Oil trading is an international activity. The Congress can saber rattle all they want...it will do NO good.
Given the supporters of this study, I question it's findings.
Given the supporters of this study, I question it's findings.
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This is why Investors should be out of Oil markets
- Thread starter ZZman
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You need food, air, water and shelter. You WANT to buy oil at a price that you want to set.
People are dumping their big SUV's and P/U's, driving less. Putting food the the table instead of in their gas tanks. But they still have to buy it. Don't you and Tempest drive? Or do you only walk and ride a bike?
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No Tempest. I want Oil at a fair and consistent price.
Once again......i can chose what food to buy, what size house I want etc.....those I can control by how much I want to spend on what. I can not chose how much I pay for oil per a given unit. That is already decided and out of my control.
Air is free...water is cheap.
And we have seen what happens when shelter goes up like a rocket like oil.....people lose their houses, the market is a shambles.
Once again......i can chose what food to buy, what size house I want etc.....those I can control by how much I want to spend on what. I can not chose how much I pay for oil per a given unit. That is already decided and out of my control.
Air is free...water is cheap.
And we have seen what happens when shelter goes up like a rocket like oil.....people lose their houses, the market is a shambles.
Originally Posted By: ZZman
More evidence the speculators screwed us all!
http://news.yahoo.com/s/ap/20080910/ap_on_go_co/oil_speculation
These explain a good portion of it not mentioned above:
http://seekingalpha.com/article/80874-how-oil-and-gas-prices-fare-in-dollar-vs-euro-terms
http://www.x-rates.com/d/EUR/USD/hist2008.html
More evidence the speculators screwed us all!
http://news.yahoo.com/s/ap/20080910/ap_on_go_co/oil_speculation
These explain a good portion of it not mentioned above:
http://seekingalpha.com/article/80874-how-oil-and-gas-prices-fare-in-dollar-vs-euro-terms
http://www.x-rates.com/d/EUR/USD/hist2008.html
Originally Posted By: ZZman
People are dumping their big SUV's and P/U's, driving less. Putting food the the table instead of in their gas tanks. But they still have to buy it. Don't you and Tempest drive? Or do you only walk and ride a bike?
Yes, I drive. I choose to make MPG ratings a big factor in my new car buying process. I choose to alter my driving habits for increased MPG (keeping speed down etc.). I choose to have a job for which I don't have to travel. I choose to live where I work and work where I live (no insane 100 mile commutes).
What I haven't chosen to do is to buy a large, low mileage SUV, drive long distances daily to my workplace, drive like a bat out of heck, and then after all of that complain about the price of gas! I don't know, it seems simple to me. If you think fuel prices are too high, stop using so much fuel. Prices will then go down.
People are dumping their big SUV's and P/U's, driving less. Putting food the the table instead of in their gas tanks. But they still have to buy it. Don't you and Tempest drive? Or do you only walk and ride a bike?
Yes, I drive. I choose to make MPG ratings a big factor in my new car buying process. I choose to alter my driving habits for increased MPG (keeping speed down etc.). I choose to have a job for which I don't have to travel. I choose to live where I work and work where I live (no insane 100 mile commutes).
What I haven't chosen to do is to buy a large, low mileage SUV, drive long distances daily to my workplace, drive like a bat out of heck, and then after all of that complain about the price of gas! I don't know, it seems simple to me. If you think fuel prices are too high, stop using so much fuel. Prices will then go down.
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Prices will then go down.
Aside from temporary madness (the speculation scam) ..don't count on it. There are billions waiting to afford petroleum that can't afford it. Slashing our usage in half tomorrow would create a very short glut ..and then those who can't drive very far will drive much further ...thanks to the help we provided.
Infinite demand based on price and peak production. There's no way out of that scenario on any national strategic level. The only economy is driving less and spending less on a personal level. Too many people want the stuff ..and can afford to buy it. It's killing me even worse. We do virtually no optional driving. We don't "not go" somewhere because of the price ..since it's next to nothing compared to our mandated baseline usage. We also can't get the numbers to work for 30mpg cars since it need to get to about $7/gallon to be worth it ..even at used car prices.
Prices will then go down.
Aside from temporary madness (the speculation scam) ..don't count on it. There are billions waiting to afford petroleum that can't afford it. Slashing our usage in half tomorrow would create a very short glut ..and then those who can't drive very far will drive much further ...thanks to the help we provided.
Infinite demand based on price and peak production. There's no way out of that scenario on any national strategic level. The only economy is driving less and spending less on a personal level. Too many people want the stuff ..and can afford to buy it. It's killing me even worse. We do virtually no optional driving. We don't "not go" somewhere because of the price ..since it's next to nothing compared to our mandated baseline usage. We also can't get the numbers to work for 30mpg cars since it need to get to about $7/gallon to be worth it ..even at used car prices.
Samilcar: The increase in gas and oil prices might be acceptable if it was legitimate. But it wasn't. There were no shortages of oil. Anyone who wanted it could buy it. The price was inflated on rumors and speculation not fact.
**Also when I chose where to work 22 yrs ago and live 15 yrs ago, gas and oil prices were low with no thought they would skyrocket. I also drive a 4 cyl Camry that does very well on my hwy commute (30+ mpg) To change those things now would be impractical and cost more than the gas increase itself.
**Also when I chose where to work 22 yrs ago and live 15 yrs ago, gas and oil prices were low with no thought they would skyrocket. I also drive a 4 cyl Camry that does very well on my hwy commute (30+ mpg) To change those things now would be impractical and cost more than the gas increase itself.
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I believe the margins (amount of money that has to be put down to buy a contract) is generally less than 10% for futures contracts -- lets say 5% for oil futures. This means a fund with 10 billion dollars can buy 20x that in future oil contracts -- 200 billion worth. It's a huge amount of leverage for these traders and it allows them to control huge amounts of oil with relatively a little amount of money. What they need to do is remove the margin buying completely from the oil futures market. Then someone with 10 billion dollars would only be able to hold 10 billion dollars worth of oil futures, a fraction of the market, and a fraction of what they can hold now. Without these large margins the speculators wouldn't have near the leverage to hold huge amounts of the oil contracts and influence price.
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To change those things now would be impractical and cost more than the gas increase itself.
Still wanting others to conform to your lifestyle.
To change those things now would be impractical and cost more than the gas increase itself.
Still wanting others to conform to your lifestyle.
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