COMMODITIES SPECTULATION

Republicans are the ones pushing for war with Iran

Drilling here will do very little to lower crude oil prices since the prices are set on a global market, and we're not in OPEC.

Prices are high because of commodities speculation, not supply and demand. The investment banks got waivers from the Commodities Act and have been rigging the prices of all commodities to give their investors big returns. That's why the prices of oil, coffee, food, etc . . . have been going up so much, and why they had food riots in poor countries a couple of years ago.

 

I read this the other day and was going to post it but am just now doing so.....

You might find it interesting reading ...

 

Now here's as idea.

As gas prices rise, should US oil industry stop exporting?

US gas prices are soaring and domestic demand is falling. The oil industry says it needs to export to stay in business and avoid layoffs. Others claim that keeps supply low and gas prices high.

http://www.csmonitor.com/USA/2012/0223/As-gas-prices-rise-should-US-oil-industry-stop-exporting

 

your article said

guess that pretty much shoots the shit out of the boycott idea....

 

You're right I did find that interesting and it makes the most important point. Speculators cleaning up and oil companies raking in profits from exports could derail our economy again and send us into another recession.

And unfortunately I had to run an errand for my wife and missed President Obama's speech on gas prices and will now have to look for a transcript to say if he said anything that will really help.

 

I have been watching CNBC and they did not even bother to mention it....

well I am off to my local Pub...1.5 miles away to BS about world and state problems...

maybe even chase some skirt....:excited:

 

Damn I wish I was going with you. That sounds like more fun. I'm headed to get a hair cut pretty soon.

 

Now check this out. This is how much the world has changed while we are sitting around believing the oil companies and right wing false propaganda machine.

U.S. Gas Exports Force Drivers Into Bidding War With Mexico At Pump

http://www.huffingtonpost.com/2012/02/23/us-motorists-gasoline-mexico-outbid-refinery_n_1297527.html


PS Now BigSobbing and some others have constantly complained about the Huffington Post. They got nothing on me so have I many times. But the challenge is this. I don't give a fuck where the information comes from. Is it accurate or not? That's all that counts and this is solid information the American Public needs to know. Just how bad we are getting hosed.

 

Oil is an international commodity. The price is set by the OPEC coalition - not exactly a friend to the good ol USA. The bunch funding the right wing candidates in the USA (like the Koch brothers) would like the price of oil to be as high as possible. The limit of price is strongly related to refinery capacity, not production from the ground. The US currently refines more than can be used domestically and so we sell the stuff overseas. In the future, as oil gives out, the price inevitably will rise and alternatives will be more in favor. The OPEC people are aware of this and so do not let the price rise too rapidly so that competitive energy will not put them out of business. All of this is very complex and not a product of the Obama administration. There may be rational reasons to dislike Obama, but oil price is not one of them.

 

Bullshit OPEC is dictated to by Saudi Arabia and we have no better friend when it comes to Oil and never have. Hell I can show you pictures of President Bush Kissing the Saudi's and dancing hand in hand with them because he and his family's business goes back to the 1950's with the Saudi"s.

Now let's just back that up with this. That Chavez of Venezuela is one evil communist isn't he? Venezuela is an OPEC nation. Surely we don't get oil from them do we?

I'll answer that for you. I think they are our third biggest import nation.

There's no OPEC really. There's just one big happy world oil monopoly.

 

The only things the government can do to significantly and durably reduce the cost of gasoline are to reduce the gasoline tax and ease environmental standards. Reducing the gasoline tax will result in poorly maintained roads and bridges. Also, public transportation benefits those who prefer to drive their cars because a bus carries as many people as many cars, and eases traffic congestion. Consequently, government subsidies to public transportation help car drivers.

Easing environmental standards will result in more expensive oil spills, and cause other problems as well.

 

The prcentages depend on your local power company.

Where I live, natural gas handles the summer variational increases in demand due to air conditing. I can't recall off the top of my head, but, it is a big percentage in the summer. It doesn't show up on my energy bill, but, I got some data from the power company when I was researching the topic.

In Kansas, about 13% of our power is nuclear. I thought Illinois (commonwealth Edison) used more nuclear power than that, over 40%.

 

I really like this. President Obama and his administration has obviously seen this coming for a long time and are well prepared to get out in front of it.

Obama goes on offensive as gasoline prices soar

http://www.rawstory.com/rs/2012/02/23/obama-goes-on-offensive-as-gasoline-prices-soar/

 

Geithner: We'll tap oil reserves if we have to

http://bottomline.msnbc.msn.com/_ne...-geithner-well-tap-oil-reserves-if-we-have-to

 

Obama should slap a big tax on commodities trading in which you don't take possession of the product. This silliness would end overnight.

 

Or slap some heavy taxes and restrictions on exported petroleum products. Just threatening to do that would work wonders I bet.

 

Yes, that is the Obama answer, BIGGER BETTER TAXES!!!

Tax tax tax tax tax tax, that's what keeps the Obama train running!

 

I'm sure ExxonMobil and BP sincerely appreciate your ardent defense of their bottom lines. Maybe one of them will give you a job.

 

Actually I firmly believe that President Obama taking a very tough stance against the speculators is another of those win-win political situations. First, because there are some tools that can be used to bring down the price (at least temporarily.) And more importantly because the vast majority of Americans see greed as the problem and President Obama would be their hero for confronting it.

PS I also want to point out that with everything that's already actually happening in the Middle East plus all the tension between Israel, Iran and the US, and an actual Iranian boycott of the EU and UK I would have thought the price of oil would have already set a new record above $140 per barrel. But I think between President Obama and OPEC they've got the speculators spooked and that's holding back the price.