Thread: Gasoline at $4 Coming to a Pump Near You, Unfazed by Rising Tab
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Old 02-21-2011, 12:05 PM   #2132
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Quote:
Originally Posted by 'Hamas' Jenkins View Post
Which still leaves you a sizable spare capacity even if they were completely shut down, which they won't, and it assumes that no other countries would pick up the slack.

It's another bullshit reason to gouge people, just like the speculative bubble in 2008 when supply was way up and demand was down, yet prices went to their highest in 30 years.

This is all based on the bullshit of selling an inelastic resource as a physical commodity with futures. If you buy up enough futures, you pretty much guarantee the price to go up. Exploit any confidence tremor, and bid them ever-higher.
Speculation certainly drove the prices up in 2008. But, oil is a globally-traded commodity, so I'm not sure who you think the gougers are.

Anyway, even the potential of losing a third of spare capacity is enough to cause a 3% jump.
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