Oil Speculators on Wallstreet are the Problem

[sealybobo]

Notice the Republicans want to blame Obama for gas prices but then call him a socialist if he tries to get involved?

This is why I like Obama. He's not weak and he will show the oil barons who's boss. You republicans think a monopoly should be able to gouge us to the point that it causes another Depression? Government is the boss! Call it socialism, but Government is the referee in the game of Business. Corporations only do business in the US if they benefit the country too. Not just the stakeholders. And if they don't, then we will pul a Hugo Chavez and Nationalize them. Just like we ultimately will Healthcare. At least they need to be more heavily regulated.

Edwin Black: Barack Obama Prepares for War Footing

Executive Order, titled "National Defense Resources Preparedness," renews and updates the president's power to take control of all civil energy supplies, including oil and natural gas,

If Iran was struck by Israel or the West, it would create an international and economic calamity of unprecedented severity.

Obama's Order sets forth as its rationale that "the United States must have an industrial and technological base capable of meeting national defense requirements and capable of contributing to the technological superiority of its national defense equipment in peacetime and in times of national emergency."

In other words, if we need to, rather than go into another recession, we will make the American oil companies sell our oil on the American market for under $4.

Just like ABC doesn't own the airwaves it broadcasts from, oil companies don't own the land or oil the are pumping. They are contractors. If we need we will pull a Hugo Chavez on them, rather than let them crash our economy again and make record profits and the CEO's get paid millions. Fuck that.

Corporations only exist in America if they serve the publics interest too. This is why free unregutated capitalism is a fairytale. One the GOP loves to tell.

If the oil market collapses, we will require the American oil companies to sell us oil for a fair price. In other words, all bets are off.

Much like ABC doesn't own our airwaves, oil companies don't own our land or oil. Not if it means the distruction of the American economy.

Enjoy being a surf renter slave

What spin! Under your way the rich got richer than ever and 10 million people slipped into poverty. And the middle class makes the same wage it made 30 years ago.

The GOP way produced a small rich class and a big working poor class. Don't you dare try to suggest our way produces that. Makes you sounds stupid. Your way the rich get richer but the worker is not valued at all. So you sent our jobs to china or hired illegals, flooding the market with people looking for work, on purpose because it would bring down wages. Omg, please don't suggest the opposite is true or I'll think you are a fucking fool.

Are you Rich, middle class or poor. If you aren't rich, you don't realize that a surf slave poor person is exactly what the GOP made us all over the past 10 years. Hows your home value? And the rich got richer. That was on purpose on the GOP's watch. Admit it.

Seems like 30 years ago when Unions made up 35% of the American workforce, wages and the middle class were booming!!! With unions decline, so have wages. No coincidence. But you call high wages for middle class people socialism. Clueless righties!

The big strong middle class existed because of unions. Because of social security and medicare. Because of labor laws. Because of the New Deal. Since Reagan the rich have been waging war on the middle class and righties still don't believe it.

 

[sealybobo]

How do I make this simple for you.

What you are talking about will save us less than ten cents.

What I am talking about is costing you $10. Why are you crying about ten cents?

It is clear that you have no idea what you are talking about.

Then you should nominate me for VP just like you did Palin.

 

[sealybobo]

How do I make this simple for you.

What you are talking about will save us less than ten cents.

What I am talking about is costing you $10. Why are you crying about ten cents?

It is clear that you have no idea what you are talking about.

No, its clear that you don't know what I'm talking about.

President Obama said Saturday that regulating energy markets and cutting government subsidies to big oil firms will help control spikes in the prices of gas.

The president said financial firms had been "able to game the energy markets, distort the price of oil, and make big profits for themselves at your expense." He said the Wall Street reforms passed during his time in office "are helping bring energy markets out of the shadows and under real oversight."

"At a time when big oil companies are making more money than ever before, we’re still giving them $4 billion of your tax dollars in subsidies every year," he said.

"Under my administration, we’re producing more oil here at home than at any time in the last eight years, that’s a fact," he said in his weekly address. "We’ve quadrupled the number of operating oil rigs to a record high, that’s a fact. And we’ve opened millions of acres on land and offshore to develop more of our domestic resources."

Obama: Fight high gas prices by ending subsidies, fraud - The Hill's Video

 

[GoneBezerk]

Your insanity and stupidity have no bounds.

Forget Drill baby drill. Forget about building new refineries. Forget degulations or giving the oil companies more tax breaks. All these GOP right wing talking points are just a distractions. They refuse to deal with this fact.

If you own an economy car, Oil Speculators on Wallstreet are costing you an extra $7.30 every time you fill up and $10.41 if you own an SUV.

Robert Reich (Why Republicans Aren't Mentioning the Real Cause of Rising Prices at the Gas Pump)

Waaa!!! Let me guess, Republicans won't like my source! Deal with it. Rox and Rush ain't gonna tell you this shit.

The answer is not refineries. If it were, why are the oil companies closing refineries down? No money in building refineries. I guess these free marketers want us to build them for them so they can sell our oil on the world market and still charge us $4 a gallon.

The answer is not drill baby drill. This is just a land grab. Giving our commons to the oil companies for nothing. They won't pass the savings on to us or share the profits.

And the oil companies already pay zero taxes so the answer is not more tax breaks.

And the answer is not more deregulations. Just look at the BP oil spill in the Gulf.

 

[Rocko]

Same thing Dick Morris and Bill O'Reilly screamed about when gas went up during the Bush years. Funny the libs didn't care about that then.

Here is the causes:
(1) Government actions! Things like opening up drilling offshore, ANWR, in the Gulf etc and publicizing them would trend. Shooting down a pipeline from Canada is another. not allowing drilling CO is another. Government action to show a commitment to drilling stateside would help 10 fold.

(2) Disallowing oil exports is another cause. More 50% of the oil drilled in the US is exported, because they can sell it at a greater profit overseas. Don't fore them, but give them disincentive, such as a 30% oil export tax

(3) EPA viewed as out of control raises prices.

(4) Oversea instability. Syria civil war. Iranian threats hurt.

(5) Speculation: Yes you are correct. No matter what whether they are speculating up or down adds to the price. Obama, as Bush could have, could end speculation. I believe he won't do it, because he truthfully doesn't want it lowered.

regarding #5, there is a ryhme and reason associated with speculation. Speculation up or down is grounded in fundamentals. There can be amonts of speculation that misrepresent intrinsic value, but over time the market always corrects itself. I can say any specific comodity or stock is under or overvalued at this time, time will ultimately be the deciding factor. There is no evidence that oil is consistantly misrepresented in the market, unlike consiracy theorists would like you to believe.

 

[sealybobo]

Your insanity and stupidity have no bounds.

Forget Drill baby drill. Forget about building new refineries. Forget degulations or giving the oil companies more tax breaks. All these GOP right wing talking points are just a distractions. They refuse to deal with this fact.

If you own an economy car, Oil Speculators on Wallstreet are costing you an extra $7.30 every time you fill up and $10.41 if you own an SUV.

Robert Reich (Why Republicans Aren't Mentioning the Real Cause of Rising Prices at the Gas Pump)

Waaa!!! Let me guess, Republicans won't like my source! Deal with it. Rox and Rush ain't gonna tell you this shit.

The answer is not refineries. If it were, why are the oil companies closing refineries down? No money in building refineries. I guess these free marketers want us to build them for them so they can sell our oil on the world market and still charge us $4 a gallon.

The answer is not drill baby drill. This is just a land grab. Giving our commons to the oil companies for nothing. They won't pass the savings on to us or share the profits.

And the oil companies already pay zero taxes so the answer is not more tax breaks.

And the answer is not more deregulations. Just look at the BP oil spill in the Gulf.

We understand why you can't admit you are wrong. Because it would blow your whole unregulated free markets theory. Fact is, these corporations need to be regulated and there is no such thing as free markets.

Democracy - Not "The Free Market" - Will Save America's Middle Class

 

[Disenchanted61]

All the people blaming speculators are basically saying the market is not an efficent platform. Sure speculators may drive up prices for a while, but the market ALWAYS corrects to reflect demand.

Those who have been paying attention
have heard this line of defense for the so-called "free market." The Ayn Rand principles of
"OBJECTIVISM" has proven to be a failure for the moral majority.

 

[Rocko]

All the people blaming speculators are basically saying the market is not an efficent platform. Sure speculators may drive up prices for a while, but the market ALWAYS corrects to reflect demand.

Those who have been paying attention
have heard this line of defense for the so-called "free market." The Ayn Rand principles of
"OBJECTIVISM" has proven to be a failure for the moral majority.

It's no deffense, I'm simply saying the price is determined by the forces of the market, these laws are irrefutable. I'm not avocating anything.

 

[KissMy]

How do I make this simple for you.

What you are talking about will save us less than ten cents.

What I am talking about is costing you $10. Why are you crying about ten cents?

It is clear that you have no idea what you are talking about.

No, its clear that you don't know what I'm talking about.

President Obama said Saturday that regulating energy markets and cutting government subsidies to big oil firms will help control spikes in the prices of gas.

The president said financial firms had been "able to game the energy markets, distort the price of oil, and make big profits for themselves at your expense." He said the Wall Street reforms passed during his time in office "are helping bring energy markets out of the shadows and under real oversight."

"At a time when big oil companies are making more money than ever before, we’re still giving them $4 billion of your tax dollars in subsidies every year," he said.

"Under my administration, we’re producing more oil here at home than at any time in the last eight years, that’s a fact," he said in his weekly address. "We’ve quadrupled the number of operating oil rigs to a record high, that’s a fact. And we’ve opened millions of acres on land and offshore to develop more of our domestic resources."

Obama: Fight high gas prices by ending subsidies, fraud - The Hill's Video

Obama is a politician. - That means he is a professional lier. You are an idiot for believing him.

Look at the chart below for the proof: December 31, 2011 the Nation Wide 45 cent a gallon VEETC gas blender tax cut expired & North Carolina imposed a 20 cent a gallon gas tax. Since that day gasoline prices you pay at the pump stopped going down & spiked & has been climbing every since that date. Relish in your stupidity.

 

[sealybobo]

It is clear that you have no idea what you are talking about.

No, its clear that you don't know what I'm talking about.

President Obama said Saturday that regulating energy markets and cutting government subsidies to big oil firms will help control spikes in the prices of gas.

The president said financial firms had been "able to game the energy markets, distort the price of oil, and make big profits for themselves at your expense." He said the Wall Street reforms passed during his time in office "are helping bring energy markets out of the shadows and under real oversight."

"At a time when big oil companies are making more money than ever before, we’re still giving them $4 billion of your tax dollars in subsidies every year," he said.

"Under my administration, we’re producing more oil here at home than at any time in the last eight years, that’s a fact," he said in his weekly address. "We’ve quadrupled the number of operating oil rigs to a record high, that’s a fact. And we’ve opened millions of acres on land and offshore to develop more of our domestic resources."

Obama: Fight high gas prices by ending subsidies, fraud - The Hill's Video

Obama is a politician. - That means he is a professional lier. You are an idiot for believing him.

Look at the chart below for the proof: December 31, 2011 the Nation Wide 45 cent a gallon VEETC gas blender tax cut expired & North Carolina imposed a 20 cent a gallon gas tax. The next day January 1, 2012 gasoline prices you pay at the pump stopped going down & spiked & has been climbing every since that date. Relish in your stupidity.

I know the facts.

Who are you voting for?

 

[KissMy]

No, its clear that you don't know what I'm talking about.

President Obama said Saturday that regulating energy markets and cutting government subsidies to big oil firms will help control spikes in the prices of gas.

The president said financial firms had been "able to game the energy markets, distort the price of oil, and make big profits for themselves at your expense." He said the Wall Street reforms passed during his time in office "are helping bring energy markets out of the shadows and under real oversight."

"At a time when big oil companies are making more money than ever before, we’re still giving them $4 billion of your tax dollars in subsidies every year," he said.

"Under my administration, we’re producing more oil here at home than at any time in the last eight years, that’s a fact," he said in his weekly address. "We’ve quadrupled the number of operating oil rigs to a record high, that’s a fact. And we’ve opened millions of acres on land and offshore to develop more of our domestic resources."

Obama: Fight high gas prices by ending subsidies, fraud - The Hill's Video

Obama is a politician. - That means he is a professional lier. You are an idiot for believing him.

Look at the chart below for the proof: December 31, 2011 the Nation Wide 45 cent a gallon VEETC gas blender tax cut expired & North Carolina imposed a 20 cent a gallon gas tax. The next day January 1, 2012 gasoline prices you pay at the pump stopped going down & spiked & has been climbing every since that date. Relish in your stupidity.

I know the facts.

Who are you voting for?

Please enlighten us to the FACTS!

I don't know who I am voting for yet. I will wait until Romney post his economic plan & the debates are over to pick the lesser of 2 evils.

 

[WillowTree]

It's obama's fault, he hates oil, coal, and any other form of fossil fuel. He wants high prices. but he'll lie to you and say he doesn't.

 

[LogikAndReazon]

we need to restrict, conserve and regress on energy until those magically elusive alternative energies becomes effecient, cost effective and abundant......................

for mother earth !!!

 

[KissMy]

Yesterday was April's Crude Oil Futures expiration date. That means all the speculators who owned April Crude Oil contracts must take physical delivery. Unless oil inventories fill up while these speculators roll this oil into new futures contracts, the speculators are not manipulating the market.

The Big Wallstreet Banks did manipulate the oil market in 2008 & stored this oil offshore in tankers while they rolled over those contracts. This created a demand price discovery. Now all the worlds oil producers know just how much customers will pay before they cut back on consumption. OPEC & all other suppliers invested more in their production because they know their oil is worth $125 & they are not willing to take mush less from speculators or consumers.

According to the Baltic Dirty Tanker Index, speculators are not currently leasing oil tankers to hide their oil offshore. So I do not believe they are currently manipulating oil prices like they did in 2008. Government is currently the #1 reason for high gas prices.

China is now the worlds largest consumer of oil that is still priced in US Dollars. According to Larry Kudlow of CNBC, China is the worlds biggest oil speculator. China does have a huge oil storage facility that can be used to manipulate prices for a while. China's government just raised gas prices to $4.42 USD per gallon the pump, so my bet is their stockpile was not filling up but was likely falling.