The oil companies aren't the ones inflating the prices. It's the traders. 95% of oil traded is never delivered. Make it law that if you trade Oil you have to take delivery of that oil. We would have prices back to $60/barrel tomorrow.
Saudi Arabia has said that this oil crises is not because of India or China or low supply. They have even increased supply to prove it. The prices continued to climb. Proving that the speculators are to blame.
In the real estate market people would have to take possesson of the property before they flipped it. Make it law that the oil must be delivered if traded.
Think about what would this country be like with 50% unemployment? No Airlines, truckers, farmers, busses, cars...I'm not going to argue to you about the Escalade and Hummers etc...Because i agree with that. But this country is just too big to have diesel at $5/gallon. This economy will be doomed.

 

I agree that speculators are one of the major causes of such high per barrel prices but there isn't only one cause, just like its not soley supply vs. demand. Its higher demand with stagnant supply, very weak dollar worldwide (yes oil is traded in dollars. Iraq switched to Euros a while back but then went back to dollars), rampant speculation, massive instability in the oil producing nations, and last but not least good old fashioned fear. This problem is way too big to be naive enough to think one variable is the sole cause. The Saudis dumping an extra 200,000 barrels per day is like peeing into the ocean. Thats why it made no difference on prices.

 

A previous poster said the only way to decrease the price is to reduce demand. This is not the only way. Supply can also be increased. Tell your legislators to end this stupid moratorium on any new US energy supply. We need drilling, nukes, and research in to alternate fuel sources. Lets start pumping what we have right here out of the ground, and get some new nuke plants going before gas hits $10 a gallon.

 

[quote=SAABaroowski;426102]What??????????????????? The greed of speculators? haha its about THE GREED OF AMERICAN SOCIETY Look around how many huge houses do you see with BMW's and Lexus' in the driveway? Go to the mall and look at the $300.00 sunglasses people are buying.

I agree Wall ST is greedy, but Americans are greedy. We are the fattest, laziest nation around. Everyone wants wants wants. "WHY SHOULD I HAVE TO PAY $4.00/gallon to FILL MY ESCALADE and 7 Series.........." Its disgraceful


This country looks up to people that rape the average working man, much like speculators, CEO's make 300x what their employees do, and yet they are looked up to and admired on a daily basis. Its Capitalism, get used to it

For LORDS SAKE Brad Pitt and that hooker Angelina Jolie are getting paid $20,000,000.00 for their stupid kids pictures. That is a disgrace and sums up our country pretty well[/quote]

I agree....how screwed up is that????????

 

I think I am going to start speculating in Beer. With the way things are going, everyone is going to need a drink.

 

great post

 

Wow, and in the hot climate, too. It hurts just to think about it. I need a beer. Oh cr@p, the price just went up!

 

[quote]For LORDS SAKE Brad Pitt and that hooker Angelina Jolie are getting paid $20,000,000.00 for their stupid kids pictures. That is a disgrace and sums up our country pretty well[/quote]

No kidding!

CFII2007 - I thinks me am madly in love with your avatar.

 

Oil speculators need to be......liquidated.

 

[quote=Careercfi;426287]She's already taken........