What government is doing about rising oil prices (tax, horse)

[Maineah]

[quote=58robbo;3783576]

i am having a really difficult time understanding why you would accuse opec nations of being greedy.

in fact, if the saudis had any conscience for their future generations they would be cutting production and retaining some of their oil wealth for future generations.

Didn't you just define greed and contradict your own statement with these opposing sentences?

[flycessna]

Just spoke to my Oil guy. He told me that the speculators can be blamed for at least a 1/3 of these high oil prices...that would mean currently $126 a barrel would drop to $82 a barrell.

He also said all the gov has to do is make the speculators "take delivery" or show they can take delivery of at least a percentage of what they are trading. If the goc did this oil would crash tomorrow.

He also told that right now, insurance for "downside" protection is at an all time high of 35-40 cents a gallon...wich could indicate the market sees this thing coming back down before years end.

Just food for thought Ladies and Gents, I am only the messenger

[58robbo]

[quote=Maineah;3783655]

Originally Posted by 58robbo

Didn't you just define greed and contradict your own statement with these opposing sentences?

because saving some of your wealth to make sure your children have food in the future is greedy?

i'll say a little prayer for your kids tonight

walmart is hiring btw!

[mensaguy]

Originally Posted by flycessna

..... He also said all the gov has to do is make the speculators "take delivery" or show they can take delivery of at least a percentage of what they are trading. If the goc did this oil would crash tomorrow. .....

Therein is the greatest part of the problem. The government DOES has power and influence, but none is being used. Is there anything the SEC can do? I hate to sound repetitious, but we really need a Harry Truman to scare the "futures options" (or whatever) out of those CEO's and hedge fund managers.

[Maineah]

[quote=58robbo;3784169]

Originally Posted by Maineah

because saving some of your wealth to make sure your children have food in the future is greedy?

i'll say a little prayer for your kids tonight

walmart is hiring btw!

Hey genius you said that IF the Saudis had a conscience they would save some production for future generations. The fact that they are NOT doing that defines greed in any sense of the word. Don't bother praying for my kids either we're doing quite well thank you. Be my guest working at Wal-Mart or anywhere else for that matter ...I retired with no mortgage or bills 10 years ago at 40. How are you doing?

[58robbo]

[quote=Maineah;3784308]

Originally Posted by 58robbo

Hey genius you said that IF the Saudis had a conscience they would save some production for future generations. The fact that they are NOT doing that defines greed in any sense of the word. Don't bother praying for my kids either we're doing quite well thank you. Be my guest working at Wal-Mart or anywhere else for that matter ...I retired with no mortgage or bills 10 years ago at 40. How are you doing?

for that i guess i should be the one sending my cv over to walmart!

apologies for missinterpreting your post

[maine4.us]

58Robbo, your UK is showing..... You can drive all over the UK in a day, so the price of petrol, while high there, isn't a significant drag on the economy. Here in the colonies, it is a BIG deal.

My point, even the greedy Saudis, who are not are our friends, are put off by the manipulation of oil prices by the even more greedy speculators.

<eof>

[58robbo]

Originally Posted by maine4.us

58Robbo, your UK is showing..... You can drive all over the UK in a day, so the price of petrol, while high there, isn't a significant drag on the economy. Here in the colonies, it is a BIG deal.

My point, even the greedy Saudis, who are not are our friends, are put off by the manipulation of oil prices by the even more greedy speculators.

<eof>

i disagree with that. i have some cash lying around. i want to hedge against inflation. what do i do? keep it in cash? the fed is seeing to it that it won't be worth a whole lot soon. the ecb and the boe will be forced to follow suit, so there go euros and pounds. real estate? would you bet on RE? the stock market? there isn't a whole lot that looks very attractive out there, other than commodity based stocks. i don't think greed comes into the picture for me, i just want to protect my savings. i think many pensions and mutual funds are trying to do the same thing.

like i have said earlier IF this is solely a speculative boom in commodity prices then we can all look forward to cheap energy in the short to medium term when the bubble bursts. i just don't think that is the case. i really believe that demand is exploding, supply is becoming more difficult to maintain and the saudis have lots of our paper and might have started to see it for what it is, paper! maybe the speculators are betting on oil because they feel it is undervalued even at $126 a barrel

[Maineah]

Originally Posted by 58robbo

i disagree with that. i have some cash lying around. i want to hedge against inflation. what do i do? keep it in cash? the fed is seeing to it that it won't be worth a whole lot soon. the ecb and the boe will be forced to follow suit, so there go euros and pounds. real estate? would you bet on RE? the stock market? there isn't a whole lot that looks very attractive out there, other than commodity based stocks. i don't think greed comes into the picture for me, i just want to protect my savings. i think many pensions and mutual funds are trying to do the same thing.

like i have said earlier IF this is solely a speculative boom in commodity prices then we can all look forward to cheap energy in the short to medium term when the bubble bursts. i just don't think that is the case. i really believe that demand is exploding, supply is becoming more difficult to maintain and the saudis have lots of our paper and might have started to see it for what it is, paper! maybe the speculators are betting on oil because they feel it is undervalued even at $126 a barrel

I think the speculative selling of any commodity should be illegal. Gambling on future prices is just that...gambling, it has no more honor in it than betting on a horse race. Gambling for fun is one thing ,gambling with a country's energy needs is an entirely different subject. In fact the whole stock market is nothing more than white collar gambling in my estimation. It used to be that something actually had to take place to cause a rise or fall in speculative buying and selling in the market. Traders are now such a spooked bunch that if someone sneezes it's bird flu and the country will surely perish before the next bell rings on Wall Street. There is no reality involved in the speculative trading of oil, it's like Global warming crap. They keep talking about it and drilling it into people so much they actually begin to believe there is something to it. There isn't, anymore than a hurricane should drive up the prce of oil over night. It's all a scam and the American public are the ones getting scammed every day.

[Maineah]

Originally Posted by rossco17

I know i'm off subject a bit, but are you really saying here that global warming is a bunch of baloney? Am I missing something?

Yes I'm really saying that Global Warming is one of the biggest loads of crap ever perpretrated on not just the USA but the world. Do some reading in some real scientific journals and you'll most likely reach the same conclusion.