US suit sees manipulations of oil trades in 2008

Discussion in 'Stock Market' started by JimH52, May 24, 2011.

  1. JimH52
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    JimH52 Gold Member

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  2. Care4all
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    Care4all Warrior Princess Supporting Member

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    betcha that is happening now too
     
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  3. Mr. H.
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    Mr. H. Diamond Member

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    Some extremely ballzy, risky activity going on there.

    They may have influenced other impressionable traders' decisions by holding a portion of "excess" physical barrels in but one of many markets, but proving that their actions "caused futures prices to rise" across the board is a waste of time.

    It's interesting that the real run-up in prices didn't occur until long after these guys quit.
     
  4. whitehall
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    whitehall Gold Member

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    What's the maximum penalty in a civil suit? It's all smoke and mirrors. Democrats have done their best for decades to make sure the US would not be independent of foreign oil. Now they are trying to blame high energy prices on the usual (capitalist) suspects.
     
  5. Mr. H.
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    Mr. H. Diamond Member

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    If crude oil and natural gas are so critical to so many other industries including agriculture why in the world do we expect it to be, and remain in perpetuity, as cheap as dirt?
     
  6. Care4all
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    Care4all Warrior Princess Supporting Member

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    cheap as dirt gasoline would be 33 cents a gallon, as it was prior to the oil embargo in the 70's....or cheap as dirt gasoline would be below $1.00 a gallon as it was during a part of the clinton administration....$1.80 a gallon gas was outrageous in price, the first time it hit that price, which i believe was during the last Bush administration....now it seems cheap after hitting $4 bucks a gallon.....

    dirt cheap gas is relative.

    I am fine with gasoline going up in price 300%-400% since Clinton, AS LONG AS our family income can rise as much as well! :D(no such luck as of this point)
     
  7. Mr. H.
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    Mr. H. Diamond Member

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    Joe Petrowski of Gulf Oil was on CNBC this morning. He sees weakening in the energy markets for the months ahead. There was a brief discussion of this US lawsuit. and he agreed that improprieties should be prosecuted. His opinion is that trading adds volitility but does not "control" markets. I tend to agree.
     
  8. Mr. H.
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    Mr. H. Diamond Member

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    Bart Chilton of the CFTC was just on. He stressed the term "alleged" improprieties in trading.
    Speculative long positions can add to all commodity prices, not just oil prices.
    He said when you have a lot of volume trading, there's room for "mischief".
     
  9. Chilton
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    Chilton BANNED

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    Crude oil prices are not control by the US economy rather controlled by OPEC which makes it hard for us to meet both ends.I think government is concentrating on the crude oil so much it even violated the basic human rights in many countries by occupying their oil reserves by killing the innocent people.
     
  10. waltky
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    waltky Wise ol' monkey Supporting Member

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    Yea, if yer payin' for yer gas with a company credit card...
    :eusa_eh:
    GM CEO calls for $1 gas tax hike
    June 7, 2011: General Motors CEO Dan Akerson said his company and his industry would be helped, not hurt, if consumers paid higher gas taxes.
     

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