The price of oil and gasoline is not now based upon supply and demand it is driven by speculation. For the past 2 years our oil imports and gasoline usage has dropped by 20% but today the price of gasoline is $1.00 higher than a year ago.
I didn't see anything recent. You have a link?
but the number is billions in loans over night loans
Less than $11 billion. Hardly big bucks.
And your claim, "They can drive the futures of oil, which is no gamble to new highs, sell and with no risk they pay back their laons to the Fed"
Is just silly.
The price of oil and gasoline is not now based upon supply and demand it is driven by speculation.
When Southwest Airlines buys oil futures, is that demand or speculation?
When I buy an oil contract, why isn't that demand?
For the past 2 years our oil imports and gasoline usage has dropped by 20% but today the price of gasoline is $1.00 higher than a year ago.
And it's $1.00 lower than it was 18 months ago.
That's what the article said and lots of people feel that way --that the futures speculators are wrong about where prices are going. If you know you're right then you can step up and restore sanity, and get rich doing it.
You can correct prices that you consider foolish by making your own market offers. I did it a few years ago --I bought oil companies and refineries during a price jump and as it peaked I made a bundle. I'm not in right now though, imho these days it's the futures traders who're right and it's the pundits who're full of it, but hey go for it and let us know how it works out.