Speculators played with oil prices

Speculators played with oil prices

There are 15 comments on the TwinCities.com story from Sep 10, 2008, titled Speculators played with oil prices. In it, TwinCities.com reports that:

Speculation by large investors - and not supply and demand for oil - was a primary reason for the surge in oil prices during the first half of the year and the more recent price declines, an independent study ...

Join the discussion below, or Read more at TwinCities.com.

Mr D

Maple Grove, MN

#1 Sep 11, 2008
This whole oil fiasco/war was set up by the Bush/Cheny administration to enrichen their cronies and it's working!
Papa T

Saint Paul, MN

#2 Sep 11, 2008
What evidence do you have to support your claim? I'll assume nothing...
Mr D wrote:
This whole oil fiasco/war was set up by the Bush/Cheny administration to enrichen their cronies and it's working!

MNHawk

Since: Jun 08

Eden Prairie, MN

#3 Sep 11, 2008
Maybe drive a smaller car, move closer to the cities than Osseo, and vote for anyone who can get the supply situation ramped up. As people like YOU x tens of millions are the reason for the price hikes.

That way you don't have to embarrass yourself, talking about kooky conspiracy theories. And as a bonus, you can screw the speculators.
The D

Sheboygan, WI

#4 Sep 11, 2008
Papa T wrote:
What evidence do you have to support your claim? I'll assume nothing...
<quoted text>
I think Mr.D is angry al in disguise.
SandW

Plymouth, MN

#5 Sep 11, 2008
Mr D wrote:
This whole oil fiasco/war was set up by the Bush/Cheny administration to enrichen their cronies and it's working!
Yes, the Bush/Cheney is running a conspiracy to control the world markets!! There's a spot for you on Al Franken's election team - pure fantasy.....

Maybe, just maybe, it has something to do with supply - haven't built a refinery in the US since the late 70's. 50 + hybrid blends are required to be produced between May and October and then need to be distibuted to specific locations, environmental legislation and the lease process prevents drilling basically anywhere. Look into the lease process, takes 10 years to get through the process to even begin exploratory drilling. There isn't 1 acre of current 'big oil' lease land that isn't bogged down in the approval process.
highland guy

Saint Paul, MN

#6 Sep 11, 2008
Hilarious!
The Senate Democrats paid a Hedge Fund, based in the Virgin Islands to come up with this garbage.

and HHMMMMMM, the report of the "speculators" pulling their money out in July---that is strange! The US House Republicans voted on July 10 to open off shore drilling, increasing the potential supply of oil.
Coincidence?
Turk

Long Lake, MN

#7 Sep 11, 2008
Speculators "play" with everything they make money on:

Houses
Oil
Stock
Currency (forigen exchange)
Commodities (all products)
Land
People

basically everything of value that changes in value
Todd

Saint Paul, MN

#8 Sep 11, 2008
If you attack and outlaw speculation you are in effect outlawing the free market and capitalism. Which is what most left leaning democrats want, so it isn't surprising.

Either that or they just don't understand economics which is probably true also.
Eastsider

United States

#9 Sep 11, 2008
Todd wrote:
If you attack and outlaw speculation you are in effect outlawing the free market and capitalism. Which is what most left leaning democrats want, so it isn't surprising.
Either that or they just don't understand economics which is probably true also.
I've seen TV ads for both Franken and Coleman on how they are going to crack down on oil spectulation. They are just trying to appeal to people who don't understand economics. It's the left AND the right.
SandW

Plymouth, MN

#10 Sep 11, 2008
Todd wrote:
If you attack and outlaw speculation you are in effect outlawing the free market and capitalism. Which is what most left leaning democrats want, so it isn't surprising.
Either that or they just don't understand economics which is probably true also.
EXACTLY!! Which is precisely what Obama is counting on - ignorance. He's all for literally taking 'big oil' profits and redistributing it.
JTY

Olathe, KS

#11 Sep 11, 2008
Eastsider wrote:
<quoted text>
I've seen TV ads for both Franken and Coleman on how they are going to crack down on oil spectulation. They are just trying to appeal to people who don't understand economics. It's the left AND the right.
Can you tell me how these economics work? How does the threat of a hurricane raise the price of oil $10 when there is no change to supply or demand? Then when the hurricane causes no damage why does the price quickly drop?
Look at what happened with corn this year. Iowa received some serious flooding, and it was thought that there would be a shortage on corn. Suddenly the price of corn hits a record high. Then when it is announced that despite the flooding, there would be a very good supply, the price dropped nearly 40%.
If these are not changes being driven by speculation, then what are they?
Look at what happened with corn this year. Iowa recived some serious flooding, and it was tought that there would be a shortage on corn. Suddenly the price of corn hits a record high. Then when it is anounced that dispite the flooding, there would be a very good supply, the price droped nearly 40%.
If these are not changes being driven by speculation, then what are they?
Owl Gore

Monroe, LA

#12 Sep 11, 2008
Turk wrote:
Speculators "play" with everything they make money on:
Houses
Oil
Stock
Currency (forigen exchange)
Commodities (all products)
Land
People
basically everything of value that changes in value
Sam's Club speculates when they buy in bulk on certain items hoping they sell.

So do people when they buy in bulk from Sam's Club.

I guess we're all evil capitalist pigdogs.
Todd

Saint Paul, MN

#13 Sep 11, 2008
I did not say that they were not driven by speculation but that speculations is a part of a freemarket and capitalism.
JTY

Olathe, KS

#14 Sep 11, 2008
Todd wrote:
I did not say that they were not driven by speculation but that speculations is a part of a freemarket and capitalism.
Yes, that is true. Besides speculation it is also a week dollar that is playing with prices. THe week dollar is partly due to our massive amount of dept.
who is at fault

Findlay, OH

#15 Sep 11, 2008
Billionaire T Boone Pickens only cares how he can make money. He was at the heart on oil speculation talking oil up every morning on CNBC Squawk Box (as he was personally selling into the rally). Right now he is sucking wind – another T-Boone-Doggle that will fleece the American public. Send this crook to jail now!
By the way his son is a convicted scamster crook!

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