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Phil Davis: "I wouldn’t be against drilling off the Florida or California coast if we had truly exhausted other efforts but make no mistake - this is simply a land grab by the oil companies, who are looking to lock up leases off of Florida, the way they have locked out the Gulf Coast from...

Exactly.

Oil futures market is extremely easy to manipulate, it's market cap is only $177 billion. Exxon Mobile (XOM) alone is around $480 billion.

Nice work Tim. Looking forward to November!

Good post.

Who the hell is this guy, and what the hell is he talking about? <embed id="VideoPlayback" style="width:400px;height:326px" allowFullScreen="true" flashvars="fs=true" src="http://video.google.com/googleplayer.swf?docid=3340274697167011147&hl=en" type="application/x-shockwave-flash"> </embed>

There was a 21% demand destruction in peak consumption when the price skyrocketed in the '79- '82 period.

[/b] Again, low utilization rates occurred across all PADDs http://www.oil-gasoline.com/default.asp?id=125 so low rates can't be attributed to outages or maintenance. Gasoline demand and utilization rates in 1997: Refinery utilization hits record Journal Record, The (Oklahoma City)...

Actually, the opposite is true. "too much demand" would make refiners run at 100% capacity. They're operating at 88.6% Decrease in utilization rates occurred across all PADDs, so the decrease can be attributed primarily to a drop in demand as opposed to shut downs for maintenance. (PADD...

Finally someone with a brain in their head!

Texe Marrs - "a self-styled apologist known for his sensationalistic, often poorly-documented and purely speculative claims. Disseminates conspiracy theories, hype, and other unbalanced information...."._

Well done, Wallace!

Peak Oil= sensationalist, economic populism spread by fruitcake "Journalism" majors that couldn't hack an economics course. "Evil Speculators"= reality/an empirically validated theory. Validated by people who actually know shit about oil/refining business. http://oil-gasoline.typepad.com/

Is it really? You said : "The only way to get a different price is: A) for the government to subsidize the price like China does. B) nationalize the oil companies." when my article clearly states that the problem has nothing to do with oil companies and everything to do with speculators...

"The largest holder of heating oil in New England is Morgan Stanley. [...]" That is outrageous. Thanks for the video.

Everybody needs to get their ass kicked once in a while. ___________________ LOS ANGELES, June 1, 2004 (CBS) When a forest fire shut down a major transmission line into California, cutting power supplies and raising prices, Enron energy traders celebrated, CBS News Correspondent Vince...

McCain Defends 'Enron Loophole' by Jason Leopold John McCain May 19, 2008 Sen. John McCain says he opposes the $307 billion farm bill because it would dole out wasteful subsidies, but his chief economic adviser Phil Gramm also wants to stop its proposed regulation of energy futures trading...

Phil Gramm is back as McCain's chief economic adviser: McCain Defends 'Enron Loophole' by Jason Leopold John McCain May 19, 2008 Sen. John McCain says he opposes the $307 billion farm bill because it would dole out wasteful subsidies, but his chief economic adviser Phil Gramm also...

[...]"The price of crude oil today is not made according to any traditional relation of supply to demand. It’s controlled by an elaborate financial market system as well as by the four major Anglo-American oil companies. As much as 60% of today’s crude oil price is pure speculation driven by...

"The rise in prices is speculator driven. It appears that those who learned the skills of gaming electricity and natural gas prices during the California Energy Crisis simply moved on to the crude oil market while US regulatory agencies took steps to thwart them in US electric and gas markets...