Oil Up, Gas Up, Supply and Demand Down, Speculators Ready to Screw Americans, Again!!!!

[Stinger2]

Oil Up, Gas Up, Supply and Demand Down, Speculators Ready to Screw Americans, Again!!!!

Oil Dashboard

Price 12:27 - $ 57.96, Change 1.62 2.88%
Trades 10,987 43,857 Volume 43,857
Range 56.12 - 58.44 Open 56.50 52 Wk Range 32.41 - 147.27
1 Year Forecast $ 67 / Barrel

http://www.oil-price.net/

Do we have higher usage? NO, Do we have Hurricanes,? No, Do we have trouble with terrorist blowing up or kidnapping oil workers? No, Do we have not enough Refineries? Yes, are we getting screwed at the Pumps? YES, are Speculators ready to jam the public again, YES, Do we have open markets in the oil industry or price fixing? Saudi Arabia to pump more oil to get prices down, No, To reap more profits after cutting back by millions of gallons.

Gas should be way down if you believe supply a demand, we have out and out Price Fixing, a monopoly put together in the last decade.

Stay Home America and don’t let the oil companies buy into electric Co. or they will do the same exact thing, control the price and screw Americans at every turn.

Keep the Oily Basterds out of the Power Industry, remember Enron?

[villager]

1. Odd, since this administration came roaring into power, standing up to all the special interests...

Oh wait...

[DJ13]

2. Anyone else remember THIS?!

Obama Unveils Plan to Combat Oil Futures Speculation

Sun, 06/22/2008

Today Barack Obama announced a four part plan designed to crackdown on speculation in the oil futures market. The centerpiece of his plan is the closing of the Enron loophole.

The loophole exempts some energy traders from public regulation. The exemption was lobbied for by Enron and slipped into a bill in the year 2000 by current McCain co-chair Sen. Phil Gramm. The loophole means that federal regulators are not fully able to oversee the oil futures market.

“For the past years, our energy policy in this country has been simply to let the special interests have their way—opening up loopholes for the oil companies and speculators so that they could reap record profits while the rest of us pay $4.00 a gallon. My plan fully closes the Enron Loophole and restores common-sense regulation as part of my broader plan to ease the burden for struggling families today while investing in a better future,” Obama said.

Obama’s proposal calls for U.S. oil futures to only be traded on regulated markets. Currently, 30% of all U.S. oil futures trading are unregulated. Obama also supports legislation that would direct the Commodity Futures Trading Commission (CFTC) to investigate whether additional regulation is necessary. He also proposes working with other nations to regulate the global oil futures trading market, and would call on the Federal Trade Commission and the Department of Justice to investigate price manipulation in the oil market.....

http://www.politicususa.com/en/Obama-Oil-Futures



So wheres the change on this issue?

[pleah]

8. Good question.

:(

[Baby Snooks]

10. Ask Madame Speaker...

I doubt the legislation is anywhere to be found at this point.

[nichomachus]

13. Will you look at the f****g pictures of the G*d d****d puppy and stop asking questions!

[TwilightZone]

3. Considering that the one-year forecast price listed is $67...

the current situation would seem to have little in common with last year's speculation-driven market.

Related article: http://www.msnbc.msn.com/id/30212492/

"Gas to likely stay relatively cheap this summer"

[paulsby]

4. i'm admittedly an oil speculator

posted about my recommendation to buy oil about a month ago.

we had a RIDICULOUS bubble in oil. everybody was screaming "peak oil". the incredibly dumb seattle-pi claimed we would never see oil below 90

lol

people here were wringing their hands. it was a BUBBLE.

now, after this huge oil selloff (140 down down down to...) it was a SCREAMING buy.

you don't have to be some kind of high powered spec to participate.

i mentioned USO, the oil fund. i prefer futures, but USO can be a good ETF for those w/o a futures account.

either way, you can complain about the situation, or you can profit about it.

i know my choice

[Lucky Luciano]

14. The USO is terrible! They get killed on the future rolls.

Better off buying the XLE as it will be highly correlated to the price of oil - though admittedly less so when oil is cheap. As oil gets expensive - or even extremely expensive - nearly all of the sensitivities in an oil company's profits are from the oil price and has less to do with how efficiently the business run. (Airlines are very much the same when oil is very highly priced though the correlation is obviously negative). An even more interesting idea would be to get long the XLE and sell short XOM, CVX, COP, SLB, OXY in the appropriate weightings within the XLE - the idea being that the remaining basket in the XLE will have a higher correlation/beta to the price of oil.

I am sure you know that the USO gets crushed on the futures rolls, but for anyone else who needs an explanation:

The USO basically gets long short dated futures contracts of oil, but they never take delivery of oil, so as expiration of a futures contract approaches, the USO portfolio managers have to sell the contracts about to expire and buy the longer dated contracts - this called "rolling" the contracts. The USO ETF is so big right now that the market impact from doing this is huge and there is no doubt that speculators (such as yourself) are playing these futures rolls based on estimates of what the USO fund has to trade - and trading in front of them. The market impact is double edged too with massive selling in the front month contracts and massive buying in the back end. This cost drives the NAV of the USO well below where it should be had it been papertraded.

[paulsby]

16. like i said, i prefer the futures. but i like the way u think

but yes, USO does get hurt by the rolls (more or less so depending on whether the market is contango or not).

the reason i don't recommend XLE is that it is NOT a pure oil play, although the correlation is high, it still has stock correlation.

i like your idea of shorting those stocks and being simultaneously long. the problem with that is you can't short stocks in an IRA (you can short futures though!), nor can you short w.o a margin account, and most people don't have margin accounts./accounts authoritzed for shorting.

but i like the way u think!

[Lucky Luciano]

17. Yer right about the contango effect...

earlier in the year when contango was a staggering $3-4 per month, the rolls really really killed the USO.

Of course, you also know that the price of oil lately has been incredibly well correlated to the stock market, so that stock correlation also exists in the front month oil futures...when oil was $140, oil was inversely correlated though because that price of oil kills everyone but the energy companies.

[lib2DaBone]

5. Wanna see change? Turn Dennis Kucinich loose on the bastsrds...

$5 gasoline this summer? This country will seize up like a rusty chain on a bicycle.....

[global1]

6. I Heard Right After The Nov Election To Watch For Oil Prices And The Cost Of Gas To......

go up at the pump right after the first 100 days of the Obama presidency. And lo and behold - like clockwork - here we are. Hmmmm........

[robinlynne]

7. might it ahvew something to do with Obama wanitg to cut back the oil industry's

huge tax breaks a bit?

[Stinger2]

9. Remember for the people by the people

They are manipulating the supply, no competition. The media came up with a excuse every week until oil hit $148.00 a barrel to raise prices that helped bring us to a almost depression, are government is working for Corporations not for the people. Remember for the people by the people, not that ExxonMobil could make 10 Billion a quarter. I guess we deserve what we get allowing this to happen by not staying involved in day to day politics. Town to town, every price of gas was the same, not one penny different in gas prices, that was against the law of price fixing at one time.

[endless october]

11. assholes driving up the price again.

if i had to guess, though, it's a sucker's rally. when 10 percent of the people out there don't even have jobs, it's almost impossible to prop the price up.

what is really fucking maddening is that some of the banks we bailed out are involved in this scheme.

i think it's past time to require oil speculators to pay a larger margin and to take delivery of any oil they buy.

[flyarm]

12. every memorial day and labor day and Fourth of July..like clock work..

know how much they make on just those Holidays???? billions!

[depakid]

15. What never fails to impress is how ethnocentric Americans are

Yep- everyone's out to screw you- and your own profoundly wasteful habits- and scientific illiteracy have nothing at all to do with it.

[Stinger2]

18. Yep- everyone's out to screw you- and your own profoundly wasteful habits- and scientific illiteracy

What the Fuck does that mean? blame the consumers, you gotta be a republican.

[depakid]

19. Among other things, it means 5% of the world population can't keep using close to 25%

of the world's energy resources and expect that they're not going to face price shocks.

It alo means that people in other countries face price rises, too- some of which are due to your very own wasteful habits. And yep- that DEFINITELY includes comsumers- as your choices do affect both you AND everyone else in the world.

Not that somne care- they'd go along their merry way thinking magically- and would rather point the finger elsewhere (or come up with conspiracy theories): Oh, poor American me- they're all out to screw us.

Here's the hard reality- Americans made their energy intensive beds, and now and in the coming decade(s) they're going to have to lie in them. So get used to high energy prices- because they'll soon be here to stay.