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EXXON CEO says oil price is high due to speculation
- Thread starter misterno
- Start date
Quote from bearice:
I think without speculators there woud be no fixed oil price worldwide.
Some will sell oil at $200 per barrel, some at $400 per barrel, some at $600 per barrel, some at $800 per barrel, some at $1000 per barrel. Correct me if I am wrong?
Ban the futures and options in oil trading
leave the spot trading as it is
Why?
Because there is so much you can store crude oil. Compared to what you can speculate in futures and options, that is peanuts. So the price will come down drastically
Oh my god, what a fool. Futures trading doesn't dictate the price of spot oil. Wow, and he's ceo. wow.
Quote from misterno:
Oil price has nothing to do with demand and supply
OK, cushing is full to the top with oil plus USD is losing value
That is why oil is expensive
Ban the futures and options in oil trading and oil will be $10 overnight
Been saying the same thing for years....however I thought taking speculation out of the market would only bring oil down to $30-$60 a barrel over night!
Be careful many will disagree, I had a few people debating my posts about speculation and oil prices......many disagree, those are people you call fools!!!!
Quote from bearice:
I think without speculators there woud be no fixed oil price worldwide.
Some will sell oil at $200 per barrel, some at $400 per barrel, some at $600 per barrel, some at $800 per barrel, some at $1000 per barrel. Correct me if I am wrong?
And theren lies the problem, who decides the spot price? The govts?, the oil companies?(hell no!), use some type of supply/demand formula(s) and let the ppl vote on the best option.? hmmmm.
decisions, decisions......
Quote from southbeach4me:
And ban speculators( like Goldman & Sachs and other firms) from storing crude offshore on leased tankers to manipulate supply. Downright criminal !!
I know it is unpopular to side with GS, but you are barking up the wrong tree here. To think that GS and a couple of tankers worth of oil are significantly driving up the price is delusional. There are much bigger forces at play here (i.e. OPEC).