foxesfords
All-Star Author
Atlanta
Posts:716
Points:157,850
Joined:Nov 2008
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Message Posted: Dec 10, 2008 7:05:11 PM
How much is the bounty on a speculator?
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lindamay
Champion Author
Minnesota
Posts:1,849
Points:409,335
Joined:Feb 2008
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Message Posted: Dec 9, 2008 11:14:05 AM
About time too!
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sluggopyle
Champion Author
North Carolina
Posts:15,484
Points:953,370
Joined:Dec 2005
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Message Posted: Dec 9, 2008 11:03:55 AM
=>No speculators, you have no market. This is another scam. <=
Oh is it?
And how did we have a market all those years before the CFMA, in this century, released yon speculators?
I hope somebody's going to claim next that crude prices were driven up by double and then down by triple within a matter of months purely by supply and demand. I need a good laugh.
The Enron Loophole- THERE lies the scam.
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rho
Champion Author
Sacramento
Posts:21,827
Points:2,523,970
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Message Posted: Dec 9, 2008 10:47:01 AM
No speculators, you have no market. This is another scam.
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MrCar
All-Star Author
Los Angeles
Posts:672
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Message Posted: Dec 9, 2008 10:19:46 AM
Conserve!!
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magnumCA
Champion Author
Los Angeles
Posts:2,219
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Message Posted: Jun 29, 2008 9:33:24 AM
this is scary
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goldieolds
Champion Author
Twin Cities
Posts:3,317
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Joined:Sep 2007
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Message Posted: Jun 28, 2008 9:53:34 PM
I just heard a paid campaign ad for John McCain on TV that bragged that he voted against the President on gas five years ago and now he has a comprehensive energy plan. WHY DID IT TAKE HIM FIVE YEARS TO COME UP WITH A PLAN??? This was something he his proud of and campaigning on. If he was sincere & a real leader, his plan would have been out there 5 years ago, and he'd have been working across the aisle in the Senate (like he also brags that he does) to get it done. We'd have been a lot farther along by now.
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priceit
Champion Author
Portland
Posts:11,856
Points:2,222,210
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Message Posted: Jun 27, 2008 7:50:25 AM
"Regulate the oil-futures market and raise margin requirement to the levels required on the stock market, at least 50 per cent, and watch the price of oil drop by half or more to the level in the first half of 2007."
Why wouldn't the markets just move to London, Tokyo, or Shanghi if we regulated them? The world does not revolve around the US anymore, get over it.
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sluggopyle
Champion Author
North Carolina
Posts:15,484
Points:953,370
Joined:Dec 2005
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Message Posted: Jun 25, 2008 6:56:08 AM
Maybe this is finally gaining some traction. Even CNN is covering it. About damn time.
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ramboTX
Champion Author
Dallas
Posts:4,278
Points:833,465
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Message Posted: Jun 25, 2008 5:44:58 AM
All talk, let's see it work.
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kingdick
Champion Author
Minnesota
Posts:26,350
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Message Posted: Jun 24, 2008 9:29:33 PM
-----------------------------------
McCain, gas prices and the Enron loophole
A Countdown Special Report on how John McCain’s chief economic advisor and others in his campaign helped create and defend legislation that enabled speculators to run up gas prices.
McCain and the Enron loophole
-----------------------------------
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ral12
Rookie Author
Houston
Posts:25
Points:17,300
Joined:May 2008
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Message Posted: Jun 24, 2008 2:59:29 PM
Chucky2006 pretty much hit it on the head... the chicken little syndrome has all of them ducking for cover... I believe in being efficient but I do not like it when we are taken advantage of for profits... I am talking of the main producing countries... not the companies such as Exxon, they are truly just following the market... sometimes I think that the other countries (primarily third world) Hold them up as shields to deflect the attention...
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sluggopyle
Champion Author
North Carolina
Posts:15,484
Points:953,370
Joined:Dec 2005
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Message Posted: Jun 24, 2008 11:02:51 AM
CruisinLinda- thank you for breaking with doom-dittohead tradition here and giving this actual thought. The number I hear is 68 million acres, rather than 33, but the point is the same.
"Regulate here, regulate now, Pay Less." I love it!
It's just hard to see how McCain "supports efforts to close this loophole" when his chief economic advisor Phil Gramm is responsible for putting it there in the first place. This will be the Squirm Question of some debate coming soon.
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us412
Champion Author
Arkansas
Posts:13,471
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Message Posted: Jun 24, 2008 10:49:07 AM
Grebe, I read what Juan McCain`s spokesman said but would like the Bill No for the legislation he sponsored or introduced or voted for, all else is chin music as his support for a secure southern border.
He is still for AMNESTY for 20 MILLION ILLEGALS.
[Edited by: us412 at 6/24/2008 1:54:53 PM EST]
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chucky2006
Rookie Author
Toronto
Posts:19
Points:2,930
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Message Posted: Jun 24, 2008 9:17:02 AM
This is nothing more than the blame game in a political election year. It is very hard getting votes if you tell the voters that this is an extremely complex situation and unfortuately there is no easy solution, or quick fix solution. Would you vote for someone that said that? I will say speculation is a problem but speculation is in every market not just the oil market and i have posted before that speculators do not determine the long term trend they merely aid it along usually due to bullish news events or sell in a bearish news environment. There are so many factors at play here and the media/politicans are so far away from explaining the real issues they perfer to find one group and target them. What they don't want to tell you this is a Global world and things now are such more complex these days, and it is not just about the USA anymore, other countries are now infulencing the markets such as the big ones such as China, India, etc. Don't forget there are still those that actually buy oil futures contacts to actually take delievery of them and many of the developing world are buying more and more future contacts to meet the estimated oil needs of there citizens in the future, which causes a hording effect taking the number of future barrels of oil off the market causing the price to rise as these countries compete over a limited supply. Also what CNN never told you about the June 22 Saudi summit, is that the 200,000/bl/day increase never told you is that alot of it was sour crude. Oil is not all the same. And what is being traded is Light Sweet Crude, and there is a bit of fear out there that the Saudi's may be at capacity with light sweet crude oil, so how do you meet the increased demand of china india and so on 5-10-15 years in the future? And do you think the USA is not going to grow its economy anymore? This is just one issue and don't just take CNN at its word, do the research, search google, read different traders, economists views. You will start to see this is a complex problem. And yes i am a trader, mainly curriences, but still just want people to be a bit more educated and don't just take CNN as your source of educating yourself on this complex issue. The more knowledge you have the more power you have.
Take this into consideration, alot of people are now screaming/accepting for more drilling in the forbiden zones in the USA, a good idea for more the longer term solution but, if you want a really fast soultion is to open the SPR with the co-operation of other countries opening thiers. Why not do that? Kinda hard to push the idea on the American public that even with the enviromental issues of drilling we need to drill when oil is back down to $70-$80/bl, it is much easier to sell it when the price is at 140. They know attacking speculators will not have much of an effect. All it would do is create greater transperancy in the market. Maybe they don't want the price of oil to go down to push there drilling agenda? Possible, who knows, but hopefully by bringing up some of these issues (and there are millions more) might make you start thinking that this is very complex.
If you want to screw speculators one way is to have a surprise opening of the SPR and for other countries particpate, with help of the Hank Paulson talking up the dollar at the same time could really have the speculators running to the short trade. Because if you believe that speculators caused this mess then you have to believe that if there was a massive opening of the SPR (with help of other countries to also open there SPR) and talking up the dollar by Hank Paulson, speculators will drive the price down extremely quickly. We make money either way up or down, we just follow what the news and fundementals are telling us. Just think about that.
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PNF
Champion Author
Tennessee
Posts:8,658
Points:1,458,440
Joined:May 2004
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Message Posted: Jun 24, 2008 9:06:50 AM
Sure! Whatever he needs to get alected!
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Grebe
All-Star Author
Wisconsin
Posts:520
Points:1,083,860
Joined:Feb 2003
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Message Posted: Jun 24, 2008 8:56:19 AM
Re us412s question "What is Juan McCain`s position on the Enron Loophole???":
This article goes on to say: 'McCain spokesman Tucker Bonds said McCain has supported efforts to close the loophole and noted the bill in question was signed into law by former President Clinton.
"The fact that Barack Obama is attacking John McCain, despite McCain's leadership on the issue, shows that Barack Obama is driven by the partisan attacks that Americans are tired of," Bounds said.'
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Grebe
All-Star Author
Wisconsin
Posts:520
Points:1,083,860
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Message Posted: Jun 24, 2008 8:47:53 AM
Right on KellysDad. Any increases in tax to punish oil, transportation or energy businesses (or any business for that matter) will be passed along to the consumer ... the people who can least afford it will be the ones actually paying the tax.
Regarding the "energy speculator crackdown", why does Obama have to make this a campaign issue? Why doesn't he introduce a proposal for legislation right now as a Senator? Gee, do you think he may be just hyping rhetoric and is telling the voting public anything they want to hear, so long as it gets him elected ... ala Bill Clinton?
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gohiking
Champion Author
Los Angeles
Posts:5,218
Points:1,044,440
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Message Posted: Jun 24, 2008 8:26:01 AM
http://leftwingconspiracy.com/wp-content/uploads/2008/06/motivator8009129.jpg
Sens. Sam Brownback and Pat Roberts of Kansas voted last week against extending the wind-production tax credits and solar installation incentives contained in HR 6049. Their “no” votes will bring development of those industries to a screeching halt. They voted against wind and solar power development because Democrats wanted to shift $18 billion in subsidies for oil companies to wind and solar development.
You should ask Kansas’ senators why American oil companies, who have made $600 billion in net profit since President Bush took office, need such huge taxpayers’ subsidies. The answer I heard is that the oil companies need the subsidies to find new sources of oil. But the oil companies have received billions of dollars per year in subsidies since Bush took office, and look what that got us: $4 per gallon gasoline.
There is no other category of business with greater potential for growth than wind and solar development. Wind development in Kansas would bring the greatest economic boost since wheat. Renewable energy is the solution to energy independence that will increase our national security.
Please write our senators and tell them their misguided support for fossil fuel companies is hurting our country.
Joe Spease
President, Pristine Power
Lenexa
[Edited by: gohiking at 6/24/2008 11:28:17 AM EST]
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us412
Champion Author
Arkansas
Posts:13,471
Points:1,454,970
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Message Posted: Jun 24, 2008 8:17:31 AM
What is Juan McCain`s position on the Enron Loophole???
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Lonewolftx
Champion Author
Houston
Posts:7,574
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Message Posted: Jun 24, 2008 8:14:23 AM
Yada, yada, yada . . .
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patchdogMI
Sophomore Author
Michigan
Posts:214
Points:11,950
Joined:May 2008
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Message Posted: Jun 24, 2008 8:14:19 AM
Previous regulations haven't worked. So we must need more of them. Yeah, that will work. As a people we deserve what we get when we're this stupid.
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grmoore
Champion Author
Atlanta
Posts:9,840
Points:823,380
Joined:May 2008
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Message Posted: Jun 24, 2008 8:12:04 AM
One national leader, with or without eyes, solves problems without help!!
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CruisinLinda
Champion Author
Tallahassee
Posts:6,436
Points:1,290,435
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Message Posted: Jun 24, 2008 8:09:33 AM
Finally, a national leader who sees with clear eyes. Bidding in unregulated markets with margin requirements of only 6 per cent for the essential commodity of oil was a disaster waiting to happen.
It started in October, 2000, when Sen. Phil Gramm added the "Enron amendment" to a bill that exempted over-the-counter trading in oil futures from regulation by the CFTC (Commodities Futures Trading Commission). Then the Atlanta-based ICE (International Commodities Exchange)started a London branch for oil trades in January, 2006, and did not apply for CFTC regulation, nor did the commission assert itself.
"Drill here, drill now" in contrast is a simplistic, ignorant approach that won't work because drilling doesn't necessarily find oil and takes at least ten years to create a producing well, if at all. That oil is sold on world markets to the highest bidders, who could be on the other side of the globe, even if the oil was taken from US territory. Why deplete national oil deposits for that?
Oil companies have not shown an interest in drilling, or producing. They already have 33 million acres in the US under lease. Why would they want to increase the oil supply and risk bursting the bubble of a doubled oil price in a year? Regulate the oil-futures market and raise margin requirement to the levels required on the stock market, at least 50 per cent, and watch the price of oil drop by half or more to the level in the first half of 2007. "Regulate here, regulate now."
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ramshot412
Champion Author
Riverside
Posts:15,850
Points:1,681,690
Joined:Apr 2004
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Message Posted: Jun 24, 2008 8:02:21 AM
"supply and demand,my behind! We have more oil in alaska,than ANY,forign country"
That's right and more "aliens" (from Mars/Venus?) in New Mexico than any other country.
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us412
Champion Author
Arkansas
Posts:13,471
Points:1,454,970
Joined:Apr 2006
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Message Posted: Jun 24, 2008 7:53:02 AM
He will wave his Magic Wand and Everything Will Be Alright because All We Need Is Love.
And he`s got enough for us all.
[Edited by: us412 at 6/24/2008 10:53:56 AM EST]
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southjerseyal
Champion Author
New Jersey
Posts:8,725
Points:1,217,915
Joined:Mar 2005
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Message Posted: Jun 24, 2008 7:51:15 AM
Maybe he can get the Rev. Wright to help and even appoint him to the Oil Zarr!!!
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egd
Champion Author
Twin Cities
Posts:4,045
Points:1,330,710
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Message Posted: Jun 24, 2008 7:50:57 AM
speculation and the weak dollar are the biggest factors let's work on those
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mike2scooter
Champion Author
Detroit
Posts:6,955
Points:1,354,385
Joined:Aug 2005
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Message Posted: Jun 24, 2008 7:46:04 AM
This genius (Obama) has no real answers to the energy problem - he is against oil exploration, nuclear power, coal, etc...what the heck are we going to do for energy?
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grmoore
Champion Author
Atlanta
Posts:9,840
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Message Posted: Jun 24, 2008 7:44:19 AM
Why didn't the Senator do something about this previously?
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IzOfSilver
Champion Author
Seattle
Posts:5,761
Points:1,587,645
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Message Posted: Jun 24, 2008 7:42:55 AM
Obama is an economics moron, it's supply and demand pure and simple. The solution is to cut demand through conservation and increase supply through higher production. Go back to school....
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patchdogMI
Sophomore Author
Michigan
Posts:214
Points:11,950
Joined:May 2008
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Message Posted: Jun 24, 2008 7:41:14 AM
Oversight on commodity traders will have Obama's desired effect... Nothing will change in the price of fuel. When Opec is the only game in town, guess what? Obama doesn't want off shore drilling so his intention is to be sure they are the only game in town.
What happens when we create more and more money? The prices of everything go up. Starting with foreign goods.
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tonycmd
All-Star Author
Maryland
Posts:515
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Message Posted: Jun 24, 2008 7:41:09 AM
I miss $1 gas
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rustyOR
Veteran Author
Oregon
Posts:484
Points:106,700
Joined:Apr 2008
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Message Posted: Jun 24, 2008 7:40:43 AM
What Obama wants ...Obama gets.
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MarkJM
All-Star Author
Little Rock
Posts:761
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Message Posted: Jun 24, 2008 7:40:35 AM
It seems obvious that most repliers have no clue on this. It's about time someone, anyone, takes a stand on the speculation issue. We also need to get the value of the dollar increased so the oil speculators have somewhere else to look.
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NissanGirl
Veteran Author
Oregon
Posts:308
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Joined:Jan 2008
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Message Posted: Jun 24, 2008 7:37:31 AM
I miss $2 gas...
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USAFA82
Champion Author
Colorado Springs
Posts:4,862
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Message Posted: Jun 24, 2008 7:37:15 AM
Obama's cronies in Congress also want to nationalize the oil companies. They're not democrats, they're socialists.
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ElCap
Champion Author
El Paso
Posts:1,235
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Message Posted: Jun 24, 2008 7:36:17 AM
Obama doesn't have a clue or a plan in regards to energy!
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Cheepo
Champion Author
Tampa
Posts:5,059
Points:2,176,165
Joined:Apr 2003
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Message Posted: Jun 24, 2008 7:33:33 AM
Drill in ANWR. Drill, drill drill!!! Everybody who has a 401K is a speculator!
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KellysDad
Champion Author
Jackson
Posts:1,232
Points:477,900
Joined:May 2007
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Message Posted: Jun 24, 2008 7:32:34 AM
Be afraid. This guy wants to bring back the Jimmy Carter solution of windfall profits tax on oil companies that sparked SHORTAGES and GAS LINES in the 70's.
I don't trust ANY politicians, especially those who say "BAD businesses, let's punish them by raising their taxes!"
Taxes are just another price of doing business that gets passed along to the consumer; YOU and ME.
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dieselfreak
Champion Author
Toronto
Posts:1,678
Points:835,490
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Message Posted: Jun 24, 2008 7:32:18 AM
What is there to crack down on ? They are not breaking any laws at this time.
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KBRPSL
Rookie Author
Florida
Posts:11
Points:10,785
Joined:May 2008
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Message Posted: Jun 24, 2008 7:29:08 AM
Exactly, talk is cheap - let's see some action.
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CyanSquirrel
All-Star Author
Virginia
Posts:552
Points:127,960
Joined:Jun 2004
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Message Posted: Jun 24, 2008 7:28:43 AM
Too little too late.
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HoosierDaddyTX
Sophomore Author
Dallas
Posts:182
Points:46,870
Joined:Dec 2007
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Message Posted: Jun 24, 2008 7:26:57 AM
He's a politician, and he's an economic idiot beholden to special interests. He doesn't raise $40 million a month in campaign finances from "little people". Lobbyists and PACs are his bread and butter. All blow and no show.
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RC_RACER
Champion Author
Tacoma
Posts:4,021
Points:760,210
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Message Posted: Jun 24, 2008 7:26:24 AM
vote for me and I will-fill in what you want- now that I'm elected and set for life, I'll do whatever makes me the most money.
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robertsss
All-Star Author
Hamilton
Posts:814
Points:98,440
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Message Posted: Jun 24, 2008 7:26:11 AM
You got that right Teddybear.... democrats just want to 'save the environment' tax everyone to death.... to heck with it.. I say move the caribou somewhere else... drill, now...this has been dragging for over 20 years.
Speculators have nothing to do with it... start drilling, alternative energy and they will sell... Typical left wing propaganda from CNN. (no wonder their ratings are so low)... If you want 'fair and balanced' change your channel to FOX!
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Somis1
Champion Author
Ventura
Posts:8,318
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Message Posted: Jun 24, 2008 7:25:45 AM
Allow no margin for crude oil futures trading.
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Gerund1
Champion Author
Toronto
Posts:1,237
Points:840,480
Joined:Apr 2003
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Message Posted: Jun 24, 2008 7:23:49 AM
Talk is cheap. Wait till he tries to implement any "crackdown". All of a sudden that flow of cash will stop comming to him. He will back down.
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teddybear18202
Rookie Author
Scranton
Posts:14
Points:1,715
Joined:May 2008
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Message Posted: Jun 24, 2008 7:21:11 AM
he's all talk just like the other democrats. all they think about is raising taxes and all. they say 1 thing then once they get in they take all back.
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murdershewrote
Champion Author
Riverside
Posts:4,617
Points:1,630,285
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Message Posted: Jun 24, 2008 7:20:25 AM
obama better go along with more drilling...otherwise see a bleak future for him
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