Record high gas prices to inaugurate dem convention

[Triton]

Alright, I overreacted Mr. H and should not have told you "fuck you" in response to your comment and give you a neg rep.

I'll give you a positive rep to make up for it as soon as I can and will leave this discussion

 

[Mr. H.]

It's all good, T. Fergedaboutit.

I've worked in this industry for 35 years, studied it both nationally and internationally and am an advocate who serves on several industry-affiliated boards. Still, I don't expect my posts to carry any more weight than others' here. It's a platform to say whatever the heck you feel like saying.

 

[Papageorgio]

Huh?

It shouldn't be over $1.00 a gallon. Profits would still be absurd. The high fuel prices drive up the cost of everything.

If only someone would start mass producing bio fuel engines

Are you serious? What do you base your statement on, hard cold facts or is it just an emotional response based on the world as you see it?

 

[waltky]

Oil markets bein' run by a buncha drunks...

Broker Sent Oil Prices to Eight Month High in a Drunken Stupor
Wed, 26 September 2012 | On June the 30th 2009 oil mysteriously jumped by more than $1.50 a barrel during the night, to reach its highest price in eight months, the kind of swing that is caused by a major geopolitical event.

The amazing, true cause of this price spike has now been released by a Financial Services Authority investigation (FSA). Although not authorised to invest company cash in trades Steve Perkins, a long standing, senior broker at PVM Oil Futures, had managed to spend $520 million on oil futures contracts throughout the night.

On the morning of the 30th an admin clerk called Mr Perkins to ask why he had bought 7 million barrels of crude during the night. Mr Perkins had no recollection of the transactions, and it turned out that he had made the trades during a “drunken blackout.” By the time PVM had realised the transactions had not been authorised by a client, they had incurred losses of $9,763,252.

Between the hours of 1.22am and 3.41am, Mr Perkins gradually bought 69 percent of the global market, whilst driving prices up from $71.40 to $73.05, by bidding higher each time. At 6.30am, presumably sobering up and realising what he’d done, he sent a message to his managing director claiming an unwell relative meant he would not be able to make it into work.

Following an official investigation Mr Perkins admitted to having a drink problem, had his trading license revoked for five years, and was given a fine of £72,000. The FSA have said that they will re-approve his license after the five year period, if he has recovered from his drink problem, although they warned that “Mr Perkins poses an extreme risk to the market when drunk.”

Source