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you suggested that the commodities markets dont have anything to do with driving the price of oil which is wrong.
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This is your second attempt at a straw man argument today. I ask you to show me where I said markets don't have anything to do with price. I was very clear in my post; there was no room for most peoples imagination.
This is your second attempt at a straw man argument today. I ask you to show me where I said markets don't have anything to do with price. I was very clear in my post; there was no room for most peoples imagination.
Quote:
Joe P Kennedy claims oil futures trading is driving the price of oil. I claim Joe P Kennedy is an idiot.
He doesn't seem to understand how the futures markets work.
did you not post this? jk says oil futures trading is driving the price of oil, and you said he was an idiot. thus you are suggesting that commodities trading doesnt affect the price of oil. where is the strawman argument there?
so you constantly blame the oil companies for high gas prices, but realize that the federal government makes far more on a gallon of gasoline than the oil companies do. the feds get 18.4 cents per gallon where as the oil companies make 4 cents per gallon. and then there are the regulations on gasoline, the fact that we havent built any new refineries in more than 30 years, and the ones that are in operation now need serious updating, but even that is rarely allowed.
Major pension funds concerned about oil companies’ profits amid climate concerns
By Kevin Begos
The Associated Press
Oct. 24, 2013
PITTSBURGH — Some of the largest pension funds in the U.S. and the world are worried that major fossil fuel companies may not be as profitable in the future because of efforts to limit climate change, and they want details on how the firms will manage a long-term shift to cleaner energy sources.
In a statement released today, leaders of 70 funds said they’re asking 45 of the world’s top oil, gas, coal and electric power companies to do detailed assessments of how efforts to control climate change could impact their businesses.
snip
So who exactly are the evil, wicket corportists who want the oil companies to make even more money?
Among the evil ones are New York State Comptroller Thomas DiNapoli who represented the state’s Common Retirement Fund manages almost $161 billion of investments.
Retirees! Damn them, they don't need any retirement money!
And here is more greedy bastards they include comptrollers or treasurers of California, New York City, Maryland, Oregon, Vermont and Connecticut, as well as The Church of England Pensions Board as well as the Scottish Widows Investment Partnership.
Damn them all, no way should I pay all this money for gasoline just so some widow or orphan might have a bowl of soup!
And the most wicked of all was Jack Ehnes, the head of the California’s State Teachers’ Retirement System, which has about $5.4 billion invested in major fossil fuel companies.
Why is the California Teachers Retirement Fun pushing for more greed and profit in the oil markets?
//Sarcasm off (Of course I was being sarcastic but who owns most company stock is true).
Not to crying OP.
If oil companies are making such insane and obscene profits why don't you profit yourself by investing everything you have and maybe you can make 10,000% profit too!
So who exactly are the evil, wicket corportists who want the oil companies to make even more money?
Among the evil ones are New York State Comptroller Thomas DiNapoli who represented the state’s Common Retirement Fund manages almost $161 billion of investments.
Retirees! Damn them, they don't need any retirement money!
And here is more greedy bastards they include comptrollers or treasurers of California, New York City, Maryland, Oregon, Vermont and Connecticut, as well as The Church of England Pensions Board as well as the Scottish Widows Investment Partnership.
Damn them all, no way should I pay all this money for gasoline just so some widow or orphan might have a bowl of soup!
And the most wicked of all was Jack Ehnes, the head of the California’s State Teachers’ Retirement System, which has about $5.4 billion invested in major fossil fuel companies.
Why is the California Teachers Retirement Fun pushing for more greed and profit in the oil markets?
//Sarcasm off (Of course I was being sarcastic but who owns most company stock is true).
Not to crying OP.
If oil companies are making such insane and obscene profits why don't you profit yourself by investing everything you have and maybe you can make 10,000% profit too!
The financial markets are driven by government investment funds. Don't forget the billions/trillions in fees either. The stock market is over 70% institutionally owned. This is a big issue in itself. It is important to point this out. However, what that has to do with widows and orphans is a mystery. That is where you think the bulk of the investment money goes?
If there were new refineries coming online, producers would have to keep their refineries up and running or lose their ***.
As is, every time a refinery shuts down, the price of gasoline spikes so there is no incentive to avoid shutdowns.
Sorry, but i've never bought the whole "government regulation keeps them from building new refineries" nonsense. Big Oil can pretty much do whatever they want to do.
You're free to believe it of course, but they can miss me with it.
did you not post this? jk says oil futures trading is driving the price of oil, and you said he was an idiot. thus you are suggesting that commodities trading doesnt affect the price of oil. where is the strawman argument there?
Kennedy's article claims traders (speculators) are driving the price of oil up. I DID NOT say " commodities markets dont have anything to do with driving the price of oil which is wrong" as you "suggest".
Traders/Speculators play an important role in the futures market. They provide liquidity to the commercial hedgers.
Here is a clue on why prices fluctuate; the correlation between the USD index and Oil.
If there were new refineries coming online, producers would have to keep their refineries up and running or lose their ***.
As is, every time a refinery shuts down, the price of gasoline spikes so there is no incentive to avoid shutdowns.
The thing is, there are NO shortages either. There is no reason for prices to spike. Nobody has had any problem actually taking delivery of fuel. When the hedge funds hear "shutdown" they all pile in. Why should the lower classes fund the retirement of others?
Kennedy's article claims traders (speculators) are driving the price of oil up. I DID NOT say " commodities markets dont have anything to do with driving the price of oil which is wrong" as you "suggest".
Traders/Speculators play an important role in the futures market. They provide liquidity to the commercial hedgers.
Here is a clue on why prices fluctuate; the correlation between the USD index and Oil.
How did oil remain stable for decades before just anyone could get in on speculation? How is it that it continued to grow all those years?
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