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#1
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Experts blame speculators for oil prices
http://www.mcclatchydc.com/2011/05/13/114190/speculation-explains-more-about.html
I guess the difference between an expert and an analysts is the expert seeks the facts were as the analysts can make up the facts. |
#2
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Ive alwayd thought they should limit the purchase of oil to those that transport store or refine. Speculators have no busisness using this to make profit. 1000 guys basically screw the whole world
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1982 300CD Turbo (Otis, "ups & downs") parts for sale 2003 TJ with Hemi (to go anywhere, quickly) sold 2001 Excursion Powerstroke (to go dependably) 1970 Mustang 428SCJ (to go fast) 1962 Corvette LS1 (to go in style) 2001 Schwinn Grape Krate 10spd (if all else fails) |
#3
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If the conclusions are correct then it should be stopped.
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#4
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The devalued dollar can't be helping much either.
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1980 300TD-China Blue/Blue MBTex-2nd Owner, 107K (Alt Blau) OBK #15 '06 Chevy Tahoe Z71 (for the wife & 4 kids, current mule) '03 Honda Odyssey (son #1's ride, reluctantly) '99 GMC Suburban (255K+ miles, semi-retired mule) 21' SeaRay Seville (summer escape pod) |
#5
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I could just imagine everybody trading in gold or wheat or pork bellies taking possession of their various commodities. In that way, only big dealers would get to play.
Yeah, that's a good idea. |
#6
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Actually it would be pretty funny. A guy has three warehouses of rotting pork bellies, etc.
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#7
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Quote:
EM CEO Tillerson told congress oil would be $60-$70 a bbl if not for speculators. http://www.nakedcapitalism.com/2011/05/guest-post-exxon-ceo-admits-that-oil-should-be-60-70-dollars-a-barrel-based-on-supply-and-demand.html |
#8
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We need Congress to control free market capitalism. Congress has done such a fine job controlling health care and the nation's borders, how could it go wrong?
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#9
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Quote:
Say what you will about congress, and I'd be hard pressed to disagree, the voters put them there. If people aren't happy look in the mirror. |
#10
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First what makes this guy an Expert, he is a former LAW professor, not economics or something closely related to the field that would have the knowledge.
Then I don't trust lawyers, they'll take whatever side gets them the most bucks. Now, again speculators have upset the market AND are responsible for some of the price increases, DECREASEs and volatility, IMHO 5 to 10 %. Funny though as the value of the % fell Oil went up, as the $ strengthened the price of Oil fell. Add in much of the current over supply is the wrong 'heavy' oil, most refineries want the light sweet oil. Add in a lot of weather issue's lately refineries down, pipelines etc having issue's moving both the oil and the refined products etc .... Add in problems in the middle east, I think they are causing "some" issue's, probably more than they should but they also do have some effect. Add in Emerging market countries (China ...) are importing more and more Oil. Finally add in the EPA and their multitude of formulations need for summer gas. I bet there are probably at lease a couple of more things you can throw in. Add all of these together and you have lots of problems, more than enough to hang your hat on speculators as the cause.
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KLK, MCSE 1990 500SL I was always taught to respect my elders. I don't have to respect too many people anymore. |
#11
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IMHO we need a tax structure which discourages speculation by taxing gains on a sliding scale. The shorter the holding time the more tax is paid on the gain.
Simple. These stock and futures transactions that take place in seconds can destabilize the entire global economy. Why allow it so a few people can enrich themselves?
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[SIGPIC] Diesel loving autocrossing grandpa Architect. 08 Dodge 3/4 ton with Cummins & six speed; I have had about 35 benzes. I have a 39 Studebaker Coupe Express pickup in which I have had installed a 617 turbo and a five speed manual.[SIGPIC] ..I also have a 427 Cobra replica with an aluminum chassis. |
#12
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Taken from the link ChasH posted above.
Funny how one person gets taught by the teacher what Commodity Market means and that is the Exxon Ceo Rex W.Tillerson "Were not Traders ,were observers ,were price takers.The market decides ,on their view,which is a a view of the future,whats going to be the availability of the oil sometime in the future,and the market trys to decide on that on a host of things they worry about and then it translates that price on today ,and thats the price we take.Thats the nature of a commodity." Senator Cantwell "I disagree ,I dont think thats the nature of a commodity,the commodity markets were established to basically prevent,or lessen the risk that individual users have to take and now with 70% of the market being driven by speculators that are not the end takers of any given product I think your seeing this price driven way in excess of what the fundamentals of $60 to $70 a barrel that you say what would be supply and damand." So ,thank you Mr Chairman . The SENATOR is spot on in my book. |
#13
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Blaming traders for prices is like blaming flies for shyte.
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#14
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Quote:
Can some one translate the senators remarks into a cogent statement? Is he agreeing with Tillerson? |
#15
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It's hard to track down specifics but I've read more than once that such speculation with food items had a not insignificant connection to the urge among the people in Korea and Vietnam to experiment with communism.
I'm not going to advocate that but it does underscore the value in maintaining fair and honest markets else the working class begins to bridle under the belief that they are struggling in order to enrich a class of idlers.
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1986 300SDL, 362K 1984 300D, 138K |
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