nonlnear
Platinum Member
- Jan 31, 2008
- 2,497
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werepossum
Elite Member
- Jul 10, 2006
- 29,873
- 463
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3-29-2012
http://finance.yahoo.com/blogs/dail...ification-high-prices-says-fmr-160209651.html
Former Senator Dorgan says There Is No Justification for $4 Gas
"There is no justification for the current gas prices. This is all about speculation by the people who are speculating on the price of oil and gas," he says. "We could shutdown excess speculation in commodity markets. This government should do that."
"These are people, by the way, who will never buy oil and never sell oil. They are actually buying and selling things they will never have from people who never had it," says Dorgan. "They are making money back driving up the price at the pump and the American people are the victims."
But for all the lambasting of Wall Street speculators for driving up energy prices, economists at IHS said Thursday they believe new regulation of commodity markets could adversely effect the U.S. economy as a whole.
Here are a few negative ripple effects predicted by the IHS study:
I say bring it.
They are raising electric rates anyway since people cut back on power use.
We have too much natural gas, they can't even export it fast enough.
They need to shut down refineries so they can use that lie again that there isn't enough refining capacity.
What's an extra $12 billion when Taxpayers are giving them $4 billion in tax break anyway?
http://finance.yahoo.com/blogs/dail...ification-high-prices-says-fmr-160209651.html
Former Senator Dorgan says There Is No Justification for $4 Gas
"There is no justification for the current gas prices. This is all about speculation by the people who are speculating on the price of oil and gas," he says. "We could shutdown excess speculation in commodity markets. This government should do that."
"These are people, by the way, who will never buy oil and never sell oil. They are actually buying and selling things they will never have from people who never had it," says Dorgan. "They are making money back driving up the price at the pump and the American people are the victims."
But for all the lambasting of Wall Street speculators for driving up energy prices, economists at IHS said Thursday they believe new regulation of commodity markets could adversely effect the U.S. economy as a whole.
Here are a few negative ripple effects predicted by the IHS study:
- A rise $5.3 billion rise in U.S. electricity costs.
- A $7.5 billion reduction in natural gas development, which has boomed in recent years, and a loss of 182,000 jobs.
- A 4 cent increase in the price of East Coast gas prices due to the closure of two East Coast oil refineries.
- A loss of $34 billion in gross domestic product and a loss of $12 billion in federal tax receipts.
I say bring it.
They are raising electric rates anyway since people cut back on power use.
We have too much natural gas, they can't even export it fast enough.
They need to shut down refineries so they can use that lie again that there isn't enough refining capacity.
What's an extra $12 billion when Taxpayers are giving them $4 billion in tax break anyway?
What's an extra $12B When Taxpayers are the ones paying that (or most of that) $12B anyway?
Flat out, money is being made by someone. That money does not magically grow on trees. If that money is being made by pure speculation, nothing is being CREATED or BOUGHT or PROVIDED to EARN it.
YES, lowering gas prices (might) have a negative impact on the economy, but FCS, a hangover is no excuse to not stop drinking.
Flat out, money is being made by someone. That money does not magically grow on trees. If that money is being made by pure speculation, nothing is being CREATED or BOUGHT or PROVIDED to EARN it.
YES, lowering gas prices (might) have a negative impact on the economy, but FCS, a hangover is no excuse to not stop drinking.
- Oct 30, 2004
- 11,442
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So, what exactly is the Republicans' plan for lowering the gasoline prices? Do they actually have a realistic plan, or are they just shoveling BS to the sheeple in their base?
Do the Republicans plan to pass a bill stating that no oil or gasoline can be exported out of the United States for consumption in other nations? We can pump all the oil we want in this country, but if it's subject to the world market price, it's not going to make much of a difference.
Do the Republicans plan to pass a bill that would prevent speculators from buying and selling oil?
It's easy to blame Obama and hope that Tea Party 'Tards and Republi-Tards will believe it, but it's much harder to actually explain what Obama did to increase the prices and what the Republicans will do to decrease the prices.
Do the Republicans plan to pass a bill stating that no oil or gasoline can be exported out of the United States for consumption in other nations? We can pump all the oil we want in this country, but if it's subject to the world market price, it's not going to make much of a difference.
Do the Republicans plan to pass a bill that would prevent speculators from buying and selling oil?
It's easy to blame Obama and hope that Tea Party 'Tards and Republi-Tards will believe it, but it's much harder to actually explain what Obama did to increase the prices and what the Republicans will do to decrease the prices.
Doppel
Lifer
- Feb 5, 2011
- 13,306
- 3
- 0
BS, definitely. They have no plan because there is no possible plan for near-term reduction in gas prices or long-term, either. They are going up and that's that.
The only way to change things would be indeed to force domestic drillers off the global market and force their price artificially low as well, this way half the US' crude needs (made domestically) are at some low price and the other half are at global rates. It won't happen, though.
The quickest way to lower prices is removal from the speculative market as a commodity on Wall Street.
All other means and methods are still subject to what investors will pay for future rights and production, regardless of the classical supply/demand model.
So now we have people that are buying up because of a rumor of hostilities from Iran. Seriously, what the hell will fracking in the US do to dispel that rumor?
All other means and methods are still subject to what investors will pay for future rights and production, regardless of the classical supply/demand model.
So now we have people that are buying up because of a rumor of hostilities from Iran. Seriously, what the hell will fracking in the US do to dispel that rumor?
Londo_Jowo
Lifer
I think one of the best ways to correct the issue is that those who purchases or sells futures must be able to take possession of and store the commodity.
nonlnear
Platinum Member
- Jan 31, 2008
- 2,497
- 0
- 76
That would be a decent solution if regulators actually controlled all the markets where derivatives were sold (think foreign), and if the only legitimate uses for derivatives were by parties who actually take delivery. What about companies that need to hedge expenses that are highly correlated with a commodity that they do not actually take delivery of? If your shipping company (or whatever supplier) passes its fuel expenses on to you with pricing that tracks their fuel costs you wouldn't be able to hedge that because you don't actually take delivery.
3-30-2012
Trinidad announces discovery of 48M barrels of oil
Trinidad's state-owned petroleum company says it has discovered 48 million barrels of crude oil off the island's southwest coast.
Petrotrin President Designate Khalid Hassanali said late Thursday that it is the company's biggest discovery in a decade. He said the crude oil is located in 60 feet (18 meters) of water and described it as a combination of light and heavy oil.
Prime Minister Kamla Persaud-Bissessar said the anticipated revenue would be used for several development projects.
"There will be no squandering of these very precious resources," she said.
Trinidad's oil production has fallen in the last two decades to about 97,000 barrels per day from a peak in the 1970s of more than 200,000 barrels per day.
Hassanali said local refineries have the capacity to process 150,000 barrels per day, but that only 50,000 of that production comes from local sources.
==============================================
So Trinidad is not forced to put their oil on the Global Commodity market?
We need to send the Military to this Island Nation and take over it's oil stat.
Trinidad announces discovery of 48M barrels of oil
Trinidad's state-owned petroleum company says it has discovered 48 million barrels of crude oil off the island's southwest coast.
Petrotrin President Designate Khalid Hassanali said late Thursday that it is the company's biggest discovery in a decade. He said the crude oil is located in 60 feet (18 meters) of water and described it as a combination of light and heavy oil.
Prime Minister Kamla Persaud-Bissessar said the anticipated revenue would be used for several development projects.
"There will be no squandering of these very precious resources," she said.
Trinidad's oil production has fallen in the last two decades to about 97,000 barrels per day from a peak in the 1970s of more than 200,000 barrels per day.
Hassanali said local refineries have the capacity to process 150,000 barrels per day, but that only 50,000 of that production comes from local sources.
==============================================
So Trinidad is not forced to put their oil on the Global Commodity market?
We need to send the Military to this Island Nation and take over it's oil stat.
Awesome :thumbsup:
Bout time the rest of the country start to catch up to Chicago
Have a ways to go we are are hanging close to $5 downtown.
4-1-2012
http://www.washingtonpost.com/busin...4-per-gallon/2012/03/28/gIQAZzTGhS_story.html
Gas prices in Washington surpass $4 a gallon
Two months before the summer driving season officially starts, average gasoline prices in the Washington region have shot past $4, the earliest they have ever surpassed that milestone, AAA Mid-Atlantic said Wednesday.
For goodness sake, its only March, and this is the earliest point in the year that pump prices have soared to this price level, John B. Townsend II, AAA Mid-Atlantics manager of public and government affairs, said in a statement.
It took five months to reach this in 2011, and that took place just on the cusp of the summer driving season, he added in an interview. But this time around, for no apparent rhyme or reason other than exceptionally high crude oil prices, it is occurring less than three months into the year.
4-1-2012
http://www.wral.com/business/story/10932693/
Gas prices near $4, cramping Easter weekend travel
Raleigh, N.C. As Easter approaches, gas prices are climbing a little too close to the $4 mark for many Triangle drivers who say they won't be traveling on the popular three-day vacation weekend this year.
"I can't even go out of town," said Akiilia Jones. "I'm from South Carolina and can't even go see my family because gas is like $5 a gallon."
4-1-2012
http://hamptonroads.com/node/635348
Gas prices in Virginia fast approaching four dollars
Gas prices nationwide are within pennies of last years high and are expected to rise to an all-time high ahead of Memorial Day weekend.
In Virginia, AAA Mid-Atlantic says the price of a gallon of regular gasoline now averages $3.91 a gallon statewide. Thats an increase of 8 cents from last week and higher than the states highest price of $3.90 last year.
Motorists also are still paying 36 cents a gallon more in Virginia than last year.
Bout time the rest of the country start to catch up to Chicago
Have a ways to go we are are hanging close to $5 downtown.
4-1-2012
http://www.washingtonpost.com/busin...4-per-gallon/2012/03/28/gIQAZzTGhS_story.html
Gas prices in Washington surpass $4 a gallon
Two months before the summer driving season officially starts, average gasoline prices in the Washington region have shot past $4, the earliest they have ever surpassed that milestone, AAA Mid-Atlantic said Wednesday.
For goodness sake, its only March, and this is the earliest point in the year that pump prices have soared to this price level, John B. Townsend II, AAA Mid-Atlantics manager of public and government affairs, said in a statement.
It took five months to reach this in 2011, and that took place just on the cusp of the summer driving season, he added in an interview. But this time around, for no apparent rhyme or reason other than exceptionally high crude oil prices, it is occurring less than three months into the year.
4-1-2012
http://www.wral.com/business/story/10932693/
Gas prices near $4, cramping Easter weekend travel
Raleigh, N.C. As Easter approaches, gas prices are climbing a little too close to the $4 mark for many Triangle drivers who say they won't be traveling on the popular three-day vacation weekend this year.
"I can't even go out of town," said Akiilia Jones. "I'm from South Carolina and can't even go see my family because gas is like $5 a gallon."
4-1-2012
http://hamptonroads.com/node/635348
Gas prices in Virginia fast approaching four dollars
Gas prices nationwide are within pennies of last years high and are expected to rise to an all-time high ahead of Memorial Day weekend.
In Virginia, AAA Mid-Atlantic says the price of a gallon of regular gasoline now averages $3.91 a gallon statewide. Thats an increase of 8 cents from last week and higher than the states highest price of $3.90 last year.
Motorists also are still paying 36 cents a gallon more in Virginia than last year.
Doppel
Lifer
- Feb 5, 2011
- 13,306
- 3
- 0
It's like saying some guy died falling off a building for no reason in the world at all, save gravity.
werepossum
Elite Member
- Jul 10, 2006
- 29,873
- 463
- 126
cybrsage
Lifer
- Nov 17, 2011
- 13,021
- 0
- 0
The Saudis have routinely expressed their desire to keep gas prices below a certain level. They said that having gas prices too high will cause the US and other nations to diligently find ways to no longer need oil. That is bad for Saudi Arabia. They do not want this.
They learned in the 70s that if the gas prices fall back down to low enough levels, the US will stop working on alternative fuels. They want this to happen again, it is in their best interest.
They learned in the 70s that if the gas prices fall back down to low enough levels, the US will stop working on alternative fuels. They want this to happen again, it is in their best interest.
Thats right if Saudi could stop it they would and the fact they can't shows how simple solutions like turning it on doesn't help when others shut it off 'or forced to' and demand continues up worldwide.
We currently pay around 8$ per gallon and its expected that because of high prices, gasoline demand will fall by 8% this year.
blackangst1
Lifer
- Feb 23, 2005
- 22,902
- 2,359
- 126
Czech republic.
What is really bad is that compared to Germany, UK etc. people here have much lower salaries (average is around 1000$ per month after tax).
At least our public transport system is pretty good.
cybrsage
Lifer
- Nov 17, 2011
- 13,021
- 0
- 0
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