A Few Words On Gas Prices

Everyone seems to feel that the President has control over gas prices. If Obama would just sign that Keystone bill everything would be fine and the price of gas would drop. Sorry doesn't work that way. Found an interesting article on the web this week talking about the real reason that gas prices fluctuate.

"According to Commodities Futures Trading Commissioner Bart Chilton, “A Goldman Sachs study last year stated that each million barrels of net speculative length in the markets adds as much as eight to 10 cents to the price of a barrel of crude oil.” There’s a 22 percent cut paid to Wall Street speculators before gasoline is refined, he claims, adding that a typical Ford-F150 fill-up will include $14.56 paid to speculators. Yikes! Neither party has a stellar record of curtailing Wall Street excess, but the Economic Populist reports that oil speculation by politically connected hedge funds — including one led by a major donor to “Karl Rove’s network of attack groups” — were a factor in the 2008 oil price spike. The news will, I’m sure, lead all Republican candidates to disavow campaign contributions from such sources."

As we all know Congressmen and Senators are the worst insider traders so it would be no shock to me if a lot were getting rich over speculation that keeps the price at the pump abnormally high and they are not going to do anything about it.

“A Goldman Sachs study .... Originally Posted by BigLouie

Why does "Goldman Sachs" ring a bell?

They were the ones who fucked us on the Tech bubble then fucked us on the housing bubble and now are getting in on the gas bubble.

Now, I remember. The FUCKING experts.

[QUOTE=BigLouie;1055086958]Everyone seems to feel that the President has control over gas prices. Most of the people who believe that are on the left side of the aisle. We on the right understand logic, business, and abilities. We know that Obama (or any other president does not control the price of gas. It is your side, tell me I'm wrong here, that thinks that the Bush/Cheney cabal has intimate ties with Saudi oil. If Obama would just sign that Keystone bill everything would be fine and the price of gas would drop. Sorry doesn't work that way. Found an interesting article on the web this week talking about the real reason that gas prices fluctuate.

"According to Commodities Futures Trading Commissioner Bart Chilton, “A Goldman Sachs study last year stated that each million barrels of net speculative length in the markets adds as much as eight to 10 cents to the price of a barrel of crude oil.” There’s a 22 percent cut paid to Wall Street speculators before gasoline is refined, he claims, adding that a typical Ford-F150 fill-up will include $14.56 paid to speculators. Yikes! Neither party has a stellar record of curtailing Wall Street excess, but the Economic Populist reports that oil speculation by politically connected hedge funds — including one led by a major donor to “Karl Rove’s network of attack groups” — were a factor in the 2008 oil price spike. The news will, I’m sure, lead all Republican candidates to disavow campaign contributions from such sources."

So where did you find this and are they credible? (that is on them) Is it out of context? (that is on you) I just spent 15 minutes looking for this but couldn't find it. I did find that Chilton has a book to sell.

Now a weak dollar (and this IS Obama's fault) costs us more at the gas pump. Last night on Larry Kudlow's show a guest said that fully 50 cents of every gallon of gas is due to the weak dollar caused by all the printing.

As we all know Congressmen and Senators are the worst insider traders so it would be no shock to me if a lot were getting rich over speculation that keeps the price at the pump abnormally high and they are not going to do anything about it. No one is arguing this so why try to pick a fight here? [/QUOTE]


So, Obama is not responsible for fluxuating gas prices (because of supply and demand) but he is responsible for the weakness of the dollar which is increasing the prices at the pump. Of course (since you brought it up) completing the Keystone Pipeline would increase the supply, make it safer and cheaper to transport, and create jobs. So it seems like a win-win-win. Why does Obama hesitate? We have so much oil that we would dwarf the middle east oil reserves and we could turn our backs on the whole mess and let Europe and Asia deal with them. So doesn't Obama act?

He did released oil from strategic reserves.

this is one of the dumber threads and one of the most misleading I have read in this place

Everyone seems to feel that the President has control over gas prices. If Obama would just sign that Keystone bill everything would be fine and the price of gas would drop. Sorry doesn't work that way. Found an interesting article on the web this week talking about the real reason that gas prices fluctuate.

"According to Commodities Futures Trading Commissioner Bart Chilton, “A Goldman Sachs study last year stated that each million barrels of net speculative length in the markets adds as much as eight to 10 cents to the price of a barrel of crude oil.” There’s a 22 percent cut paid to Wall Street speculators before gasoline is refined, he claims, adding that a typical Ford-F150 fill-up will include $14.56 paid to speculators. Yikes! Neither party has a stellar record of curtailing Wall Street excess, but the Economic Populist reports that oil speculation by politically connected hedge funds — including one led by a major donor to “Karl Rove’s network of attack groups” — were a factor in the 2008 oil price spike. The news will, I’m sure, lead all Republican candidates to disavow campaign contributions from such sources."

As we all know Congressmen and Senators are the worst insider traders so it would be no shock to me if a lot were getting rich over speculation that keeps the price at the pump abnormally high and they are not going to do anything about it. Originally Posted by BigLouie

How about a link to this "interesting article"?

He did released oil from strategic reserves. Originally Posted by i'va biggen

He authorized the sale during Libya debacle along with Arab countries (matching) and so did Bush sell and lend from the reserves ... but Bush pushed to fill up the reserves and was on his way until the Dems put a stop to it with legislation.

the current administration is about to release 4 million barrels (sale) to test the current delivery system, because there is now a glut of production in this country that included expansion of the delivery system. ... minus the pipeline from Canada.

Obaminable's reluctance to hand out oil has to do with his "green" attitude.

Get your nose out of my ass.

this is one of the dumber threads and one of the most misleading I have read in this place Originally Posted by nevergaveitathought

You must be new here....Welcome!
This doesn't even scratch the surface of dumb and misleading threads.

We could use methane as a source of energy. I have it from a good source that EVA has a surplus.

All of you ultra-conservatives are something else. While the oligarchies that rule the US butt-fuck you, you just bend over and say "thank you can I have another" while blaming it on liberals.

We could use methane as a source of energy. I have it from a good source that EVA has a surplus. Originally Posted by JD Barleycorn

If bullshit could be used as fuel, you could provide for the midwest alone.

Get your nose out of my ass. Originally Posted by i'va biggen

HEH???