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WASHINGTON - The Senate, in a direct challenge to President Bush, voted Tuesday to temporarily halt the shipment of thousands of barrels of oil a day into the government's emergency reserve. Both Democrats and Republicans said such shipments make no sense when oil is costing more than $120...

Well said, Limitdown! Look at all the connections in this administration...Cheney, Bush and his supporters. Paulson, Rubin, Blankfein, Gorman, Fuld.......It wouldn't be hard to manipulate prices. Not saying that they are....but it wouldn't be hard.

Bernanke lunch meeting with other prominent heads prior to Bear Stearns action. Not new news but if you haven't seen it, link is here for your info. http://www.bloomberg.com/apps/news?pid=20601109&sid=a_OXZPHcMwlA&refer=exclusive

The media could play a bigger part in bringing things to light by informing the general public about how things work but then the first ones to do so would be blackballed by the gov't. The US has become a country where the people are afraid of the government. It should be the other way around.

Our present government will not clamp down as it benefits those close to it. Once the Bush administration is out, we may see some changes. You have to help those who got you into power.

http://www.wtrg.com/

cont'd In January 2006, when the CFTC allowed the ICE Futures the gaping exception, oil prices were trading in the range of US$59-60 a barrel. Today, some two years later, we see prices tapping $120 and trending upwards. This is not an OPEC problem. It is a US government regulatory problem of...

cont'd In contrast to trades conducted on the NYMEX, traders on unregulated OTC electronic exchanges are not required to keep records or file Large Trader Reports with the CFTC, and these trades are exempt from routine CFTC oversight. In contrast to trades conducted on regulated futures...

cont'd The senate report was ignored in the media and in the Congress. The report pointed out that the Commodity Futures Trading Trading Commission, a financial futures regulator, had been mandated by Congress to ensure that prices on the futures market reflect the laws of supply and demand...

Speculators knock OPEC off oil-price perch By F William Engdahl The price of crude oil today is not made according to any traditional relation of supply to demand. It is controlled by an elaborate financial market system as well as by the four major Anglo-American oil companies. As much as...

Exactly. Banks and Fed are hand in hand.

Next time you go to fill up your car, think about this. Every time I fill up my car you can guess who I'm thinking of and who I'm thanking!

http://atimes.com/atimes/Global_Economy/JE06Dj07.html

Would love to see the price of oil come crashing down. Gasoline prices are nearly double the US average price where I am and steadily increasing. Am short QM at $122.5 with stop at 125.5. Waiting for nice big correction.

Goldman just announced that oil will hit between $150-$200. They won't let it fall that easily or quickly. Inventories up 5.7 million barrels, US dollar up 0.86% as of writing yet, we are seeing an increase in price again today. Goldman is just too good...

Thank you MarketSurfer. It's good that you do post though and make your calls before they happen from what I have seen. Nobody is perfect all the time and mistakes are fine as long as you learn from them and that is what ET is for, isn't it?

Nice call on the YM. Not to rain on your parade as you do make fine calls from time to time but if you are are going to post a new thread when you make a good call, how about some follow up analysis when your calls don't work out. One in mind is your oil short at $115 that was going to head to...

Another book to read to give an insight to this rise in oil prices. We can thank Goldmansachs for that. Interesting how they come out with their prediction of oil prices and then prices rocket higher. No mystery there. http://www.financialsense.com/Experts/2005/Engdahl.html

http://atimes.com/atimes/Global_Economy/JE06Dj07.html

"A Century of War" is also a good read by F. Willian Engdahl. http://www.financialsense.com/Experts/2005/Engdahl.html We are all paying for the manipulations of the oil markets through higher gas prices as well as other increases in prices such as food, transportation, clothing related to...