Breaking News...Oil Market is a fraud
http://www.kansascity.com/2012/04/04/3537523/finance-expert-says-speculators.html
Holy Sh*t the oil market is a complete fraud….I can’t believe it…..I am appalled. You could knock me over with a feather with this breaking news.
I was certain it was all about supply and demand. I was sure gas was $4.00 a gallon because the Chinese economy was doing so well. I can’t believe a FIANANCIAL EXPERT would say the entire market is a sham.
I have only been saying the same thing everyday for the past 12 years. Except when I say there are no TV cameras or reporters. If there were maybe I could have saved the world economy a couple of trillion dollars.
Today's routine $4-and-higher prices for a gallon of gasoline have nothing to do with conventional supply-and-demand forces, Greenberger said. He formerly directed regulation of market trading in futures contracts and derivatives for the Commodities Futures Trading Commission.
"It is excessive speculation, which is a fancy word for saying that gamblers wearing Wall Street suits have taken these markets over," he said. (Made possible by the 2000 deregulation)
Financial speculators such as investment banks and hedge funds account for at least 65 percent of purchases of contracts for future oil deliveries, more than twice their traditional share, while buyers who intend to actually take delivery of the oil and use it, such as airlines, make up only about one-third of demand. The speculators bid up contract prices, sending oil and gasoline prices higher and reaping them huge profits.
Congress has tried (No they haven’t) to pressure the Commodity Futures Trading Commission to put limits (Regulations) on how many contracts anyone can buy, but financial interests (Big Oil) have stymied CFTC efforts in federal court.
The Energy Information Administration said Wednesday that U.S. crude oil inventories "are above the upper limit of the average range for this time of year." Total motor gasoline inventories also remain in the upper limit of the average range. Both were as of March 30. That means supplies are plentiful; there's no shortage pressure driving prices up.
Holy Sh*t the oil market is a complete fraud….I can’t believe it…..I am appalled. You could knock me over with a feather with this breaking news.
I was certain it was all about supply and demand. I was sure gas was $4.00 a gallon because the Chinese economy was doing so well. I can’t believe a FIANANCIAL EXPERT would say the entire market is a sham.
I have only been saying the same thing everyday for the past 12 years. Except when I say there are no TV cameras or reporters. If there were maybe I could have saved the world economy a couple of trillion dollars.
Today's routine $4-and-higher prices for a gallon of gasoline have nothing to do with conventional supply-and-demand forces, Greenberger said. He formerly directed regulation of market trading in futures contracts and derivatives for the Commodities Futures Trading Commission.
"It is excessive speculation, which is a fancy word for saying that gamblers wearing Wall Street suits have taken these markets over," he said. (Made possible by the 2000 deregulation)
Financial speculators such as investment banks and hedge funds account for at least 65 percent of purchases of contracts for future oil deliveries, more than twice their traditional share, while buyers who intend to actually take delivery of the oil and use it, such as airlines, make up only about one-third of demand. The speculators bid up contract prices, sending oil and gasoline prices higher and reaping them huge profits.
Congress has tried (No they haven’t) to pressure the Commodity Futures Trading Commission to put limits (Regulations) on how many contracts anyone can buy, but financial interests (Big Oil) have stymied CFTC efforts in federal court.
The Energy Information Administration said Wednesday that U.S. crude oil inventories "are above the upper limit of the average range for this time of year." Total motor gasoline inventories also remain in the upper limit of the average range. Both were as of March 30. That means supplies are plentiful; there's no shortage pressure driving prices up.
posted by res17 at
April 10, 2012
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home