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

  1. #481
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    Re: Gas prices are highest ever for this time of year

    Quote Originally Posted by Kushinator View Post
    Investment banks and hedge funds are incapable of cornering commodity markets; there is nothing to build a case for cornering futures markets, because for every long or short order contract, there is a counter-party required to take the other position. [....]
    History disagrees... at least to the extent that investment banks and/or hedge funds can crash an entire market, if not an entire economy.

    On September 16, 1992, Black Wednesday, Soros' fund sold short more than $10 billion in pounds,[23] profiting from the UK government's reluctance to either raise its interest rates to levels comparable to those of other European Exchange Rate Mechanism countries or to float its currency.

    Finally, the UK withdrew from the European Exchange Rate Mechanism, devaluing the pound, earning Soros an estimated $1.1 billion. He was dubbed "the man who broke the Bank of England".[28] In 1997, the UK Treasury estimated the cost of Black Wednesday at 3.4 billion.

    George Soros - Wikipedia, the free encyclopedia
    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
    The Treasury Department suggested that the potential losses to the US and global economy would be 'extremely high' if it [AIG] were to collapse[88] and has suggested that if in future there is no improvement, it will invest more money into the company [in addition to $180 billion already invested], as it is unwilling to allow it to fail.[89]

    American International Group - Wikipedia, the free encyclopedia

  2. #482
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    Re: Gas prices are highest ever for this time of year

    Quote Originally Posted by Gill, in post #459, replying to another View Post
    If you care to point out where I said it was worth it, I'll be happy to respond.
    Right here:

    Quote Originally Posted by Gill, in post #457, replying to another View Post
    I don't think anyone is surprised that you are unaware that a dictator controlled Iraqi oil since 40 years ago. In order to do business with him, substantial bribes and kickbacks were required. It took an invasion/regime change to open the markets to legitimate oil companies.

    You are right on one thing though, it was mission accomplished.

  3. #483
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    Re: Gas prices are highest ever for this time of year

    PHP Code:

    Quote Originally Posted by Karl View Post
    History disagrees... at least to the extent that investment banks and/or hedge funds can crash an entire market, if not an entire economy.
    You are comparing apples to chicken legs.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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

    Quote Originally Posted by Kushinator View Post
    Why would demand have to increase by 32% for oil to increase by that same amount given your specified time interval? Furthermore, what leads you to believe that the oil market expresses a linear relationship between demand and price? Consider price elasticity of demand, and rethink your response
    Okay ... interesting! Price Elasticity in the real world — Oil Prices Blahla
    "The necessaries of life occasion the great expense of the poor. They find it difficult to get food, and the greater part of their little revenue is spent in getting it. The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. ... It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion."

    -- Adam Smith

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

    Quote Originally Posted by Karl View Post
    History disagrees... at least to the extent that investment banks and/or hedge funds can crash an entire market, if not an entire economy.
    I few things

    The BOE broke the BOE. Soros jut made the event occur sooner. Economic fundamentals will always win out

    The Hunt Brothers were trying to corner a market with a far lower inventory then the oil industry and would have had to take delievery. The failed and lost a bundle because they couldnt afford to take del.

    The oil industry is too large to corner the market, it has new supplies being produced every day, and the long term price is set by supply v demand (other then currency changes). Every speculator either has to sell their rights to the oil they contracted for or to take del of the oil. All the oil they bid on, and buy, they have to sell as well
    Happy Hanukkah Cheerfull Kwanzaa
    Happy Christmas Merry New Year Festivus for the rest of us

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

    Quote Originally Posted by Gill View Post
    Does that mean that every industry that exports product has too much capacity ???

    Absurd comment.
    If the industry as a whole exports more then is imported, it has excess capacity to serve the domestic market. Meaning that domestic prices are not high because of a shortage in capacity to serve the domestic market
    Happy Hanukkah Cheerfull Kwanzaa
    Happy Christmas Merry New Year Festivus for the rest of us

  7. #487
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    Re: Gas prices are highest ever for this time of year

    Quote Originally Posted by AdamT View Post
    What it means is that it's ludicrous to argue that our high gas prices are the result of insufficient refining capacity, when we obviously have sufficient capacity not only for our domestic needs, but to make refined fuel the nations No. 1 export product.
    If I had made that argument, you might have a point.

    • "The America Republic will endure until the day Congress discovers that it can bribe the public with the public's money." -- Alexis de Tocqueville





  8. #488
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    Re: Gas prices are highest ever for this time of year

    Quote Originally Posted by Karl View Post
    Right here:
    You make a habit of being 100% wrong. Doesn't it get tiring after awhile ??

    • "The America Republic will endure until the day Congress discovers that it can bribe the public with the public's money." -- Alexis de Tocqueville





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

    Quote Originally Posted by Kushinator View Post
    Nobody has yet to show that speculation has driven prices up in 2008, or now. There is credible evidence that leads us to believe that emerging market demand is the key determinant in oil price movements.
    I did. Many times.

    Speculation seen adding $600 to your gas bill - Oct. 13, 2011

    Speculation In Crude Oil Adds $23.39 To The Price Per Barrel - Forbes

    When Goldman Sachs Warns That Speculation Drives Oil Prices, Listen Up - CBS News

    I think you really need to stay out of these discussions as it's impossible for you to defend your position.

  10. #490
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    Re: Gas prices are highest ever for this time of year

    Quote Originally Posted by Gill View Post
    If I had made that argument, you might have a point.
    So you disagree with OpportunityCost, who's argument I was addressing?
    "The necessaries of life occasion the great expense of the poor. They find it difficult to get food, and the greater part of their little revenue is spent in getting it. The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. ... It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion."

    -- Adam Smith

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