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Thread: Gas prices are highest ever for this time of year

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    Re: Gas prices are highest ever for this time of year

    Quote Originally Posted by iguanaman View Post
    No one really knows what the future may bring so speculators make their own "news" with their ready cash at the slightest provocation. The 40% goes to those who actually use oil and take delivery. They pay the same "market price" that the 60% bid up with their deep pockets. Eventually they buy all the oil, speculators never take delivery, only the profits.
    Right.. they never take delivery..

    And if there is any attack on 22 Iranian nuclear sites.. the oil infrastructure will be destroyed as well.

    Here's a map.


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    Quote Originally Posted by iguanaman View Post
    The system is rigged to benefit the very rich.
    All games seem rigged in favor of those who are the most dominant at them.

    My point is the real story of oil will not be that it was what the rich speculators screwed us over with--it will be that it's the most precious resource in history and we will have squandered it all in a span of about 200 years.

    When there's always less of something than there was before, and there are always more people wanting more of it than the day before, what do we expect should happen to prices?

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    Re: Gas prices are highest ever for this time of year

    Quote Originally Posted by sharon View Post
    And if there is any attack on 22 Iranian nuclear sites.. the oil infrastructure will be destroyed as well.

    Here's a map.
    How do you know that? That map doesn't show the 22 nuclear sites.
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    Re: Gas prices are highest ever for this time of year

    Quote Originally Posted by j-mac View Post
    Speculation in the market serves a good purpose as well.


    j-mac
    For those who actually must plan long term for it's use.

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    Re: Gas prices are highest ever for this time of year

    Quote Originally Posted by sharon View Post
    Banks don't have any oil tankers sitting around..
    They most certainly do that.

    Where Is Oil Going Next? - NYTimes.com

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    Re: Gas prices are highest ever for this time of year

    Quote Originally Posted by EagleAye View Post
    So you guys can agree that Speculators are the primary driver of oil price? But even Speculators will adjust the price based an what they "expect" the availability of oil will be, yes? So events in the ME, or even a major oil spill, would drive the price up because Speculators "expect" the supply to be less, yes? And of course this has to be measured against Demand as well.

    Lastly, if Speculators are buying 60% of the oil, where are they buy it from, and what happens with the other 40%? Is the remaining 40% affected by prices set by speculators?
    Prime driver? I won't argue that but I will argue that they add absolutely nothing to the markets other than added costs.

    We should not be paying more because someone "expects" something. If only those who actually took physical control of oil was in the market, it truely then would be more of a supply and demand market. Right now nobody is having any problem getting oil but yet we are paying a pretty large premium over just a few weeks ago.

    They "control" 60% is what I think was meant by that statement. A single barrel of oil is sold many times over before it ever reaches the market. Does it make sense to have these "middlemen" involved?

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    Re: Gas prices are highest ever for this time of year

    People like too make oil speculators the boogey man but they are no different than what speculators. When they see a drought or a flood or anything that will cause less wheat being produced the price of wheat goes up. Same thing with oil, if they see turmoil in oil producing regions or a president of the US that is anti oil they see shortages coming and bid the price up. It's just as simple as that.

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    Re: Gas prices are highest ever for this time of year

    Quote Originally Posted by sawyerloggingon View Post
    People like too make oil speculators the boogey man but they are no different than what speculators. When they see a drought or a flood or anything that will cause less wheat being produced the price of wheat goes up. Same thing with oil, if they see turmoil in oil producing regions or a president of the US that is anti oil they see shortages coming and bid the price up. It's just as simple as that.
    Often speculators are the boogeyman.

    1970s: The Hunt brothers and the silver market

    Brothers Nelson Bunker Hunt and William Herbert Hunt attempted to corner the world silver markets in the late 1970s and early 1980s, at one stage holding the rights to more than half of the world's deliverable silver.[3] During the Hunts' accumulation of the precious metal, silver prices rose from $11 an ounce in September 1979 to nearly $50 an ounce in January 1980.[4] Silver prices ultimately collapsed to below $11 an ounce two months later,[4] much of the fall occurring on a single day now known as Silver Thursday, due to changes made to exchange rules regarding the purchase of commodities on margin.[5]

    Cornering the market - Wikipedia, the free encyclopedia

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    Re: Gas prices are highest ever for this time of year

    Quote Originally Posted by sawyerloggingon View Post
    People like too make oil speculators the boogey man but they are no different than what speculators. When they see a drought or a flood or anything that will cause less wheat being produced the price of wheat goes up. Same thing with oil, if they see turmoil in oil producing regions or a president of the US that is anti oil they see shortages coming and bid the price up. It's just as simple as that.
    It would be understandable if something actually made wheat production fall. There have been no problems getting oil. Production is up, demand down, prices up.

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    Re: Gas prices are highest ever for this time of year

    Quote Originally Posted by 1Perry View Post
    It would be understandable if something actually made wheat production fall. There have been no problems getting oil. Production is up, demand down, prices up.
    Well, that's what I'm seeing too. US oil production is spiking while US oil demand is dropping, yet gas prices remain the same or even climb.

    So what the hell is going on?

    The normal rules of Supply and Demand aren't working. It would seem Speculators are circumventing the process, would anyone agree?
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