Many economists believe that the speculation could be adding between $20 and $50 to the price of every barrel of oil.
I too feel that this may be part of the cause of oil prices climbing so fast. No matter what side you might be pulling for in the election, you have to agree that this is something to at least look at.
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I posted this link and article in a thread concerning oil prices.
There's so much bad legislation out there from both sides on this issue -- the House needs to be cleaned. (and no I'm not talking about the White House specifically... I'm talking about an overall sense... things have been going downhill for a long time).
It would be nice if people could at least entertain the idea... if at least for the amount of time it takes to read.
Life is something that you can't control.
When you try to hold on to it, it makes you let go!
And he will support legislation directing the CFTC to investigate whether additional regulation is necessary to eliminate excessive speculation in U.S. commodities markets, including higher margin requirements and position limits for institutional investors.
There is no way to stop speculation when it's done on foreign soil.
Quote:
Currently, about 30 percent of U.S. oil futures trades fly below the regulatory radar because they are transacted on a U.S. exchange that works through a subsidiary in London. Similar arrangements are being pursued by U.S. exchanges in partnership with Dubai as well. Barack Obama would limit the price impacts of excessive speculation by preventing traders of U.S. crude oil from routing their transactions through off-shore markets in order to evade speculation limits and also impose reporting requirements.
If our government continues to tax the oil compainies they will only pass on the price to consumers. Which is what Obama wants to do.
Quote:
Senator Obama’s speculation plan is part of his broader strategy to provide immediate relief from high gas prices while investing in a better energy future:
Ø Enact a Windfall Profits Tax on the Top Grossing Oil Companies and Ease the Burden on American Families: Barack Obama recognizes that it is critical that oil companies and shareholders have strong incentives to run well managed businesses that invest in efficiency and innovation. However, a significant share of the remarkable profits currently enjoyed by big oil companies has not resulted from their foresight, efficiency or innovation. Barack Obama supports imposing a windfall profits penalty on oil selling at or over $80 per barrel. Revenue from the proposal will be invested in a number of mechanisms to reduce the burden of rising prices, such as expanding resources for the federal Weatherization Assistance Program, increasing federal support for state and local-level efforts to relieve the burden of rising energy prices on low and moderate-income families, and helping permanently expand the Low Income Home Energy Assistance Program, which helps families pay their heating and cooling bills. Obama will couple these investments with his plan to invest in job training initiatives that will help more Americans enter the growing energy efficiency jobs sector, a good-paying field that cannot be outsourced.
Investigate What???
This site shows all they need to know about what to do. JUST DO IT!!!
Quote:
Independent experts agree that excessive speculation is elevating oil prices:
We know what's making prices higher. What needs to be done now is "Do something!" Investigating is just going to cost taxpayers more hard earned money.
And how can a government tell investors how much or who they can invest in. It's just not the American way.
Obama's plan to tax is typical of Democrates. It's just not American to tax Americans for making money. If anyone should be punished it's those who speculated and made the price so over inflated. Oil compaines have a right to make money. It's their business. In the past I thought it was their fault. I was wrong. Even this site shows it's speculation not the oil compaines fault.
It will not work!
There is no way to stop speculation when it's done on foreign soil.
If our government continues to tax the oil compainies they will only pass on the price to consumers. Which is what Obama wants to do.
Investigate What???
This site shows all they need to know about what to do. JUST DO IT!!!
We know what's making prices higher. What needs to be done now is "Do something!" Investigating is just going to cost taxpayers more hard earned money.
And how can a government tell investors how much or who they can invest in. It's just not the American way.
Obama's plan to tax is typical of Democrates. It's just not American to tax Americans for making money. If anyone should be punished it's those who speculated and made the price so over inflated. Oil compaines have a right to make money. It's their business. In the past I thought it was their fault. I was wrong. Even this site shows it's speculation not the oil compaines fault.
It will not work!
The government already has and will continue to tax gas at the state and federal levels. That tax has always been passed on to the consumer. It's always been like this.
What do we know that is making gas prices higher?
What is the "DO SOMETHING?" What exactly are you suggesting we do? Drill? It would take 10-15 years to see anything from that. That might drive down the futures a little, but it's not going to make any real difference immediately.
Oil companies have many places they could drill right this minute -- but they haven't because they investigated the area and found out that it would not even be worth it to drill in certain locations -- that's a lot better than just randomly going around and sticking a rig anywhere you can and hoping for the best.
"It's just not American to tax Americans for making money."
PLEASE tell this to the IRS... the bastards... they've been taking money un-Americanly for over ten years now!
Life is something that you can't control.
When you try to hold on to it, it makes you let go!
I really don't know what Obama or any other politician has in mind to deal with oil prices. What exactly is Obama planning to do? Liberals don't want to drill anywhere in the US, Yet countries like China can drill all the wells they want to in the Gulf. The left is opposed to coal, nuclear energy and anything else that might decrease our dependence on imported oil so what do you propose? I think that the cold fact is that there is nothing that can be done in the near future. I understand that alternative energy sources will take a long time to implement. Change for the sake of change is silly
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There is no way to stop speculation when it's done on foreign soil.
If our government continues to tax the oil compainies they will only pass on the price to consumers. Which is what Obama wants to do.
Investigate What???
This site shows all they need to know about what to do. JUST DO IT!!!
We know what's making prices higher. What needs to be done now is "Do something!" Investigating is just going to cost taxpayers more hard earned money.
And how can a government tell investors how much or who they can invest in. It's just not the American way.
Obama's plan to tax is typical of Democrates. It's just not American to tax Americans for making money. If anyone should be punished it's those who speculated and made the price so over inflated. Oil compaines have a right to make money. It's their business. In the past I thought it was their fault. I was wrong. Even this site shows it's speculation not the oil compaines fault.
It will not work!
Do what? This makes absolutely no sense to me.
Commodities speculation is not illegal, immoral or unethical. It is an all-American way of making money. It's just risky, but then so is investing in oil companies, or investing in anything for that matter. Do you want market regulation or don't you?
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Commodities speculation is not illegal, immoral or unethical. It is an all-American way of making money. It's just risky, but then so is investing in oil companies, or investing in anything for that matter. Do you want market regulation or don't you?
market... regulation...
yes. ? NO ... ???? yeah i think... no wait... yes ?? now hold on...
let me get back to you on that
Life is something that you can't control.
When you try to hold on to it, it makes you let go!
Increased demand worldwide and , mainly, our cheap dollar is running up the price of oil......we use 1 out of every 4 barrels of oil produced......our fiscal policies are dismal
Balancing our budget, reducing spending and continued fuel conservation will contribute greatly to stabilizing gas prices.......but fuel will never be cheap again
Drilling in new, more promising places is imperative along with nuclear, wind, sun and very disappointing ethanol.......
Opponents continue to whine that it will take 10 years to bring in new oil fields,,,,,,,how long do they think it will take to install these alternate sources ?.......more than 10 years, I guarantee........and they're not going to be any cheaper, but at least they'll be available.......if our ineffective, incompetent, disfunctional, impotent Congress is involved in any of these energy sources, it will take much longer than 10 years........we should do away with all subsidies and mandates to allow capitalism to work......PAH
"kinder, gentler"