Rise in Oil was caused by Manipulative Speculation

re: Rise in Oil was caused by Manipulative Speculation

Richard Humphrey — Wed, 17 Sep 2008 18:46:17 GMT

If oil prices have drop 33% per barrel why don't we see a drop of 33% per gallen of gas? Something seems wrong.

re: Rise in Oil was caused by Manipulative Speculation

lance calder — Tue, 09 Sep 2008 02:34:37 GMT

It is so obvious the weight of money pushed up prices, the rich manipulate the credit markets, commodity markets, every market. The credit crisis is caused by the privalaged few as is the inflation in oil and food prices. We are slaves to the rich get used to it, IT ISN'T GOING TO GET BETTER UNLESS WE DO SOMETHING!! Its common sense think about it!

re: Rise in Oil was caused by Manipulative Speculation

Joe — Mon, 08 Sep 2008 19:07:03 GMT

Bring back EV1. Build electric cars. Who needs oil!!!!!!!!!!!!!!!! Vote for the person who is for the people of the USA.

re: Rise in Oil was caused by Manipulative Speculation

ron — Mon, 08 Sep 2008 01:01:37 GMT

Goldman-Sachs and Morgan,Stanley founded the ICE, along with some others.

They then got the CFTC to issue a "no action letter", which exempts the ICE from US regulation.

The amount of non-hedging (i.e. speculating) money in the oil futures market went from ~ $13billion in 2002 to ~$300 billion in 2007.

Most of the new money in oil futures comes from index funds and hedge funds, which are betting on an ever-increasing price.

Why do you think the Goldman-Sachs analysts keep predicting oil at $200?

re: Rise in Oil was caused by Manipulative Speculation

Joe — Sun, 07 Sep 2008 07:37:34 GMT

The way I see it...Someone had to pay back a debt (USA), and in the process "We the People" got lubed. Big oil was not the only big winner (USA). How else could you all explain the rapid increase in price. The world didn't just get an additional 100 million drivers overnight, which caused a surge in fuel use. I bet anyone the price will never drop back to what it was five years ago even if we had 100 new oil fields and refineries in the USA.This is here to stay. Make your own conclusions.....I already made mine.. ;)

re: Rise in Oil was caused by Manipulative Speculation

crobar — Sun, 07 Sep 2008 06:52:08 GMT

Instead of complaining how the "speculators" got rich on the oil bubble, why not try to make some money by fading commodities now?. In addition to oil, gold, silver and the grain complex are dropping like stones. Buy some put options on CBOT and recoup some of what you spent at the gas pump this summer. Regardless of why oil moved up, it's a zero sum game, with winners and losers. You can make just as much money as commodity prices come down as when they went up

re: Rise in Oil was caused by Manipulative Speculation

stop_crude_manipulation — Sun, 07 Sep 2008 05:12:46 GMT

it is disturbing to see so many people getting fooled by supply/demand as the reason for higher crude prices. You guys need to wake up and do some reading on the internet, such as this article. There was an article in Washington Post last week about a hedge fund in switzerland called Vitol which currently is long more than 10% of the total open crude contracts, we are talking tens of billion dollars here. Drill drill drill will not have any impact on prices. Prices are controlled by big investment banks and hedge funds, such as Goldman Sachs, etc. Is there a reason why Goldman Sachs keeps coming up with reports that crude is going to 150 every day?

re: Rise in Oil was caused by Manipulative Speculation

BRIAN PA — Sun, 07 Sep 2008 04:33:33 GMT

WAKE-UP AMERICA! While everyone is saying about drilling for oil, using ethonal, why does everyone want to polute more? What happened to hydroden cars, houses etc...? Run all unility companies out of business.

re: Rise in Oil was caused by Manipulative Speculation

Wolf — Sun, 07 Sep 2008 04:12:37 GMT

The run up on the price of oil has been an awakening for a lot of people but it is past time for the USA to get off the oil merry go round as we have been burned too many times on the price since the early 70's. The fact we import over 60% (or more) of our oil and that money ends up in another country's coffers. It is past time to develope and deploy new sources of energy PLUS develope ALL of our own sources (even drilling for more oil) NOW. It would help put a lot of people back to work and keep some of that money here! So I will thank the day traders for pushing this issue based on price. Maybe our lazy government will wake up and finally do something. I am backing T Boone Pickens as he at least has a plan!

re: Rise in Oil was caused by Manipulative Speculation

Jim — Sun, 07 Sep 2008 03:24:10 GMT

Andrew: I'd like to believe you, but I note that the price decline begins about 4 weeks after the bill passed. That seems quite a long time for the market to react. How do you explain it?

Daytrader: What do you mean, the dollar is pegged to oil? Oil is priced in dollars, but there is no "peg", which would mean that the price of a barrel of oil was constant in dollars. And the timing of the report has little bearing on its accuracy.

Trying to extract a coherent argument out of your various statements, I think you are saying that the price of oil in gold has been stable? That would mean that falling oil prices came from a rising dollar. The dollar has appreciated about 10%, not nearly as much as oil has fallen.