Posted on 05/24/2011 11:39:50 AM PDT by Qbert
SAN FRANCISCO (MarketWatch) -- The Commodity Futures Trading Commission on Tuesday filed a civil enforcement action in the United States District Court for the Southern District of New York against Parnon Energy Inc., Arcadia Petroleum Ltd. of the United Kingdom, and Arcadia Energy of Switzerland.
[Snip]
"According to the allegations, defendants conducted a manipulative cycle, driving the price of WTI to artificial highs and then back down, to make unlawful profits," said the commission in a statement.
(Excerpt) Read more at marketwatch.com ...
Let the show trials begin..
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They are ‘announcing’ this now so the others (all) have to chance to bring their ‘bribes’ up to date.
When you read between the lines you will be able to see who is ‘current’ and who is ‘delinquent’.
Gonna keep threatening to buy up Popcorn Shares but by the time I get around it they will be gone....
Sorry, but if you honestly believe that oil, among other commodities, have not been subject to premeditated manipulation over the past 4 or 5 years, then I think you are very uniformed.
Now if these 3 companies in particular were the most guilty of it, who knows, but there is no doubt whatsoever that folks have been churning contracts and other things to intentionally manipulate the markets.
“Sorry, but if you honestly believe that oil, among other commodities, have not been subject to premeditated manipulation over the past 4 or 5 years, then I think you are very uniformed.”
And your proof is...?
Well, I don't wear a "uniform" but you apparently could fit what you truly know about the real life mechanics of futures trading on the head of a pin.
“Sorry, but if you honestly believe that oil, among other commodities, have not been subject to premeditated manipulation over the past 4 or 5 years, then I think you are very uniformed.”
Show me a single study to support your assertion. There is a study that indicates influence of speculators. However, the study’s conclusions indicates that government policy has provided the environment in which speculators feel a lack of risk in bullish buying. The report specifically indicates that government policy should use strategic oil reserves to control speculation. I wholly disagree with this policy. The US government should allow increased domestic development and reduce burdensome regulations on development and refining activity.
Oil prices have historically been very volatile with shifts between demand and supply excesses. In the US, Democrats have successfully put a brake on production increases in response to price increases leaving an opening for speculators.
Am I an evil speculator driving up oil prices? I have shifted a good part of my portfolio into energy stocks in response to the Democrat war on energy and insatiable desire for government spending. With reasonable policies on energy production and government spending, I would not have shifted my portfolio as I do not believe in sector or commodity investing. Democrats have left me no choice.
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