Meathead-in-Chief declares war on oil speculators

Ricter · Apr 22, 2011

I agree that speculation is not a large part at all of the price of oil (today), but disagree that it's the Fed's fault. It is still being driven by the simpler but more mounmental of forces, demand.

Obama is being a politician here, nothing unusual. And nothing significant will be done, behind the scenes, about speculation.

Hello · Apr 22, 2011

Demand is created by people having more money to spend. When the Fed, and every other country in the world floods the system with dollars, people have more money to spend.

The demand is a direct result of world governments flooding the system with money, it is basic economics, the reason governments all over the world are flooding the system with dollars is to create demand, and drive up the economy, the excess demand is entirely the feds fault.

Quote from Ricter:

I agree that speculation is not a large part at all of the price of oil (today), but disagree that it's the Fed's fault. It is still being driven by the simpler but more mounmental of forces, demand.

AMT4SWA · Apr 22, 2011

Quote from Tsing Tao:

http://www.zerohedge.com/article/obama-holder-declare-war-oil-traders-speculators

( RTR ) 04/21 02:30PM OBAMA SAYS HAS ASKED ATTORNEY GENERAL TO CREATE TEAM TO "ROOT OUT" FRAUD, MANIPULATION IN OIL MARKETS THAT COULD HIT GAS PRICES

( RTR ) 04/21 02:31PM OBAMA, IN PREPARED REMARKS, SAYS TEAM'S FOCUS WILL INCLUDE OIL MARKET TRADERS AND SPECULATORS

( RTR ) 04/21 02:31PM OBAMA SAYS WILL MAKE SURE THAT NO ONE
IN OIL MARKET IS TAKING ADVANTAGE OF THE AMERICAN PEOPLE FOR THEIR OWN SHORT-TERM GAIN

now, i'm all for making the energy market a bit less speculative, but obama is either trying to deflect blame, or is too stupid to realize it is his own federal reserve chairman (the one who "hope and change" had reappointed) at the helm of the latest rise.

what a meathead.

He better go talk to his MASTERS first.............

"Report: Bilderberg Wants Gas Prices at $7 a Gallon"

http://www.infowars.com/report-bilderberg-wants-gas-prices-at-7-a-gallon/

AMT4SWA · Apr 22, 2011

BTW, this is such a fricking joke and the barry s gang knows it.....they KNOW middle eastern wealth entities/funds are keeping the bid in CL right now (with a hell of a lot more money than pit traders). This has been going on for years now at key times.

Gabfly1 · Apr 23, 2011

Why is it that supposedly thinking "traders" here cannot seem to distinguish between normal speculation and "fraud, abuse and manipulation?"

âI look forward to the groupâs work, especially in rooting out fraud, abuse or manipulation in the energy markets,â said Bart Chilton, CFTC commissioner. âI remain convinced that excessive speculation is a part of the problem and should be part of the groupâs focus, too.â

http://www.ft.com/cms/s/0/defa52cc-6c68-11e0-a049-00144feab49a.html#axzz1KLbexzEf

Tsing Tao · Apr 23, 2011

Quote from Gabfly1:

Why is it that supposedly thinking "traders" here cannot seem to distinguish between normal speculation and "fraud, abuse and manipulation?"

âI look forward to the groupâs work, especially in rooting out fraud, abuse or manipulation in the energy markets,â said Bart Chilton, CFTC commissioner. âI remain convinced that excessive speculation is a part of the problem and should be part of the groupâs focus, too.â

http://www.ft.com/cms/s/0/defa52cc-6c68-11e0-a049-00144feab49a.html#axzz1KLbexzEf

you show your true level of ignorance on the issue of the cftc and speculation in quoting chilton. before you actually think that means anything, you should do a little history on chilton and silver.

what's next? are you going to quote the SEC as a reliable resource?

bugscoe · Apr 23, 2011

Quote from Tsing Tao:

you show your true level of ignorance on the issue of the cftc and speculation in quoting chilton. before you actually think that means anything, you should do a little history on chilton and silver.

what's next? are you going to quote the SEC as a reliable resource?

Nah, he'll go with the racism schtick.

Ricter · Apr 23, 2011

Quote from Hello:

Demand is created by people having more money to spend. When the Fed, and every other country in the world floods the system with dollars, people have more money to spend.

The demand is a direct result of world governments flooding the system with money, it is basic economics, the reason governments all over the world are flooding the system with dollars is to create demand, and drive up the economy, the excess demand is entirely the feds fault.

Fair points, inflation is becoming a big problem in those countries that had big enough stimulus programs and managed to keep their economies above the Great Recession. But I can't raise too much blame for those governments, because some of them were pretty much looking at anarchy if their populations weren't able to feed themselves, particularly because of the visible rise of wealthy minorities amongst them--imminent starvation just doesn't seem fair (to most folks) in such circumstances.

Banjo · Apr 23, 2011

http://www.marketwatch.com/story/managers-add-to-bets-oil-prices-will-go-up-cftc-2011-04-22

CaptainObvious · Apr 23, 2011

Quote from Tsing Tao:

oh? and what a about companies that have to hedge?

Good point and I'm sure accommodations could be made. My point is that this particular market has too many disastrous consequences for game playing. I know that the Fed policy of crushing the dollar is also influencing oil price. I know that more government regulation is a sickening consideration. I know that free markets will eventually bring price to where it belongs, but I also know that this market isn't exactly free. It's captive, held hostage and manipulated to a degree that demands something be done. I don't know exactly what that something should be, but the result of business as usual will have grave consequences for us all.