Should we outlaw oil speculation? (credit, mortgage, sell, tax)

[piyf]

Originally Posted by jm31828

Actually oil speculation WAS regulated up until around 2001- where it was required that people buying oil futures actually take delivery of that oil. This cut all the scum out of the market who are simply buying paper and artificially inflating prices as we have seen for the last few months. Prices were very stable back when this was in place, I say we go back to that regulation that is already proven to have worked!

I agree with this. If they order 100k barrels then they have to take it. No selling it back. And NO SHORTING. 20/20 did a piece on this, paper trading a few years if not year ago.

[Themanwithnoname]

MaseMan
For many people in some areas, there are no options like this. Try biking to work in the Midwest in the middle of winter when there is snow on the ground...

Where you live is also a choice.

Vegas Joe
Of course you are kidding. Do you know that in the summer it is at least 100 degrees here everyday? Sometimes it is over 105 degrees. Sometimes it is even 110 or 115 degrees. Do you really think people can walk, ride a bike or stand around at a bus stop here?

I ran and Fought in 130+ Degrees in Iraq while Wearing Body armor and carrying a Beltfed Machinegun.

75 years ago nobody had AC.

[Des-Lab]

It looks like the bill was penned two years ago. Whatever became of it?

[MaseMan]

Originally Posted by Themanwithnoname

Where you live is also a choice.

.

So what's your point? This is the kind of talk radio inspired, vitriolic commentary that doesn't offer any real discourse or solution to the issue at hand.

[Themanwithnoname]

Originally Posted by MaseMan

So what's your point? This is the kind of talk radio inspired, vitriolic commentary that doesn't offer any real discourse or solution to the issue at hand.

My original statement:

Don't like it... you DO have choices.

that doesn't offer any real discourse or solution to the issue at hand

Yes it does, but I see you need an example:

I had an internship start this last January an hour away from where I was living.
I didn't want to drive that distance every day, so I MOVED. (And scheduled online classes)

NOW: It is over, and I'm back in school (Knocking out 23 hours this summer, 2 different schools)
I'm moving BACK.... because even though I like this town better... I don't want to pay for the gas.

The last couple weeks: I have rode one of my Motorcycles and saved >$150/week over driving my truck.

SEVERAL examples/solutions there...

[josh u]

Lots of whiners out there. First, no one is stopping the whiners from opening a futures account and profiting from the speculation -- if they think that's the true cause of price swings. It doesn't take that much money to open a futures account. Or just buy an oil ETF.

Secondly, the whiners weren't whining when speculators drove the price of oil down to $35/bbl in late 2008.

It seems that whiners complain about free markets only when they don't know how to benefit from free markets.

[MaseMan]

Originally Posted by Themanwithnoname

My original statement:

I had an internship start this last January an hour away from where I was living.
I didn't want to drive that distance every day, so I MOVED. (And scheduled online classes)
...
SEVERAL examples/solutions there...

OK great. You don't have a settled family and children along with a career yet. Congratulations. Your instance does not apply to most people.

[Themanwithnoname]

Originally Posted by MaseMan

OK great. You don't have a settled family and children along with a career yet. Congratulations. Your instance does not apply to most people.

I gave EXAMPLES.

NOT "Words to live by"


Actually on my 2nd Career.

There is this thing called Planning.

People should do more of it.

(During my Internship my Boss drove an hour into work. he would sometimes take his motorcycle... Same reasons, same effect)

But Whatever, you are determined to ignore the verythings you ask for.

[wawaweewa]

Worry more about USD devaluation than the speculators. The speculators aren't the ones who implemented TARP, QE 1 , QE 2, Maiden Lane, etc.

[jertheber]

Who is the "we"in the original post? I guess some folks really believe the setup here in the US is run by the "people", truth is "we" don't have any say as individuals in anything that results in huge profits for the big corporations. Speculation aside, it's the nature of the capital beast to squeeze all it can from the market, the speculation that goes on is simply a facet of this reality. It's weird how many folks think they are being ripped off by the oil companies but don't have a worry in the world in regard to the other various ripoffs that are the cornerstone of capital philosophy, it's called profit and it is the holy grail of all capital economic theory, you either accept it or you mitigate the effect of it by tempering the greed through (people's will) federal legislation. Of course you would be called a "socialist" if you were to agree with applying the will of the mass populace through any government interference in business...