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Thread: Any and every excuse for oil to go up.

  1. #1
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    Any and every excuse for oil to go up.

    They are probably using a Ouija board to come up with this total BS. It is getting out of hand.

    [QUOTE]Gas jumps above $3.67, oil passes $126 on Venezuela concerns By JOHN WILEN, AP Business Writer
    Fri May 9, 4:20 PM ET

    Oil rose above $126 a barrel for the first time Friday, bringing its advance this week to nearly $10, as investors questioned whether a possible confrontation between the U.S. and Venezuela could cut exports from the OPEC member. Gas prices, meanwhile, rose above an average $3.67 a gallon at the pump, following oil's recent path higher.

    On Friday, The Wall Street Journal published a report that suggested closer ties between Venezuelan President Hugo Chavez and rebels attempting to overthrow Colombia's government. Chavez has been linked to Colombian rebels previously, but the paper reported it had reviewed computer files indicating concrete offers by Venezuela's leader to arm guerillas. That appears to heighten the chances that the U.S. could impose sanctions on one of its biggest oil suppliers.

    "If we put on sanctions, I'm sure Chavez would threaten to cut off our oil supply," said Phil Flynn, an analyst at Alaron Trading Corp. "Obviously that would have a major impact on oil prices."

    Light, sweet crude for June delivery vaulted to a new record of $126.25 on the New York Mercantile Exchange before retreating slightly to settle up $2.27 at a record $125.96. Oil futures set new records for the fifth straight day, and ended the week up $9.64, or 8.3 percent.

    Even if Chavez cut oil shipments to the U.S., Venezuelan oil would still make its way to the U.S. via middle men, who would buy it from Venezuela and resell it to the U.S., Flynn said. But that new layer in the supply chain would bump up costs.

    Oil prices also were boosted Friday by the dollar, which declined against the euro. The European Central Bank said it was unlikely to consider interest rate cuts to cool the strong euro against the slumping dollar. Investors often buy commodities such as oil as a hedge against inflation when the greenback falls. A weaker dollar also makes oil less expensive to overseas investors.

    Many analysts believe the dollar's protracted decline has much to do with the doubling in oil prices since this time last year. Another school of thought thinks tight global supplies of oil, driven by growing demand in countries such as China, Brazil and India, is the primary factor driving oil higher.

    Oil's surge is pushing retail gas prices higher. The national average price of a gallon of regular gas jumped 2.6 cents overnight to a record $3.671 a gallon according to a survey of stations by AAA and the Oil Price Information Service. The Energy Department expects prices to peak at a monthly average of $3.73 in June, though many analysts say national average prices could rise as high as $4. Consumers in many regions, including parts of California and Hawaii, are already paying that much.

    Demand for diesel fuel is also growing worldwide, but supplies of distillates, which include diesel and heating oil, fell unexpectedly last week, the Energy Department said Wednesday. That's pushing U.S. diesel prices to record highs and inflating heating oil prices in the futures market; heating oil futures are often viewed as a proxy for diesel.

    Heating oil for June delivery rose 12.62 cents to settle at $3.636 on the Nymex after earlier setting a trading record of $3.6524. At truck stops, retail diesel prices rose 1.8 cents overnight to a record national average of $4.269 a gallon,

    Diesel is used to move most of the world's food, consumer and industrial goods via truck, ship and rail. Skyrocketing diesel prices are part of the reason food and consumer goods prices are so high.

    In other Nymex trading Friday, June gasoline futures rose 6.34 cents to settle at a record $3.2012 a gallon after rising to its own record of $3.2038, and June natural gas futures rose 27.4 cents to settle at $11.537 per 1,000 cubic feet.

    In London, June Brent crude futures rose $2.56 to settle at $125.40 a barrel on the ICE Futures Exchange.[/QUOTE]

    [url]http://news.yahoo.com/s/ap/20080509/ap_on_bi_ge/oil_prices;_ylt=AmEZxVVtQGTd.gPX.FFvBQ6s0NUE[/url]

  2. #2
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    Excellent. More oil price speculation. Perhaps 6-7 pages of it, with no one accepting the truth...

    The truth that cheap, extractable crude oil is rapidly depleting all over the globe and man has no control over it besides conservation.

  3. #3
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    [QUOTE=Press_Coverage;2531438]Excellent. More oil price speculation. Perhaps 6-7 pages of it, with no one accepting the truth...

    The truth that cheap, extractable crude oil is rapidly depleting all over the globe and man has no control over it besides conservation.[/QUOTE]

    Time to look for a good deal on a horse, maybe?

  4. #4
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    cue the apologists for big oil with their charts and graphs explaining why its okay to rape us:zzz::zzz::zzz:
    Last edited by intelligentjetsfan; 05-09-2008 at 09:36 PM.

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    dammit guys... I swear every time we talk about oil on this board people starting talking about oil running out and OPEC screwing us.... WAKE UP! Your own government is doing this to you! The Federal Reserve is destroying the dollar. The Fed is increasing the money supply and debasing the dollar meaning it takes more dollars to buy more gas. It doesn't take a genius to understand this... add more corn to the market and the demand goes down.... add more dollars to the market and the demand (say it with me) goes down. People were making arguments on this board that it's good the dollar is weaker because imports will become more expensive and more people will buy American... but what do we import most into this country? ****ING OIL. That is the problem, you are getting robbed by your own government through inflation and people have to wake up to this fact.

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    [QUOTE=jefethegreat;2531532]dammit guys... I swear every time we talk about oil on this board people starting talking about oil running out and OPEC screwing us.... WAKE UP! Your own government is doing this to you! The Federal Reserve is destroying the dollar. The Fed is increasing the money supply and debasing the dollar meaning it takes more dollars to buy more gas. It doesn't take a genius to understand this... add more corn to the market and the demand goes down.... add more dollars to the market and the demand (say it with me) goes down. People were making arguments on this board that it's good the dollar is weaker because imports will become more expensive and more people will buy American... but what do we import most into this country? ****ING OIL. That is the problem, you are getting robbed by your own government through inflation and people have to wake up to this fact.[/QUOTE]

    excellent post.

  7. #7
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    [QUOTE=intelligentjetsfan;2531548]excellent post.[/QUOTE]

    Not really. He's yet to prove that oil isn't depleting, world wide. Economic models don't dispute geological fact. Telling people to "wake up" without ever touching the realities put forth by the foremost geologists of the past 60 years is not winning the argument.

    Hell, I don't like it either. It's a sobering reality. I don't doubt that our government, and the Fed isn't sticking it to us. But the root of the problem is much more serious. The sooner the public understands and accepts it, the sooner we can stop bombing countries for their remaining oil and get to work on an alternative.
    Last edited by Press_Coverage; 05-10-2008 at 02:42 PM.

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    [QUOTE=Press_Coverage;2532131] the sooner we can stop bombing countries for their remaining oil and get to work on an alternative.[/QUOTE]

    If there an alternative that will pass the eco-whacko's sniff test?

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    [QUOTE=Press_Coverage;2532131][B]Not really. He's yet to prove that oil isn't depleting, world wide. Economic models don't dispute geological fact. Telling people to "wake up" without ever touching the realities put forth by the foremost geologists of the past 60 years is not winning the argument.[/B]

    Hell, I don't like it either. It's a sobering reality. I don't doubt that our government, and the Fed isn't sticking it to us. But the root of the problem is much more serious. The sooner the public understands and accepts it, the sooner we can stop bombing countries for their remaining oil and get to work on an alternative.[/QUOTE]

    What are you arguing? No **** oil is running out, it is a finite resource and scientists have been reporting that it will run out in the next hundred years.... I believe them.... BUT this is not the issue we are talking about, the issue is why oil is going up in price. Oil is going up in price solely because of the Federal Reserve not because of global shortages. Why is it that Europe is not seeing the same increase in oil prices? Why is it that gold prices have risen at the same rate as oil, are we running out of gold? Our problem of high oil prices comes from expansionary monetary policy administered by the Fed. Global shortages may come in the future, but blaming the current situation on that only lets the government off the hook.

  10. #10
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    how about this... you're both right, but Jef is more right


    except I wouldn't say the government and fed reserve interchangeably as it gives the impression the the "federal" reserve is part of the gov't

  11. #11
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    also, this makes everything more expensive... from plastics (and other items made from oil) to food (and other items that are shipped using gas/diesel/oil/etc)


    now I've wanted gas prices to go up for a long long time, to what the rest of the world pays... but due to heavy taxation, not due to the artificial inflation of the price due to our devalued now-nearing-3rd-world-esc currency.

    Sure heavily taxed gas would inflate other items due to shipping/freight costs... however it would force us off it much sooner and make other, greener and 100% us-based fuel sources more feasible and wide-spread. And that extra cost would suck (short-term)... but our currency wouldn't be 3rd-worldish so the situation would be much better than our current one

  12. #12
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    [QUOTE=jefethegreat;2532278]What are you arguing? No **** oil is running out, it is a finite resource and scientists have been reporting that it will run out in the next hundred years.... I believe them.... BUT this is not the issue we are talking about, the issue is why oil is going up in price. Oil is going up in price solely because of the Federal Reserve not because of global shortages. Why is it that Europe is not seeing the same increase in oil prices? Why is it that gold prices have risen at the same rate as oil, are we running out of gold? Our problem of high oil prices comes from expansionary monetary policy administered by the Fed. Global shortages may come in the future, but blaming the current situation on that only lets the government off the hook.[/QUOTE]

    1) I believe a basic law of economics dictates that scarcity of something, in the face of endless demand, causes prices to climb.

    2) Oil and gold are quite linked. Don't be fooled by the fog of a system that depends upon fiat currency. It stands to reason that gold prices would eventually rise right along with oil. Oil is purchased for immediate use, gold is purchased for long term savings. It is natural that the oil to gold ratio should change within economic cycles.

  13. #13
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    [QUOTE=Press_Coverage;2532447]1) [B]I believe a basic law of economics dictates that scarcity of something, in the face of endless demand, causes prices to climb.
    [/B]

    As do I, but that is not the cause of our present situation.
    [B]
    2) Oil and gold are quite linked. Don't be fooled by the fog of a system that depends upon fiat currency. It stands to reason that gold prices would eventually rise right along with oil. Oil is purchased for immediate use, gold is purchased for long term savings. It is natural that the oil to gold ratio should change within economic cycles.[/B]

    Agreed, the debasement of our fiat currency (the dollar) is the problem.

    [/QUOTE]

    ...

  14. #14
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    Oil should be dropping right? China shouldn't be needing as much as usual correct? Speculators?

  15. #15
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    $3.95/gal reg. Montgomery, NY

    I'm not buying that its supply driven.




    Tall Cotton (blog)
    [QUOTE]Monday, May 12, 2008
    Oil Speculators

    Maybe I should just title this one "Suspicions Confirmed."



    All this is well and official. But how today’s oil prices are really determined is done by a process so opaque only a handful of major oil trading banks such as Goldman Sachs or Morgan Stanley have any idea who is buying and who selling oil futures or derivative contracts that set physical oil prices in this strange new world of “paper oil.”


    When you read of an opaque process, what is meant is they are doing things they don't want you to know.


    A June 2006 US Senate Permanent Subcommittee on Investigations report on “The Role of Market Speculation in rising oil and gas prices,” noted, “…there is substantial evidence supporting the conclusion that the large amount of speculation in the current market has significantly increased prices.”

    What the Senate committee staff documented in the report was a gaping loophole in US Government regulation of oil derivatives trading so huge a herd of elephants could walk through it. That seems precisely what they have been doing in pumping oil prices through the roof in recent months.

    The Senate report was ignored in the media and in the Congress.


    Ignore in the media??? What in the hell was Harry "I Surrender" Reid doing? Worrying about how many AG's Bush fired? You know, it is truly funny. The dumb ass Democrats were desperate for a scandal, had one handed to them and they couldn't see it.

    Kinda makes you wanna look at campaign contributions, eh??? I mean the Demos ignored this??? Makes no sense.


    “Until recently, US energy futures were traded exclusively on regulated exchanges within the United States, like the NYMEX, which are subject to extensive oversight by the CFTC, including ongoing monitoring to detect and prevent price manipulation or fraud. In recent years, however, there has been a tremendous growth in the trading of contracts that look and are structured just like futures contracts, but which are traded on unregulated OTC electronic markets. Because of their similarity to futures contracts they are often called “futures look-alikes.”

    The only practical difference between futures look-alike contracts and futures contracts is that the look-alikes are traded in unregulated markets whereas futures are traded on regulated exchanges. The trading of energy commodities by large firms on OTC electronic exchanges was exempted from CFTC oversight by a provision inserted at the behest of Enron and other large energy traders into the Commodity Futures Modernization Act of 2000 in the waning hours of the 106th Congress
    .

    Remember that $400 billion retirement package and how he "earned it?" Sure. No doubt.


    In January 2006 when the CFTC allowed the ICE Futures the gaping exception, oil prices were trading in the range of $59-60 a barrel. Today some two years later we see prices tapping $120 and trend upwards. This is not an OPEC problem, it is a US Government regulatory problem of malign neglect.


    And what has that neglect wrought?


    Perhaps 60% of oil prices today pure speculation
    Goldman Sachs and Morgan Stanley today are the two leading energy trading firms in the United States. Citigroup and JP Morgan Chase are major players and fund numerous hedge funds as well who speculate.

    In June 2006, oil traded in futures markets at some $60 a barrel and the Senate investigation estimated that some $25 of that was due to pure financial speculation. One analyst estimated in August 2005 that US oil inventory levels suggested WTI crude prices should be around $25 a barrel, and not $60.

    That would mean today that at least $50 to $60 or more of today’s $115 a barrel price is due to pure hedge fund and financial institution speculation. However, given the unchanged equilibrium in global oil supply and demand over recent months amid the explosive rise in oil futures prices traded on Nymex and ICE exchanges in New York and London it is more likely that as much as 60% of the today oil price is pure speculation. No one knows officially except the tiny handful of energy trading banks in New York and London and they certainly aren’t talking.


    Do you know what that means? Of that last $50.00 fillup at least $25.00 of it went straight to the speculators. Want to find "suckers" in the dictionary?

    It is right next to a group picture of us. The American Public.

    Read the whole thing. Print copies and send them to your congress people. Tell them that the jig is up and it is time they shape up or be replaced. This is the biggest scandal in a 100 years and the press is worried only about Hussein getting elected.

    Shame on Congress. Shame on the media.
    [/QUOTE]

  16. #16
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    [QUOTE=chicadeel;2536386]$3.95/gal reg. Montgomery, NY

    I'm not buying that its supply driven.

    [/QUOTE]

    You live in Montgomery, Chic? I did a ton of construction work there...wired all those crappy cookie cutter homes in behind the deli there on Main St...I used to live right down the street on Albany Post.

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    Your both Right. Blame the Fed for the weak dollar and mother nature for not giving us an infinite supply of oil. Its only a matter of time before we kick the keg that we call earth. New sources of energy for cars needs more funding and corporate backing (auto manufactures).

    Gas in my area $4.29 super (Brooklyn)

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    [QUOTE=PlumberKhan;2536405]You live in Montgomery, Chic? I did a ton of construction work there...wired all those crappy cookie cutter homes in behind the deli there on Main St...I used to live right down the street on Albany Post.[/QUOTE]



    Na, I live in Connecticut. I have property in NY near the Cannonsville Reservoir.
    I stopped at the Mobil on 17K, near the fire dept. I know what homes your talking about. One time I overheard a conversation about those homes. The guys were saying the only thing worth wild in those homes was the plumbing and heating systems. Now I know why.;)

  19. #19
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    [QUOTE=Press_Coverage;2532447]1) I believe a basic law of economics dictates that scarcity of something, in the face of endless demand, causes prices to climb.

    2) Oil and gold are quite linked. Don't be fooled by the fog of a system that depends upon fiat currency. It stands to reason that gold prices would eventually rise right along with oil. Oil is purchased for immediate use, gold is purchased for long term savings. It is natural that the oil to gold ratio should change within economic cycles.[/QUOTE]where did you get this from?

  20. #20
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    Keep on rising. :yes:

    Unfortunately, this is the only thing that will initiate change.

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