NAncy pelosi thinks rising gasoline price is due to speculators

[murray t turtle]

Quote from Free Thinker:

can i help you. would you like to borrow a gun?


Goldman estimated in a research note on March 21 that every million barrels of oil held by speculators contributed to an 8 to 10 cent per barrel rise in the oil price.

As unrest spread in North Africa and the Middle East, investors accumulated the equivalent of almost 100 million barrels of oil between mid-February and late March on top of their existing positions, adding approximately $10 to the ‘risk premium’, Goldman said.

Using Goldman’s 8- to 10-cent estimates and data on speculators’ positions from the U.S. Commodity Futures Trading Commission, Reuters calculated that as of last Tuesday, the total speculative premium in U.S. crude oil was between $21.40 and $26.75 a barrel, or about a fifth of last Tuesday’s price. The UK’s Financial Services Authority (FSA) does not publish trader data on Brent.

Goldman Sachs disputed the Reuters calculation on speculative premium.

http://www.cbsnews.com/8301-505123_...that-speculation-drives-oil-prices-listen-up/


As Goldman makes clear, this view is implausible. Mounting evidence -- and recent history -- suggest that crude oil prices are increasingly determined by investors betting on which way prices are moving, rather than on economic fundamentals.

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As if GS is an unbiased player Soundc like Reuters is right;
read a geoligist said the same....................................And was that a half a Billion dollar[fraud fine] GS recently paid????

Speculators & consumers.I just bought some myself Not a spec in gasoline @ this time.

Well i stand corrected ;
GS paid a $550 milliion fraud fine,SEC suit......................[Source NYT,July 15,2010/GOOG]

 

[Random.Capital]

We need more oil than can be extracted cheaply.

That is the start, middle and end of the story.

Everything else is noise.

 

[Hombre]

Quote from clacy:

Bingo. 90% of the time every single thing out of a politician's mouth is purely for political advantage and will be completely skewed away from the truth.

She knows full well that the price of gas is because of money printing.

Correct. Food prices are also up because the printing, devaluation of the $ .

 

[cfu]

Quote from Hombre:

Correct. Food prices are also up because the printing, devaluation of the $ .

If you look at the $DXY, it is higher now than it was 1 year ago. Yet commodity prices, like oil, are likewise rising so devaluation is not the case.

 

[clacy]

Quote from cfu:

If you look at the $DXY, it is higher now than it was 1 year ago. Yet commodity prices, like oil, are likewise rising so devaluation is not the case.

Relative to gold, crude is very inexpensive still, so I would argue that when virtually all Central Banks are keeping rates near zero, that the $DXY isn't that telling.

 

[beachhouse]

Take your aircraft carriers out of Mid-est, and the oil price will go back to 80.

You stupid Americans blame others for high oil price?

US military IS the reason of high oil price.

 

[377OHMS]

Quote from Scataphagos:

Pelosi doesn't really "think"... she merely spews Socialist propaganda.

I'd go for $10/gal gas if it would assure getting rid of Odumbo, Reid, Peolsi, et al in the next election.

+1

She seems to delight in screwing America over too.

I would pay 10.00 per gallon if it meant getting rid of Obama, Reid and Pelosi as well. Worth every penny.

 

[pspr]

Quote from staffpro:

you have some evidence there and i agree with you BUT im appaled at the fact that she doesnt even consider that the rise has ANYTHING AT ALL to DO WIT HTHE FUCKING PRESENCE OF THE US MILITARY IN MID EAST AND TENSIONS WITH IRAN ITS AS IF she doesnt even fuckign know any of that is going on, so yes the "speculators" are pricing that in BUT WHY SHOULDNT THEY is she that fucking absent minded.

You have to understand how the pea little brains of liberals like Pelosi think.

Fist they determine if the news is good or bad for liberals.

Second, if they determine it is bad, then they need to find someone else to blame it on.

Third, few people understand how speculation may or may not effect price and since business represents the Republicans, speculators are perfect scape goats to blame in this instance.

Fourth, they create a message blaming the scape goat and pass it around to all the liberals who can get media air/print time.

Fifth, in unison they all blabber the same false message and a certain number of people hear it from several sources and believe it must be true.

Without these mass produced lies liberals would have no power.

 

[Ricter]

Quote from pspr:

You have to understand how the pea little brains of liberals like Pelosi think.

Fist they determine if the news is good or bad for liberals...

That's you, to a tee!

 

[denner]

Quote from clacy:

Relative to gold, crude is very inexpensive still, so I would argue that when virtually all Central Banks are keeping rates near zero, that the $DXY isn't that telling.

Exactly. When all central banks are on the same page, it's misleading to look to one currency and draw conclusions. A few members on here have opined that crude is perhaps the actual currency, perhaps followed closely by gold.