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Old 04-23-2007, 08:40 AM  
Donger Donger is online now
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Gasoline at $4 Coming to a Pump Near You, Unfazed by Rising Tab

http://www.bloomberg.com/apps/news?p...d=afOlUzd30YOo

Pretty alarmist, IMO, but possible.

Spoiler!

Last edited by Donger; 10-10-2014 at 01:43 PM..
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Old 03-07-2011, 08:27 AM   #2401
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Crude reached $106.95 today but has fallen back to $105 right now. Retail average of $3.50/gallon.
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Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.
 
Old 03-07-2011, 08:59 AM   #2402
Donger Donger is online now
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Oh, and there are small rumblings in the Kingdom:

http://news.yahoo.com/s/nm/20110306/...saudi_protests
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Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.
 
Old 03-07-2011, 12:37 PM   #2403
Deberg_1990 Deberg_1990 is offline
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http://www.dailyfinance.com/story/cr...-spr/19868003/


The Fix for High Oil Prices? Regulate the Speculators





As the crisis in Libya continues to shake world oil markets, a rising chorus of voices in Washington is calling for President Obama to release millions barrels of oil from our 727 million-barrel Strategic Petroleum Reserve (SPR), The New York Times reports. With gasoline prices up 33 cents a gallon in the last month, that's a tempting idea. The government tapped into the SPR after Hurricane Katrina in 2005 and during 1991's Persian Gulf War. In both cases, the moves took pressure off oil prices.

But is the current situation such an emergency? No way. After all, as I wrote last month on DailyFinance, Libya represents a mere 0.5% of U.S. oil imports, and Saudi Arabia is increasing its production to make up the difference. There has been no sudden increase in demand for oil, nor has there been a truly significant drop in supply. In fact, refineries -- which convert crude oil into gasoline and other chemicals -- are operating at a relatively low 88.4% of capacity, according to the U.S. Energy Information Institute.

So why are oil prices going up so much? Speculators.

Oil speculators using cheaply borrowed money to bet on rising oil prices and a falling dollar are playing on media-fueled fear to make big profits. The good news is that stopping those speculators would be easy: Regulators should demand higher margin requirements. By cutting off their easy ability to gamble with cheap debt, the regulators could push speculators out of the market and relieve consumers from pain at the pump.

The Politics of Regulation
Last time we had a huge run-up in oil prices was 2008 when oil hit $147 a barrel. When the Commodities Futures Trading Commission -- the body that's charged with keeping the trading pits honest -- investigated, it discovered that 81% of the trading volume in oil was being conducted by speculators. Put another way, businesses that actually use the oil, such as airlines, were doing just 19% of the trading. The vast majority was done by hedge funds and investment banks to make a quick buck.

The CFTC let speculators into the oil-trading market back in 1991. That's because, as I wrote on BloggingStocks in 2008, J. Aron, the trading unit that hired Goldman Sachs (GS) CEO Lloyd Blankfein, requested and got an exemption that allowed it to trade oil even though it wasn't going to take delivery. Once J. Aron got through that door, so did many others -- including Enron. Remember how that turned out?

The Dodd-Frank financial reform law requires the CFTC to do something about speculators, but they've managed to delay the implementation of so-called position limits until 2012. According to Heatingoil.com, the CFTC will be at least a year late in complying with the Dodd-Frank requirement that it limit speculators' ability to drive up oil prices.

Let Real Supply and Demand Dictate Prices
So, thanks to the CFTC's inaction, the level of speculation in oil prices is at record levels. According to Heatingoil.com, trading volume on the NYMEX from oil traders who don't take delivery -- so-called "net long positions," hit a level not seen in four years in January.

The fuel that keeps these speculators going is cheap capital -- supplied by our friends at the Federal Reserve. But again, it's easy to stop this: Simply require those speculators to use much less borrowed money when they trade.

Last month, two exchanges did just that -- but it wasn't enough. According to Bloomberg, the New York Mercantile Exchange (NYMEX) in February increased its margin requirements 20% to $6,075 per contract, and the International Exchange (ICE) increased its margin requirement 7% to $5,200.

If consumers had a say, NYMEX and ICE would double those margin requirements today, and you'd then see oil and gasoline prices drop to the levels dictated by supply and demand rather than Wall Street greed. Shutting down the speculators' ability to gamble quite so much with borrowed money would be a better answer than releasing oil from the SPR when we don't have a real supply emergency.
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Old 03-07-2011, 02:07 PM   #2404
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Old 03-07-2011, 02:15 PM   #2405
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Gas is at $4.20 at the Shell station in town today.
It's got to be 4.20 somewhere.
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Old 03-07-2011, 02:17 PM   #2406
Donger Donger is online now
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Quote:
Originally Posted by Deberg_1990 View Post
http://www.dailyfinance.com/story/cr...-spr/19868003/


The Fix for High Oil Prices? Regulate the Speculators





As the crisis in Libya continues to shake world oil markets, a rising chorus of voices in Washington is calling for President Obama to release millions barrels of oil from our 727 million-barrel Strategic Petroleum Reserve (SPR), The New York Times reports. With gasoline prices up 33 cents a gallon in the last month, that's a tempting idea. The government tapped into the SPR after Hurricane Katrina in 2005 and during 1991's Persian Gulf War. In both cases, the moves took pressure off oil prices.

But is the current situation such an emergency? No way. After all, as I wrote last month on DailyFinance, Libya represents a mere 0.5% of U.S. oil imports, and Saudi Arabia is increasing its production to make up the difference. There has been no sudden increase in demand for oil, nor has there been a truly significant drop in supply. In fact, refineries -- which convert crude oil into gasoline and other chemicals -- are operating at a relatively low 88.4% of capacity, according to the U.S. Energy Information Institute.

So why are oil prices going up so much? Speculators.

Oil speculators using cheaply borrowed money to bet on rising oil prices and a falling dollar are playing on media-fueled fear to make big profits. The good news is that stopping those speculators would be easy: Regulators should demand higher margin requirements. By cutting off their easy ability to gamble with cheap debt, the regulators could push speculators out of the market and relieve consumers from pain at the pump.

The Politics of Regulation
Last time we had a huge run-up in oil prices was 2008 when oil hit $147 a barrel. When the Commodities Futures Trading Commission -- the body that's charged with keeping the trading pits honest -- investigated, it discovered that 81% of the trading volume in oil was being conducted by speculators. Put another way, businesses that actually use the oil, such as airlines, were doing just 19% of the trading. The vast majority was done by hedge funds and investment banks to make a quick buck.

The CFTC let speculators into the oil-trading market back in 1991. That's because, as I wrote on BloggingStocks in 2008, J. Aron, the trading unit that hired Goldman Sachs (GS) CEO Lloyd Blankfein, requested and got an exemption that allowed it to trade oil even though it wasn't going to take delivery. Once J. Aron got through that door, so did many others -- including Enron. Remember how that turned out?

The Dodd-Frank financial reform law requires the CFTC to do something about speculators, but they've managed to delay the implementation of so-called position limits until 2012. According to Heatingoil.com, the CFTC will be at least a year late in complying with the Dodd-Frank requirement that it limit speculators' ability to drive up oil prices.

Let Real Supply and Demand Dictate Prices
So, thanks to the CFTC's inaction, the level of speculation in oil prices is at record levels. According to Heatingoil.com, trading volume on the NYMEX from oil traders who don't take delivery -- so-called "net long positions," hit a level not seen in four years in January.

The fuel that keeps these speculators going is cheap capital -- supplied by our friends at the Federal Reserve. But again, it's easy to stop this: Simply require those speculators to use much less borrowed money when they trade.

Last month, two exchanges did just that -- but it wasn't enough. According to Bloomberg, the New York Mercantile Exchange (NYMEX) in February increased its margin requirements 20% to $6,075 per contract, and the International Exchange (ICE) increased its margin requirement 7% to $5,200.

If consumers had a say, NYMEX and ICE would double those margin requirements today, and you'd then see oil and gasoline prices drop to the levels dictated by supply and demand rather than Wall Street greed. Shutting down the speculators' ability to gamble quite so much with borrowed money would be a better answer than releasing oil from the SPR when we don't have a real supply emergency.
I've no problem with that. I read that some are buying June at $200/barrel already.
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Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.
 
Old 03-07-2011, 02:45 PM   #2407
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Old 03-07-2011, 02:52 PM   #2408
BigMeatballDave BigMeatballDave is online now
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Quote:
Originally Posted by Donger View Post
I've no problem with that. I read that some are buying June at $200/barrel already.
These ****ers need to be tied up naked, and let rats dine on their junk.
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Old 03-08-2011, 05:10 PM   #2409
R8RFAN R8RFAN is offline
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Death Valley


4 dollars? pfffft..

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Old 03-08-2011, 05:11 PM   #2410
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Death Valley


4 dollars? pfffft..

Holy sh*t.
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Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.Donger is obviously part of the inner Circle.
 
Old 03-08-2011, 05:18 PM   #2411
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What kind of ****ing 'tard needs a blind spot mirror on the driver's side?
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Old 03-08-2011, 05:18 PM   #2412
'Hamas' Jenkins 'Hamas' Jenkins is offline
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Old 03-08-2011, 05:19 PM   #2413
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What kind of ****ing 'tard needs a blind spot mirror on the driver's side?
Somebody too lazy to swivel their neck?
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Old 03-08-2011, 05:24 PM   #2414
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What kind of ****ing 'tard needs a blind spot mirror on the driver's side?
LOL I have one on both. They were there when I bought the car. I'm so used to looking behind me, I've never used them. I cant trust it.
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Old 03-08-2011, 05:27 PM   #2415
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Somebody too lazy to swivel their neck?
Do some people actually turn their heads to check the driver's side? I never do.
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