This is why gas and energy prices are so high.

[MikeTrin]

Here's the traders responsible for the extreme prices. I am sure they are celebrating the daily record highs for oil.



http://www.latimes.com/business/la-f...,2916861.story

from the artical:

"I don't think there's any question that speculators in the oil markets have taken prices higher than they would be otherwise," Barton said. "I think there ought to be new rules."

Barton, Lieberman and others have said they would draft legislation that would restrict commodity investments by large investors and close a loophole that allows speculators to avoid investment limits. A separate provision embedded in the Senate Democrats' energy bill would ensure that foreign exchanges using trading terminals within the United States adopt the same limits and reporting requirements as energy commodities traded on U.S. exchanges.

"You've got futures exchanges that are rife with the ability to manipulate and excessively speculate," said Michael Greenberger, a University of Maryland law professor who spent two years in charge of the Commodity Futures Trading Commission's trading and markets division. "Congress firmly believes that they've got to bring this speculation under control. And it is my thesis that if these markets were policed, the prices would drop very rapidly."

Here's a group that is pushing congress to put limits on these con artists:

http://www.closetheenronloophole.com/

[dhoad]

no doubt speculators are driving up the price of oil a great deal, but the big drop in US currency value is responsible for 40% of the price increase in last year

[fullboogie]

no doubt speculators are driving up the price of oil a great deal, but the big drop in US currency value is responsible for 40% of the price increase in last year

Yeah, and the other 60% is because of BUSH! He's in league with OPEC, along with Cheney and Haliburton, and is making billions of dollars that he has hidden....somewhere...and is hiding from the IRS...and...and...he's a liar and he's stupid!

[dhoad]

Yeah, and the other 60% is because of BUSH! He's in league with OPEC, along with Cheney and Haliburton, and is making billions of dollars that he has hidden....somewhere...and is hiding from the IRS...and...and...he's a liar and he's stupid!

good rant! Somebody is sticking it to us, that is for sure. Bush, Cheney, Saudis, yikes we are screwed. To add to that congress decided to keep a tariff on brazilian ethanol which helps to push up its cost also and in turn keeps gas higher as a result.

[fullboogie]

You didn't really read my post, did you?

[icerat4]

You didn't really read my post, did you?

I did BUSH SUCKS PERIOD.....

[fullboogie]

Eloquent argument.

[DarthAWM]

Yeah, and the other 60% is because of BUSH! He's in league with OPEC, along with Cheney and Haliburton, and is making billions of dollars that he has hidden....somewhere...and is hiding from the IRS...and...and...he's a liar and he's stupid!

Explain me this.

Halliburton has been in buisness for over 70 years. OPEC has been manipulating oil prices for over 35 years. With those facts how was oil under $10 a barrel in 1999?

Or do I just not understand oil comspiracy theories

[RXP-REX]

You didn't really read my post, did you?

I just looked and saw you're from Houston....knew what you meant with your post.

But where does Global Warming fall into all this? Fuck Al Gore....bring his ass to my place and explain to me how global warming is going on. I just want to go fishing and it's about to snow. What about the terrorists, and the Hurricanes, and the liberals, and the red necks???? Sounds like an old South Park episode to me.

[fullboogie]

I'm not making the connection between your first premise and your second. And oil was never under $10/barrel in 1999. What am I missing? Just don't understand your post - sorry.

By the way, I'm just having fun with this post. Not trying to tick anybody off. Well, except icemouse.