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No more energy speculation?

Discussion in 'Business & Economics' started by PLC1, Jul 9, 2009.

  1. PLC1

    PLC1 Moderator Staff Member

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    No more $4.50 a gallon gasoline due to speculation in the petroleum market? Could it be? Could it work?

    U.S. Considers Curbs on Speculative Trading of Oil


     
  2. Pandora

    Pandora Well-Known Member

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    If that keeps gas prices down then I am all for it.
     
  3. GenSeneca

    GenSeneca Well-Known Member

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    The guy in charge was in the forefront of stopping the regulation of Credit Default Swaps (financial derivitives)...

    I agree with the Democrats who voted against him, this guy smells fishy.
     
  4. GenSeneca

    GenSeneca Well-Known Member

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    The Dems will make sure that with Cap & Trade or through taxation that gas gets back up to 4$ a gallon... Otherwise who will buy the vehicles they are producing?
    [​IMG][​IMG]
     
  5. Pandora

    Pandora Well-Known Member

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    I was thinking about that Gen. Lower gas prices won’t help sell tiny cars. People don’t want tiny cars, but they will buy them if gas is 4 or 5 dollars a gallon. So something will have to make the gas go higher, I am sure obama would rather a tax than speculators; at least he gets the money if it’s taxed high. Perhaps they are stopping the speculating so the gas wont go to 4 dollars a gallon because then the people would really gripe if there was a gas tax increase.
     
  6. PLC1

    PLC1 Moderator Staff Member

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    No one in their right mind will buy cars designed by the government, whether they are small and fuel efficient or not. The cars that GM produced back when the G stood for general were bad enough.

    The best we can hope for is that Obama means what he says when he says that the government isn't going to be running GM.
     
  7. BigRob

    BigRob Well-Known Member

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    The government needs to stop meddling in the economy. Speculation in markets is not a bad thing. It can work the other way as well, if people speculate the price will fall instead of rise.

    What is next however? No more speculation in any industry or markets? Why not just let the government mandate price controls on everything people feel is to expensive and get it over with? This is a lousy idea. Tell the government to get out of the so-called "free market."
     
  8. top gun

    top gun New Member

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    Or maybe we should have just let the Republicants dance around the issue like they've been doing forever. I mean they'd like to see women pushed back to the 50's stripped of all reproductive rights.

    Why not just keep dancing around this problem as well.

    Hey... I found a clip on it... It's the Dancing Republicants starring in GAS GUZZLER...LOL!:D


    It's a riot watch... is that Mark Foley?

     
  9. dahermit

    dahermit New Member

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    I watched a T.V. special awhile back where it was reveled that two large banks had rented the facilities at a closed Oklahoma oil refinery, and had purchased (speculated), huge amounts of oil which it pumped into the refineries empty tanks to hold. This was during the $4.00+ per gallon gas period. It was so much oil being diverted from the market that it added to the demand and resulted in the oil price climbing even further.

    What are banks doing in the oil business?

    It is notable that during the time of the high-priced gas, I posted on these forums that the price of gas was not due to a shortage or demand, but due to speculation, and manipulating the demand, the conservatives tried their best to discredit that statement.

    It is not in America's best interest to continue to have speculators have access to our oil supply. In regard to oil, if you do not own a refinery, you should not have the right to buy crude oil. For what purpose other than speculation would you buy it?
     
  10. Pidgey

    Pidgey Well-Known Member

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    Short answer: stealing from the rest of us.
     
  11. dahermit

    dahermit New Member

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    Uh, if they "speculated" the price would fall, they would not buy crude oil. Just what do you think "speculation" is anyway?
    How did a "free market" banking industry work out for us?
     
  12. Pidgey

    Pidgey Well-Known Member

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    How, pray tell, is the "gubmint" going to regulate prices on a resource that's increasingly coming from foreign countries?
     
  13. dahermit

    dahermit New Member

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    Almost too dumb of a question to answer. 1) The recent (last Summer) high price of gasoline was not due to demand out pacing supply. If it were, there would have been signs on gas stations that said: "Sorry, out of gas." There were no signs as there were during the OPEC supply shut down of the '70's
    2) As I suggested in a post above, (if you had only read it), if the only entities that were allowed to purchase crude oil were refineries, (by law, as at one time Americans were not allowed to own gold), the speculators could not create an artificially high (but false) demand for oil. 3) Thus, the price of oil would reflect the true demand and it would not result in $4.00+ per gallon oil.
     
  14. Pidgey

    Pidgey Well-Known Member

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    Keep thinking that, Einstein.
     
  15. dahermit

    dahermit New Member

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    Brilliant come back. How can I argue against such a quick minded response. Please, please, no more...
     
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