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Thread: Oil rises above $90 amid US crude supply drop

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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by Gill View Post
    Then explain why the price of oil and gas goes up every time a hurricane enters the Gulf of Mexico. Or why the price of gas jumped 40 cents last week because of fears that refineries would be shut down due to flooding although the price of oil is dropping.
    If any product that is in short supply experiences further supply problems it of course makes the price go up even more.

    hint: Speculators fear that our Gulf oil production will shut down and production will drop. A corresponding increase in our production does the opposite, i.e., lowers the price of oil.
    Unregulated speculators adds to the problem, I've heard estimates that say by as much as 20%. Their deregulation which was pushed through by the GOP in the 90's was a bad thing and I am glad this administration is looking into re-regulating speculators. This problem is in addition to the world supply problem. You are correct that if the world supply increased and consumption declined, prices would go down. However the facts are that world production peaked in 2006 while world consumption continued to increase.
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    Re: Oil rises above $90 amid US crude supply drop

    today: Higher gas prices pinch consumers - USATODAY.com

    hey, at least steven chu is happy

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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by Catawba View Post
    If any product that is in short supply experiences further supply problems it of course makes the price go up even more.
    Oil wasn't in short supply, speculators were guessing that it might be if the hurricane damaged production.

    Their deregulation which was pushed through by the GOP in the 90's was a bad thing
    Proof ??

    • "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: Oil rises above $90 amid US crude supply drop

    today: W.H. ditches letter grades for fuel economy - Robin Bravender - POLITICO.com

    why is the white house caving, left and right?

    whatever became of cap and trade?

    there are reasons for these things, dontcha think

    oh well

    party on

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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by Gill View Post
    Proof ??
    The Subprime Mess and Phil Gramm: An Experiment in Deregulation

    "In 1933, a few years following the stock market crash, Congress passes the Glass-Steagall Act, in hopes that regulating banks will help prevent market instability, particularly amongst Wall Street banks. The purpose of the act is to separate commercial banks that focus on consumers from investment banks, which deal with speculative trading and mergers.

    The Glass-Steagall Act provided the proper oversight and entity separation that would prohibit banks and other financial companies from merging into giant trusts (conflict of interests) -- giant trusts or corporations being more powerful, naturally, and having the seemingly limitless capital to lobby their corporate interests, however, with a very myopic scope (particularly when it comes to factoring in potential losses -- most banks, as seen in contemporary times, chose not to anticipate losses in the mortgage market; they presumed home prices would continue to appreciate).

    In 1999, former Senator Phil Gramm (who is, incidentally, Senator John McCain's economic adviser and cochairs his presidential campaign) set out to completely gut the Glass-Steagall Act, and did so successfully, replacing most of its components with the new Gramm-Leach-Bliley Act: allowing commercial banks, investment banks, and insurers to merge (which would have violated antitrust laws under Glass-Steagall). Sen. Gramm was the driving force behind the Gramm-Leach-Bliley Act, as he had received over $4.6 million from the FIRE sector (Finance, Insurance and Real Estate donations) over the previous decade, and once the Act passed, an influx of "megamergers" took place among banks and insurance and securities companies, as if they had been eagerly awaiting the passage of Gramm's Act. Everything in between Glass-Steagall and Gramm-Leach-Bliley (i.e. Savings and Loan crisis/bust) was, in large part, the incubation period for what would take place over the nine years that would follow the passage of Gramm's Act: an experiment in deregulation."
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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by Catawba View Post
    Are you guys just noticing that gas prices have been going up shaply for the last decade?


    See the warning by the US military last year: "The US military has warned that surplus oil production capacity could disappear within two years and there could be serious shortages by 2015 with a significant economic and political impact."
    US military warns oil output may dip causing massive shortages by 2015 | Business | The Guardian
    It's not "supply and demand". (That's only an excuse). What Pentagon needs is a war on Iran.

    The high price is done by the big firms and bankers. They are the real rulers of the US. Obama dares not to touch them, and only call it "speculators". If it's because "supply and demand", the media would have already beaten the drum on that. Now they can only whisper and do nothing on those "speculators". Even though it's the public's number one concerning.

    Obama Must Enforce Oil Speculation Laws

    By Mhost on Apr 30, 2011 | In US Federal Issues



    By Sen. Bernie Sanders, Reader Supported News - 30 April 11



    With Wall Street speculators driving up oil and gas prices to near record highs, Sen. Bernie Sanders (I-Vt.) today urged President Obama to ask for the immediate resignation of federal regulators who won't enforce a new law to stop excessive speculation in oil markets

    Obama Must Enforce Oil Speculation Laws

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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by katsung47 View Post
    It's not "supply and demand". (That's only an excuse). What Pentagon needs is a war on Iran.

    The high price is done by the big firms and bankers. They are the real rulers of the US. Obama dares not to touch them, and only call it "speculators". If it's because "supply and demand", the media would have already beaten the drum on that. Now they can only whisper and do nothing on those "speculators". Even though it's the public's number one concerning.
    Thanks for your opinion but I've got to go with the experts.
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by Catawba View Post
    Thanks for your opinion but I've got to go with the experts.
    As long as they agree with your opinions.


    j-mac
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    Re: Oil rises above $90 amid US crude supply drop

    Quote Originally Posted by Erod View Post
    We are the laughingstock of the world. We're sitting on more oil than probably any country in the world, and yet, we won't use our OWN resources.

    Stupid.
    Please tell me which countries are laughing at us? Did you know that gas is cheaper here on average than most industrialized nations by a large margin? Also gas has gone down in my area. I suspect that by years end the average will be around $2.75 nationwide. It currently is $3.80 around here down from $4.25.
    "We’re going to close the unproductive tax loopholes that allow some of the truly wealthy to avoid paying their fair share. In theory, some of those loopholes were understandable, but in practice they sometimes made it possible for millionaires to pay nothing, while a bus driver was paying ten percent of his salary, and that’s crazy." -Reagan

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    Re: Oil rises above $90 amid US crude supply drop

    today:

    One sausage or two? You may be lucky to get half at this weekend's Memorial Day cookout, which is set to cost 29 per cent more than last year, thanks to inflation.

    Those thinking of hosting a BBQ - even a modest one - can expect to fork out an extra $45 on food to serve a dozen guests. The total cost comes to $199, or around 29 per cent more than last year... and that's before soda and alcohol, according to the latest data for metro New York.

    Lettuce has sky-rocketed 28 per cent since last year's traditional BBQ, while an ear of sweet corn is now 50 cents, up from 20 cents last year. Those who don't like tomatoes are in luck though: they're up a staggering 86 per cent on last year.

    Nationwide the story is the same. Ground beef is up 12.1 per cent on last year and sausages are up 6.2 per cent, according to the U.S. Bureau of Labor Statistics. And don't even think about potato salad. The apple of the ground is up 13.4 per cent. Ice cream is up 5.1 per cent, beer up 2.4 per cent and coffee has increased by 13.8 per cent nationwide.

    The ever increasing price of gasoline is being blamed for the hike in food prices. Over the past year the cost of gas has increased by 33.6 per cent, along with similar diesel hikes nationwide.
    Memorial Day cookout will cost you 29% more this year thanks to inflation

    $8 gas, secretary chu?
    Last edited by The Prof; 05-27-11 at 08:51 PM.

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