reason for blame with the increased prices....i wonder how many of them are still around??? hahahhahaa
It didn't take Sherlock Holmes to figure this out, at least forensically. The capital balloon deflates in a couple of weeks, and oil goes from $150 down to $40. There was an oil bubble. It popped. Q.E.D.
There were people in here arguing that the $145 oil was due to demand above supply, China, India, blah, blah.
The capitalists and money men were screwing us all, always have, always will.
True dat! "Many people" may have known, but only a few stuck their necks out for this conspiracy theory...
You mean to tell me that you can drive up oil prices without fake terrorist attacks, illegal wars, and no-bid contracts?
What a concept.
Sincerely,
Nbadan, Galileo, and boutons
Dan,
THIS ISN'T REAL LIFE!!! IT'S A MESSAGE BOARD DEDICATED TO A PRO BASKETBALL TEAM!!! STOP ACTING AS THOUGH YOU HAD TO "STICK YOUR NECK OUT" OR THAT THIS MATTERS TO ANYONE OTHER THAN YOU!!!
And like I said before, you only copied and pasted.
You never will.
I know. There is no evidence.
You never will.
Of course there is. You think speculation doesn't exist and never has.
You're simply wrong. It's not my fault that you can't understand the concept.
With Speculation Running Rampant, House GOP Proposes 15 Percent Cut To Oil Market Watchdog
ExxonMobil CEO Rex Tillerson admitted earlier this month that, according to traditional supply and demand, oil should cost about $60 or $70 per barrel, instead of hovering around $100. Analysts at Goldman Sachs estimated that speculation was adding roughly $27 per barrel earlier this month. Instead of addressing this clear problem, House Republicans have proposed cutting the budget of the Commodity Futures Trading Commission — which oversees trading in energy markets — by 15 percent from its 2010 level:
The CFTC’s budget would fall to $172 million from $202 million under the plan to be considered tomorrow by the agriculture subcommittee of the House Appropriations Committee. It “provides the necessary resources” for the CFTC to fulfill its duties, Representative Jack Kingston, a Georgia Republican and subcommittee chairman, said in a statement. President Barack Obama had requested $308 million in his 2012 budget proposal.
Since 1990, speculators have more than doubled their share of the oil futures market. Back then, they composed roughly 30 percent of the market; they make up nearly 70 percent today. According to the CFTC, speculative positions in energy markets — oil and otherwise — are at an all-time high.
http://thinkprogress.org/2011/05/24/...on-gop-budget/
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Oil speculation causes $10Bs of excess costs to consumers yearly (like 40% speculation premium), but VRWC megaphones blame it all on Barry while attacking/defunding, eg, CFTC.
aGREEED, BUT ONLY WITH sOMMERS AND rUDIN NEXT TO HIM.
oNCE YOU START HANGING F%#&@!S, WHY STOP AT ONE?
(capitalized for ironic emphasis. )
WH23 does not actually wish Gramm Rudin or Summers dead, nor does he approve or support any impromptu parajudicial scheme to accomplish the same.
I do strongly disapprove of their innovations regarding the financialization of the US economy over the last, say, 12-15 years.
CFTC Charges Oil Traders For ‘Puking’ On Market
The US commodities regulator has charged a trading house and two individuals with manipulating oil prices in 2008 by allegedly amassing dominant positions in the physical market that created the impression of a shortage.
http://thinkprogress.org/2011/05/24/...s-oil-traders/
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How's that supply-ey and demand-ey workin out for ya? WC?
Think about all the people you know. How many do you think know about speculation and commodity bubbles?
People are generally pretty damn dumb, unfortunately.
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