Recent Topics
New Can-Am Spyder F3
by SwedishRider
5 minutes 12 seconds ago
Are automotive recalls ever closed???
by Drew99GT
48 minutes 38 seconds ago
A Movie Title
by yeehaw1960
Today at 02:12 PM
In-Car DVD System
by GGorman04
Today at 01:35 PM
Fishing trip
by OneEyeJack
Today at 01:33 PM
What should I use
by Oldmoparguy1
Today at 01:18 PM
Rust Remover Gel
by sunfire
Today at 01:03 PM
Picked up a 2015 Acura TLX V6 Tech
by gofast182
Today at 12:10 PM
Why won't Lena Dunham go away and leave us alone?
by L_Sludger
Today at 11:47 AM
New computer to buy?
by Eddie
Today at 11:08 AM
Oxygen Sensor Brand Dilemma
by 01_celica_gt
Today at 11:07 AM
Correct OEM Honda Part Number
by lancerplayer
Today at 10:14 AM
Newest Members
rmp, PAssatGuy, mcn1970, KCChemist, bbuice
51461 Registered Users
Who's Online
98 registered (95MarkVIII, -SyN-, 440Magnum, 147_Grain, 901Memphis, 9 invisible), 1943 Guests and 149 Spiders online.
Key: Admin, Global Mod, Mod
Forum Stats
51461 Members
64 Forums
220079 Topics
3475389 Posts

Max Online: 2862 @ 07/07/14 03:10 PM
Donate to BITOG

Page 1 of 2 1 2 >
Topic Options
#2546258 - 02/23/12 06:12 PM Saudis & Oil Speculators
buster Offline


Registered: 11/16/02
Posts: 29157
Loc: NJ
_________________________
2014 Mazda 3 S GT AT - OE oil
2003 Forester XS 5spd - M1 0w40

Top
#2546271 - 02/23/12 06:30 PM Re: Saudis & Oil Speculators [Re: buster]
eljefino Online   content


Registered: 06/15/03
Posts: 23995
Loc: ME
We need tools to knock the knees out from under speculators when things get ridiculous. Be nice to have preset "circuit breakers" like a 55 mph speed limit or even extra gas tax that would cut consumption beyond whatever margin the traders are counting on, if a price per barrel increase goes over a certain % over X months. That preset, already-law circuit breaker would overshadow said speculators and might convince them to find other pickings.

Begging the saudis is kind of low for a first world nation, but we weren't and aren't rife with options.

Top
#2546283 - 02/23/12 06:50 PM Re: Saudis & Oil Speculators [Re: buster]
SHOZ Offline


Registered: 06/28/03
Posts: 1737
Loc: Illinois
Tax to cut consumption? Consumption is way down and dropping every year further.

Top
#2546293 - 02/23/12 07:05 PM Re: Saudis & Oil Speculators [Re: eljefino]
demarpaint Offline


Registered: 07/03/05
Posts: 21175
Loc: NY
Originally Posted By: eljefino
We need tools to knock the knees out from under speculators when things get ridiculous. Be nice to have preset "circuit breakers" like a 55 mph speed limit or even extra gas tax that would cut consumption beyond whatever margin the traders are counting on, if a price per barrel increase goes over a certain % over X months. That preset, already-law circuit breaker would overshadow said speculators and might convince them to find other pickings.

Begging the saudis is kind of low for a first world nation, but we weren't and aren't rife with options.


Bingo!!
_________________________
GOD Bless our Troops


Top
#2546302 - 02/23/12 07:19 PM Re: Saudis & Oil Speculators [Re: buster]
NHGUY Offline


Registered: 10/09/11
Posts: 3342
Loc: USA
There was a time when there were no speculators bidding on oil futures.I think it all started in 79.Why it was even allowed back then I will never know.

Top
#2546304 - 02/23/12 07:20 PM Re: Saudis & Oil Speculators [Re: buster]
Boomer Offline


Registered: 09/19/08
Posts: 1649
Loc: Pennsylvania
I think if we required that you actually had to have the facilitities to accept physical delivery of oil before you could buy futures, a lot of this [censored] would disappear.
_________________________
2003 Saturn L 300 117,200 miles
2013 VW Passat TDI SE, 16,700miles
2014 VW Jetta TDI SportWagen 3350 miles

Top
#2546325 - 02/23/12 07:41 PM Re: Saudis & Oil Speculators [Re: NHGUY]
Drew99GT Online   happy


Registered: 10/11/02
Posts: 20699
Loc: Colorado Springs
Originally Posted By: NHGUY
There was a time when there were no speculators bidding on oil futures.I think it all started in 79.Why it was even allowed back then I will never know.


Some speculation in markets is good. History has shown us that, especially historically in agriculture markets, as a certain amount of speculation helps with price stability (both ways).

However, what's happened in the oil market over the past decade is nothing but theft IMO.

http://news.firedoglake.com/2011/05/25/cftc-charges-oil-traders-in-2008-speculation-scheme/

Gasoline demand in the United States is at a 10 year low, we're exporting record amounts of refined gasoline, and the price of gas has never been this high at this point in a year.

It's partly supply and demand, partly the result of the devalued dollar, but to deny that part of the problem is financial corruption is just lunacy.

Top
#2546328 - 02/23/12 07:44 PM Re: Saudis & Oil Speculators [Re: buster]
GROUCHO MARX Offline


Registered: 07/24/02
Posts: 11410
Loc: The Sandhills of NewYorkistan
Tell the Iranians to play nice.
_________________________
80% of people polled say that their neighbor should take mass transit to work.

Top
#2546334 - 02/23/12 07:49 PM Re: Saudis & Oil Speculators [Re: buster]
Drew99GT Online   happy


Registered: 10/11/02
Posts: 20699
Loc: Colorado Springs
For the record, I invested in an energy ETF a few weeks ago with the thought that all this talk about Iran will make crude oil futures start climbing again.

Might as well get in on the action if you can.

Top
#2546358 - 02/23/12 08:14 PM Re: Saudis & Oil Speculators [Re: buster]
LT4 Vette Offline


Registered: 09/12/04
Posts: 12382
Loc: USA
And if Iran gets attacked this summer ?????

Top
#2546371 - 02/23/12 08:20 PM Re: Saudis & Oil Speculators [Re: buster]
spock1 Offline


Registered: 01/19/12
Posts: 233
Loc: Edmonton, Alberta, Canada.
You guys may want to check out this link for a different spin.

http://lindseywilliams101.blogspot.com/2011_06_22_archive.html

Top
#2546440 - 02/23/12 09:16 PM Re: Saudis & Oil Speculators [Re: buster]
Y_K Offline


Registered: 05/29/09
Posts: 1002
Loc: WA (USA)
I am not buying into this sad Saudi tale
_________________________
Corruptissima republica plurimae leges
"The first step in community organization is community disorganization." - Alinsky

Top
#2547767 - 02/25/12 06:42 AM Re: Saudis & Oil Speculators [Re: buster]
grampi Online   content


Registered: 10/08/06
Posts: 3553
Loc: OH
Today's ridiculous prices are mainly caused by out-of-control speculation...

Top
#2547788 - 02/25/12 07:17 AM Re: Saudis & Oil Speculators [Re: Y_K]
demarpaint Offline


Registered: 07/03/05
Posts: 21175
Loc: NY
Originally Posted By: Y_K
I am not buying into this sad Saudi tale


The Saudi tale just helps fuel the speculators that's all. It's a small part of the mix blown out of proportion. If we see $5 a gallon gas expect the auto industry to take a dump again. It might be time to buy that new car you've been dreaming about, the dealers will be begging for sales like they were a few years ago. JMO
_________________________
GOD Bless our Troops


Top
#2548827 - 02/26/12 06:59 AM Re: Saudis & Oil Speculators [Re: buster]
SteveSRT8 Online   content


Registered: 10/10/08
Posts: 14856
Loc: Sunny Florida
I like the idea that if they pump it up here then they sell it here.

This whole price thing is occurring when supplies are HIGH and demand is LOW. Completely bass-ackwards.

It is not the fault of oil speculators... it is the fault of oil exportation! There should be a strategic tariff on exported oil and oil products.
_________________________
"In a democracy, dissent is an act of faith."
J. William Fulbright
Best ET-12.79 @ 111 mph
4340 pounds, Street tires
Just like we go to Publix

Top
Page 1 of 2 1 2 >