Posted on 05/09/2009 8:11:24 AM PDT by Rufus2007
Anyone who thinks last years $150 oil was not the result of speculation is a great fool. Folks, it happened at a time when reserves of crude and all refined products were rising.Personally, my brother in law was helping to man a huge tanker holding cargo in the Gulf of Mexico for seven weeks. He also noted the same for other ships. Goldman (or a couple of hedge funds thereof) were buying crude as it crossed the ocean. They were competing directly with refineries for crude. They held it until the price went up.
Bear Stearn and Lehman did the same. I really think the oil price run up was the straw that broke the camels back. It was this ,in my opinion, that resulted in the tipping point in the housing crisis. Many people failed to make their house payments for the high price of petroleum. There is nothing that they feel they are not entitled to.
and did any of these geniuses predict how people will be able to pay for it at that price??? at what point do people making minimum wage decide it's no longer worth while going to work anymore only to see most of their paycheck going to baby sitters and gas and insurance on their vehicles???
The ‘speculation’ that should be condemned is the speculation on how high oil prices will rise. This is just pumping the prospects of real speculators. This crap is all a scam. I’d like to make every one of the talker’s on TV radio and cable eat a quart of oil every time they ‘speculate’ on how damn high a barrel of oil is going to cost. Jesus!
With the amount of natural resources we have in this country in oil, nat. gas, oil shale, coal, etc, couldn’t you just imagine if we were allowed to use it? I mean, doesn’t it seem like it would be money in the bank for real instead of just printing it?
Could anyone imagine what life would be like? Really? Set it up as Alaska does, with a great deal to the American people for a cut of the profits for allowing this drilling? Can anyone just imagine? THAT would be a solid economy, create millions of jobs, reduce all the burden currently placed on the American people, and destroy the only source of income in the middle east all in one fell swoop.
It boggles the mind that even one American would not be for this.
I don’t think Obama will allow them to go that far. He will open the reserves and go as low as he can to keep the price down. Clinton did this and we had 90-cents a gallon gas prices. I am sure that Obama will too. It does put us in danger momentarily but somehow they always get those reserves replaced soon enough. It is a risk for Obama to do this but I think he will.
The price of crude will increase somewhat, maybe to $100/barrel, but the price of gasoline is going to go through the roof. This is going to bring on the second wave of recession. Combine that with the food shortage caused by the reduction in production that is resulting from the environmental regulations and it paints a pretty grim picture for the future of this country.
If the financial industry artificially manipulates the price of energy again, the recession will stretch on for years. People without jobs don’t buy gas.
? DOE hasn't published data for March 09 for gasoline sales. However, Feb 09 sales in gallons (regular) is less than (approx. 3 mil gals) than Oct 08.
104% = 10.4% dang fingers!!
Since the swine flu didn’t work in scaring people, now they have to try something else...oil.
Every week it is something new.
Sometimes they will go back and reuse something old to see if sticks this time around.
wolf, wolf, wolf.
Excerpt:“We are now facing flat demand but it will grow up.” 2009 crowns the region’s exploration push and breaks with the drier spells of recent years, a reminder of the timelag between upstream developments and first production. Reuters’ estimate of 375,000 barrels per day (b/d) adds up production from fields due to come onstream this year spanning across China to India and Malaysia.
OPEC says it needs $70.00/brl at the well to live.
Obviously, those are immediate goals.
Gas jumped 20 cents in 2 days. Outrageous!
Not exactly the way to change people’s opinions on the oil companies.
They should put a stop to the rabid speculation in Nymex.
Keep in mind wholesale prices have not jumped 20 cents....5 cents roughly....
Yet somehow retail prices go up 20 cents almost overnight.
You can’t tell me this is “SUPPLY AND DEMAND.”
Supply and demand doesn’t work with the oil market.
Gas prices in NE IL went from 2.09 to 2.69 in just ten days.
OBOZO’s Fault!
Where’s the outrage from the DemonRats???
Oh, I forgot...high gas prices are GOOD when the Prez is a RAT!!
FUBO!!
There is a good out come to this costly mistake of printing worthless money. The Democrats will get their butts kick out of Washington D.C.
...Throughout 2007 and the first half of 2008, viewers were inundated with high gas and oil price reports on cable and broadcast news. But since hitting $147 back in July 2008, oil prices have plummeted into the low-$40 range mid-January and so has the frequency of doom-and-gloom oil warnings. However, crude has since rallied into the upper-$50s. And, as crude has rallied, predictions of oil hitting unfathomable heights appear to be making a comeback as well. CNBC's May 8 "The Kudlow Report" considered that $300-a-barrel oil was a possibility.
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