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#2546258 - 02/23/12 06:12 PM Saudis & Oil Speculators
buster Offline


Registered: 11/16/02
Posts: 30243
Loc: NJ
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#2546271 - 02/23/12 06:30 PM Re: Saudis & Oil Speculators [Re: buster]
eljefino Offline


Registered: 06/15/03
Posts: 30390
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.

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


Registered: 06/28/03
Posts: 4313
Loc: Illinois
Tax to cut consumption? Consumption is way down and dropping every year further.
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#2546293 - 02/23/12 07:05 PM Re: Saudis & Oil Speculators [Re: eljefino]
demarpaint Offline


Registered: 07/03/05
Posts: 26822
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!!
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#2546302 - 02/23/12 07:19 PM Re: Saudis & Oil Speculators [Re: buster]
NHGUY Offline


Registered: 10/09/11
Posts: 4744
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.

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


Registered: 09/19/08
Posts: 1827
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.
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#2546325 - 02/23/12 07:41 PM Re: Saudis & Oil Speculators [Re: NHGUY]
Drew99GT Offline


Registered: 10/11/02
Posts: 21690
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.

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


Registered: 10/11/02
Posts: 21690
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.

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


Registered: 09/12/04
Posts: 17908
Loc: Orlando, FL
And if Iran gets attacked this summer ?????
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#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

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


Registered: 05/29/09
Posts: 1786
Loc: WA (USA)
I am not buying into this sad Saudi tale

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


Registered: 10/08/06
Posts: 6552
Loc: OH
Today's ridiculous prices are mainly caused by out-of-control speculation...

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


Registered: 07/03/05
Posts: 26822
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
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#2548827 - 02/26/12 06:59 AM Re: Saudis & Oil Speculators [Re: buster]
SteveSRT8 Offline


Registered: 10/10/08
Posts: 18105
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.
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