Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
When liberals realize that one way to improve the economy is to drill here and stop dependence on other countries. There's a domino effect when prices are lower, and it seeks to help things that gas prices affect go down as well. We have domestic oil right here. We're not going to hurt anything, and we promise we won't spill, so all you environmentalists just chill. We don't even have to drill in the Gulf when there's available supply on dry land right here in good ol' America, still the land of the free.
And exactly what have the leftists done to solve this problem??
The geniune Oil Booms of Texas and North Dakota are working on it. Dang, it really is a grand time to be alive, problems and all.
Washington, DC - The U.S. Commodity Futures Trading Commission (CFTC) today filed a civil enforcement action in the United States District Court for the Southern District of New York against Parnon Energy Inc. (Parnon) of California, Arcadia Petroleum Ltd. (Arcadia Petroleum) of the United Kingdom, Arcadia Energy (Suisse) SA (Arcadia Suisse) of Switzerland, James T. Dyer of Australia and Nicholas J. Wildgoose of California, charging them with unlawfully manipulating and attempting to manipulate New York Mercantile Exchange (NYMEX) crude oil futures prices from January 2008 to April 2008.
As alleged in the CFTC complaint, during the relevant period defendants traded futures and other contracts that were priced off of the price of West Texas Intermediate light sweet crude oil (WTI). WTI is delivered to commercial users at Cushing, Okla., a major crude oil delivery point. The price of WTI is a benchmark for crude oil prices around the world, and the supply of WTI at Cushing is an important driver of WTI price.
According to the allegations, defendants conducted a manipulative cycle, driving the price of WTI to artificial highs and then back down, to make unlawful profits. First, they purchased large quantities of physical WTI crude oil during the relevant period, even though they did not have a commercial need for crude oil. They purchased the oil pursuant to their scheme to dominate and control the already tight supply at Cushing to manipulate the price of WTI upward and to profit from the corresponding increase in value of their WTI futures and options contracts (WTI Derivatives) on NYMEX and IntercontinentalExchange (ICE). Next, once WTI reached artificially high prices and they had taken profits from their long WTI Derivative position, defendants allegedly engaged in additional trading activity - selling more WTI Derivatives short at the artificially high prices. Finally, defendants allegedly strategically sold off their physical holdings of WTI, mostly all on one day, to drive the WTI price back down and to profit from their short WTI Derivatives position. Pursuant to this manipulative cycle, driving the WTI price up and then back down, which they conducted in January and March 2008, and attempted in April 2008, defendants realized profits from their WTI Derivatives trading that exceeded $50 million, according to the complaint.
And it's happening again, just like it did in '08. It's gambling, quite literally and not metaphorically either, that is tax payer subsidized.
So have at it libs, tell us what a genius Obama is. The economy is tanking again and he and his buds at the NYT are ginning up a fake culture war about womens rights - http://www.nytimes.com/2012/03/11/us...0rights&st=cse
And no fair blaming Bush, the "new normal" is Obama's achievement.
Location: where people are either too stupid to leave or too stuck to move
3,982 posts, read 6,685,474 times
Reputation: 3689
Quote:
Originally Posted by nmnita
wow, we never did and if/when you did it was summer time (highest demand) which is always the season with the highest gas prices or did you not know that? This is the issue right now, we are not even officially out of winter, when prices are the lowest. Can you imagine what might be happening by Memorial day?
Nita
actualy it did happen.. i took pictures of the prices in 2008 of gas prices (because they were just that high i had to take a picture)
but carry on i dont care, we have the subways so no gas prices for moi!
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
