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Old 04-23-2007, 09:40 AM  
Donger Donger is offline
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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 02:43 PM..
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Old 04-21-2011, 10:08 AM   #2626
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Donger, please make it stop already!
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Old 04-21-2011, 10:14 AM   #2627
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Donger, please make it stop already!
No.
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Old 04-21-2011, 10:14 AM   #2628
Deberg_1990 Deberg_1990 is offline
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I like articles with exclamation points and the phrase "pooh-poohs."
heh,

what did you think of statements like this?


"Approximately 60 to 70 percent of the oil contracts in the futures markets are now held by speculative entities," he argues. "Not by companies that need oil, not by the airlines, not by the oil companies. But by investors who profit money from their speculative positions."


It's a scam folks, it's nothing but a huge scam and it's destroying the US economy as well as the entire global economy but no one complains because they are 'only' stealing about $1.50 per gallon from each individual person in the industrialised world.
It's the top 0.01 per cent robbing the next 39.99 per cent the bottom 60 per cent can't afford cars anyway (they just starve quietly to death, as food prices climb on fuel costs). If someone breaks into your car and steals a $500 stereo, you go to the police, but if someone charges you an extra $30 every time you fill up your tank 50 times a year ($1,500) you shut up and pay your bill. Great system, right?


Phil is just getting started, as he delves into the intricacies of the NYMEX market that handles these trades:

The great thing about the NYMEX is that the traders don't have to take delivery on their contracts, they can simply pay to roll them over to the next settlement price, even if no one is actually buying the barrels. That's how we have developed a massive glut of 677 million barrels worth of contracts in the front four months on the NYMEX and, come rollover day that will be the amount of barrels "on order" for the front 3 months, unless a lot barrels get dumped at market prices fast.
Keep in mind that the entire United States uses 'just' 18M barrels of oil a day, so 677M barrels is a 37-day supply of oil. But, we also make 9M barrels of our own oil and import 'just' 9M barrels per day, and 5M barrels of that is from Canada and Mexico who, last I heard, aren't even having revolutions. So, ignoring North Sea oil Brazil and Venezuela and lumping Africa in with OPEC, we are importing 3Mbd from unreliable sources and there is a 225-day supply under contract for delivery at the current price or cheaper plus we have a Strategic Petroleum Reserve that holds another 727 Million barrels (full) plus 370M barrels of commercial storage in the US (also full) which is another 365.6 days of marginal oil already here in storage in addition to the 225 days under contract for delivery.
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Old 04-21-2011, 10:18 AM   #2629
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Funny how right after September 11th happened stations were charging 4 bucks a gallon and it was so unheard of that the government stepped in and slapped a bunch of wrists for "price gouging" and now the national average is close to that amount.

Just using Occams Razor one would have to think that George Bush played a big role in that, and possibly still does.

Would someone be kind enough to give little old me a synopsis on the events leading to such a huge rise in gas prices over the last 10 years?
Using Occam's razor, I'm going to guess it's a little more complicated than you think.
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Old 04-21-2011, 10:18 AM   #2630
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Speculation most certainly is involved in the recent run in crude.
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Old 04-21-2011, 10:36 AM   #2631
KILLER_CLOWN KILLER_CLOWN is offline
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$150-200 a barrel more than likely within the next 6 months.
hmmmmm......
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Old 04-21-2011, 11:03 AM   #2632
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hmmmmm......
You think that crude will increase $40/barrel in the next six weeks?
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Old 04-21-2011, 11:14 AM   #2633
RedNeckRaider RedNeckRaider is offline
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Funny how you left Bush out of your statement. I assume you think it was OK to blame him eh?

Presidents have hardly anything to do with the price of gas.
You have lost your mind, It was Bush's fault and still is. Why can't you understand that?
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Old 04-24-2011, 12:32 PM   #2634
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I'm not familiar with any price gouging at the retail level after 9/11.

George Bush had/has VERY little to do with gasoline prices. Neither does Obama. About the only thing they can do to influence the price of crude is a release from the SPR or start a war.

Crude has risen (and fallen) over the ten year period. Gasoline is refined from crude oil, hence the price of gasoline is directly related to the price of crude. Crude for various reasons.
So, very little can be controlled by a president as far as oil prices go except to start a war?

Kinda like what both Bush presidents did? In oil rich areas of the world...then sent in their buddies companies to clean up the mess...

WMD!!! Poor little Kuwait needs help because they are getting bullied!!!

Why is it that we don't go to war with other countries around the world that have similar issues, but no oil?

If the Bush family and their oil background never started those wars in the middle east, where would the cost of oil be at right now?

I find it hard to believe it would be nearly as high as it is now, but I guess I could be wrong.
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Old 04-24-2011, 12:45 PM   #2635
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Old 04-24-2011, 12:46 PM   #2636
BigMeatballDave BigMeatballDave is online now
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Originally Posted by BossChief View Post
So, very little can be controlled by a president as far as oil prices go except to start a war?

Kinda like what both Bush presidents did? In oil rich areas of the world...then sent in their buddies companies to clean up the mess...

WMD!!! Poor little Kuwait needs help because they are getting bullied!!!

Why is it that we don't go to war with other countries around the world that have similar issues, but no oil?

If the Bush family and their oil background never started those wars in the middle east, where would the cost of oil be at right now?

I find it hard to believe it would be nearly as high as it is now, but I guess I could be wrong.
How do you explain US involvement in Lybia? Is it not an Oil producing nation? I mean, if this is your theory, why not lump Obama in with the Bushes?
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Old 04-24-2011, 01:01 PM   #2637
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How do you explain US involvement in Lybia? Is it not an Oil producing nation? I mean, if this is your theory, why not lump Obama in with the Bushes?
He sure is getting there.

For me, it's been a wild year of life and I haven't been able to keep up as well with the hot topics (Libya) as well as I could in the past...so I choose not to chime in as much about them.

But, as I stated, he is getting there and will surely get there unless he truly does usher in "change"...which is yet to be seen, positive change anyway.
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Old 04-24-2011, 01:09 PM   #2638
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Speculation most certainly is involved in the recent run in crude.

Hey there doing it with currency as well. I might just get two or three good pension payments a year because of it. I live abroad you see. So it affects me every month. An were talking the cost of an anual electricity bill in difference. They do it all by getting giving out depressing news about the state of your're countries health.

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Old 04-24-2011, 01:25 PM   #2639
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Speculation most certainly is involved in the recent run in crude.
As it was in 2008. This shit needs to end.
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Old 04-24-2011, 01:28 PM   #2640
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