$135 a barrel

[dedazo]

$135 A Barrel.

 

[Quimby]

tomorrow by noon.

next.

 

[GOULET!]

$150 easy by the end of June. $200 by years end. There is nothing to stop it.

 

[Smacktard]

$135 A Barrel.

I'm really glad D!ck Durbin (D) 'grilled' the oil execs today, he really showed them! Take all the profits you want D!ck, the price of a gallon of gas (without profits) is still over $3.50. The Republicans were too intoxicated with their power (after '94) to ever make right what the Democrats have done been doing all along, pandering to the lobbyists, ignoring the real problem and then grandstanding to show the folks back home they 'mean business'. Symbolism over subtance. The best footnote ever for politics in a modern America.

 

[Swass]

Speculators, it's them.

 

[satpak77]

Speculators, it's them.

please explain why you think this

 

[Max Powers]

please explain why you think this

No its soccer moms driving their SUVs

 

[Smacktard]

please explain why you think this

I read that the bloated-payoff-pork-feast, known as the Farm Bill, closes the Enron Loophole. This loop hole allows the trading of energy commodities by large firms on OTC electronic exchanges to be exempted from CFTC oversight. Hence, the Goverment can't monitor the trades. So maybe the bloated farm bill passage is a good thing...

 

[JECKEL]

Speculators, it's them.

please explain why you think this


CNN had a good take on this subject earlier today, but I missed a lot of the substance.

What I did take from the report was that the current supply and demand for oil should place the cost of a barrel somewhere between $60 and $85. The report stated that "speculators" and the investments folks alone are driving up the price per barrel by $50 to $75.

The report concluded that the over-the-top price of oil was due mainly by investor greed and speculator hype and not the result of the Big Oil Companies or the Arab world.

Hopefully CNN will run that report again.

 

[Crzipilot]

CNBC had something along the same lines. Only cought a second of it, but after the bell the talking heads were looking at each other, and some interview guy, and basically they were saying. We don't know why it's gone so high, there isn't the fundamentals for it to be that high...etc etc....
Anyways...

 

[dtfl]

Speculators, it's them.

please explain why you think this


CNN had a good take on this subject earlier today, but I missed a lot of the substance.

What I did take from the report was that the current supply and demand for oil should place the cost of a barrel somewhere between $60 and $85. The report stated that "speculators" and the investments folks alone are driving up the price per barrel by $50 to $75.

The report concluded that the over-the-top price of oil was due mainly by investor greed and speculator hype and not the result of the Big Oil Companies or the Arab world.

Hopefully CNN will run that report again.

..and the Saudi Prince who "runs" the oil in that country agreed to produce more, but stated, last week in the news, that it would do NOTHING for the price of oil. He singled out the weak US dollar and speculation as two reasons.

 

[Dizel8]

Not sure there is a simple answer, the devaluing dollar, investors buying oil commodities to offset the dollar, increased demand worldwide, supply disruptions, continued instability in oil producing countries.

Even those paid to analyze are all over the place, Goldman Sach says $200 oil is likely, Lehman says it will fall to around 70.

The Saudis have another two million barrels a day capacity at present, but they cannot find buyers for it. The oil sands are coming along nicely, Canada now has the second largest, proven reserve in the world. Saw a report recently that said, Iraq may have reserves that equal Saudi, but little investment nor research have been done since 1990.

It may be all BS, but the OPEC nations persist in saying there is no shortage and indeed, you can buy all the oil you want, just have to pay the price for it.
Wonder what would happen if we stopped oil commodity trading?

Hopefully though, this time, as opposed to last time, with the oil embargo, we will indeed get our stuff together and come up with solutions that will reduce our reliance upon foreign oil.

 

[chuckthepilot]

http://www.explosm.net/comics/431/

 

[brokedash]

Greedy, fear mongering speculators are the answer to why oil is high. If you removed them, oil would cost in 60-80 dollar range, as mentioned above.

As long as the greedy fat cats are allowed a free pass they will keep jacking the price to profit for themselves. Eventually, if oil gets much higher, we consumers will stop doing less and pay for less fuel, which would cause a demand drop. Hopefully the traders on Wall St. that are in check with reality can get control of this situation and restore some order to the oil trade madness.

The Farm Bill was a giant POS that was signed after Kenny Boy stuffed politicians coffers to ensure there was no check and balance to the blatant practices of Enron. Same story is happening now, only Kenny has been replaced by greedy speculators and the are destroying not a company, but the US economy!

 

[list2002]

And they are American? WTF.