OK all you Oil Futures trader supporters...

[Cattletrkr]

Doncha just LOVE to hear the energy-cost apologists who frequently pop up to state "Current prices, adjusted for inflation, are ONLY about the same as in the big upsurge in the '80's"...

SURE, remember those? - the outages and long lines - THEN the big bill - jeeze, I'm sure HAPPY what we're seeing now is merely a return to THOSE happy days...

Pretty much like assuring us that the raping we're getting NOW is no worse than the raping we got before - so just assume the position, smile and ENJOY it...

Nope, I don't remember. I'm just a young pup of 31.

 

[MOates]

I have to agree, from what I'm seeing this runup is due to speculative trading alone. When even OPEC is saying "What the h### are you guys DOING?", that should be a wakeup call.



Even OPEC learned after the first couple oil embargos that if you drive the price too high or tighten supply too much, you dump the worldwide economy in the crapper, demand for oil goes down, and they got screwed as well.



More and more of the financial analysis firms on Wall Street are saying that there's no fundamental reason or threat of disruption to supply to support crude oil being at this price - it's all due to speculation.



The oil industry just set a new record last quarter for the most new oil and natural gas wells put on line in any 3 month period. Yet the price is going thru the roof like there's not a drop to be had.



Goldman Sachs has said the same, there's no rational reason for this spike, and that once the futures traders are thru raping the market for profit and the bubble bursts, they expect crude to drop back down to $80/barrel by next April.



As far as getting the law changed to allow the CFTC to regulate oil futures trading - dream on. Our senators and congressmen know that if they make any noises along this line, the powers that be will simply spend the $$$$ to replace them at the next election with someone that will pass the laws they're told (and paid) to pass.

 

[JFaughn]

It just seems to me , that its saying that the established [ more as time passes ] rule of corruption & greed are the rule , not any idea of right & wrong .
Economics , ethics , law - those can all be made to justify what is happening , an old saying , the best lier/lawyer wins .
This is such a big can of worms I am fighting to not to go on to a big rant .

 

[msperos]

Here's a link to an interesting video on MSN money talking about the run-up
‘Inside baseball’ talk on oil - MSN Video - Money

 

[RJWEST]

easy fix, futures resold within 6 months subject to
50% tax,
LOSSES non deductabe... .

EVERY Depression has been caused by speculators/ buying on margin, etc, IT WILL HAPPEN AGAIN,

If you owe money , Your are Scr***d

The big guy wins, gvn't bails him out...

Little guy goes to soup line...

And Politicians keep on collecting no matter what... .

 

[Gary - K7GLD]

Here's a link to an interesting video on MSN money talking about the run-up

‘Inside baseball’ talk on oil - MSN Video - Money

YUP - as the man said, what we consumers are seeing at the pump ISN'T about supply, or demand - it's IS all about profit for un-needed middle men speculators who contribute absolutely NOTHING to the actual final product!

 

[jmy]

"As far as getting the law changed to allow the CFTC to regulate oil futures trading - dream on. Our senators and congressmen know that if they make any noises along this line, the powers that be will simply spend the $$$$ to replace them at the next election with someone that will pass the laws they're told (and paid) to pass. "
--------------------------------------------------------------------------------------------------------



Too often this is true.

Here are links to some efforts initiated in September to bring oversite back to energy futures trading and reduce speculation.

09-17-2007 - Levin Introduces Bill to Close Enron Loophole and Prevent Manipulation and Excessive Speculation in Energy Markets : Senator Carl Levin: News Release

Norm Coleman - United States Senator - Minnesota

 

[Gary - K7GLD]

Here's a pointer to a good consumer fuel/oil related site for those interested:



Oil Watchdog

 

[Alphacowboy]

maybe I missed it, and maybe I am wrong, but not only does the supply and demand deal price a barrel of oil, but so does the value of the amercian dollar? I swear I read and have heard that Oil trades on the world Market on the American dollar. So, when the American dollar takes a plunge, the cost of oil goes up. This means, that China and India, if thier dollar is worth more than a US dollar, they actually are still paying the same price as they were before, but we here in the US are paying more because our dollar is not worth what it use to in the world market. Obviously, I could be completely off on this, but I think I am right. Kinda shoots the "greed factor" if they really are still getting the same amount from other countries for a barrel as they were 2-3 years ago, but we are paying more because our dollar is worth less?

 

[Grizzly]

I agree with shobbs, just too many folks in the process without adding any REAL VALUE. We need to dump them somehow.

I too agree with SHobbs.

 

[RJWEST]

Commodities trading is not Capitalism,

Capitalism is 'Investing Money' for a return , it is not promising

money with the intent of selling that promise... .



I will say it again, High tax on short term speculation profit

No tax deduction on short term loses.

That will fix the problem immediatly!!!

 

[tgordon]

High tax on short term speculation profit

No tax deduction on short term loses.

That will fix the problem immediatly!!!

Now I like that idea:-laf



Alphacowboy, you do have a point about the value of the dollar.

 

[MMiller]

easy fix, futures resold within 6 months subject to 50% tax, LOSSES non deductabe... . EVERY Depression has been caused by speculators/ buying on margin, etc,* IT WILL HAPPEN AGAIN,If you owe money , Your are Scr***dThe big guy wins, gvn't bails him out... Little guy goes to soup line... And Politicians keep on collecting no matter what... .

Ding, Ding, Ding, we have a WINNER!! Better yet, get a fearless President(I'm still watching and waiting) that can see our country can't live with a suffering middle class, and he shuts down the Board of Trade(theives). They do the opposite thing to corn and soybeans. They say "Brazil got rain this week, they're going to have a good soybean crop, soybean prices go down. " Its not supply and demand, its price regulation, and a way for the rich to get richer. Anybody that gets Million dollar bonuses, needs to be taxed more. When a farmer makes very much money, if he doesn't invest(IE spend it on equipment) it back into his business the IRS gets a bunch of it. He doesn't get a cash bonus to buy a yacht to float around the Carribean... .....



Michael

 

[RJWEST]

To me this issue is non political, That is Both Parties
are out to get there kick backs, IE campaign contributions.

BOTH PARTIES ARE SC***ING YOU.

Remember, for the working man, No good comes from Washington... and The EPA is not your friend

In Fairness, I will say , there was an effort by this administration
to Drill for more US Oil, Defeated by ' Tree Huggers 'and there
allies in The Liberal/Socialist Party ( I did not say DEM's, there
all to busy kissing the Tree Huggers behinds ) sadly the party of the people has become the party of the wacko's

And I agree, Bush Has no B***s, He could declare an energy emergency and just start drilling , The h**l with congress,
( That's how Clinton implemented a lot of EPA stuff )
and as for the REP's , There cowards as well ,
they also bend over for the Tree Hugger's ,

So there you have it: BOTH PARTIES ARE SC***ING YOU.

Guess I didn't make any new friends Today, May have lost the few I had. . ( Dam Few )
Sign Me,: To Old to really give a D*M, ,


RATION TOILET PAPER: NOT DIESEL,