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Firms storing oil in anticipation of price increases

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posted on Jun, 4 2009 @ 02:27 AM
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Firms storing oil in anticipation of price increases


rawstory.com

This latest move comes amid suggestions that recent increases in oil prices may be the result of speculators looking for a new financial bubble, prompting fears that increases in energy costs could stall any hope of an economic recovery.

According to MSNBC, “Even though most analysts say crude is still overpriced, the market has created its own momentum with an enormous amount of money fleeing equity and currency markets. … With so much money flowing into the market, prices are likely to hold close to where they are, until market fundamentals can take hold.”

(visit the link for the full news article)




posted on Jun, 4 2009 @ 02:27 AM
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Here we go again!


The same idiot speculators who are largely responsible for driving the cost of fuel into the $4 a gallon range and helping to crash the economy are back at it again! And the recipients of our tax-dollars for the endless "bailouts" are buying up and controlling the flow of available oil to manipulate and gouge prices!

This is so ridiculous that this gauging and grotesque profiteering of resources that are effecting a large amount of people's SURVIVAL are allowed to continue on, even when this country is slipping further and further into the economic and jobless abyss!

Unreal!

rawstory.com
(visit the link for the full news article)


[edit on 4-6-2009 by DimensionalDetective]



posted on Jun, 4 2009 @ 10:21 AM
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Nobody cares about this? The BAILOUT banksters are literally becoming the controllers of our oil supply people!

They are CREATING the surge in gas prices, by buying up, and hoarding the available oil that should be being distributed...We are on the cusp of being raped AGAIN by these same criminals who we are now indepted to from the bailout scams!

We need to start furiously writing our reps about this IMO.

Enough is enough of this insatiable greed...



posted on Jun, 4 2009 @ 10:24 AM
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reply to post by DimensionalDetective
 


This is an annual occurance, summer = higher prices, the question is how are we supposed to stop it?

All the players, are the one's in the position to fight this, but they never do...

...and they keep on getting elected..

Who do you suggest bringing this to? Me? I just drive less during the summer, to offset their annual theft of the consumer's money.


 


ed:sp


[edit on 6/4/2009 by JacKatMtn]



posted on Jun, 4 2009 @ 10:47 AM
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Last week after the OPEC got together they were asking for speculators to bring the prices of oil higher, they are asking now for at least 100 dollar a barrel before the summer is over, so they can get their goal of 200 dollars within the next two years.

This was in the news last week and many just ignore the game that this people are playing, but because the economy is so bad and people has cut on gas spending is a littler bit harder for the oil producing nations to get their goal.



posted on Jun, 4 2009 @ 01:16 PM
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reply to post by DimensionalDetective
 


Excellent post DD. Very timely as we are contemplating what financial surprises the summer will bring. I'm reminded of the gas lines of the 70's. Seems like just yesterday...



"In the mid 1970's, the USA was in the midst of a gas crisis, and Denver briefly became something of a spokesperson for gasoline conservation, and the use of alternate forms of transportation. It was surprising then, when it came to light that he had installed a couple of huge gasoline tanks underground in the backyard of his home - there would be no waiting in gas lines for Mr. Denver." - excerpted from the John Denver page at findadeath.com


Some things never change. Is environmental Algore and his do as I say not as I do any different than Jacques Cousteau's pool boy Henry John Deutschendorf, Jr.? I think not but I digress...

My point is individuals try to insure their future financial and/or personal wellfare through speculative investing, hoarding and the like. We shouldn't be surprised at what's going on at Chase, BP and Citigroup. Aesop's Fables included The Dog and the Bone and The Ant and the Grasshopper one touching on greed and the other preparing for future hard times. Greed and speculation pre-dated Aesop and they will likely always be with us.

This from the OP linked story:



The giant US bank JPMorgan Chase has reportedly hired a newly-built supertanker to store heating oil off the Mediterranean island of Malta. Other companies, including BP and a unit of Citigroup, have also hired ships to store either crude oil or oil products. - By Muriel Kane on rawstory.com


How many other firms are doing the same? It's impossible to know. Another disturbing part of this is that JPMorgan Chase received government bailout funds and they are attempting to pay those back. Good, right? The government on the other hand has moved to slow this process so as to keep control of and further regulate these bailed out institutions. It would appear the banks are already into another form of speculation, not insurance and mortgages this time and we should be asking who is funding these oil purchases. It could likely be our own tax dollars. Doubly hoist on our own petard.

Here's the article from CBS News just yesterday:

JPMorgan, AmEx Seek To Pay Back Bailout

They appear to be flush with cash, take back the bailouts and apply further regulation Mr. Obama.



posted on Jun, 4 2009 @ 01:22 PM
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reply to post by Hemisphere
 


No a chance JP Morgan and Goldman Sach owns the Bernanke, Geithner and most of the rats that are in the financial team of Obama they were hand picked for the positions the hold.



posted on Jun, 4 2009 @ 01:28 PM
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Originally posted by JacKatMtn
reply to post by DimensionalDetective
 


Who do you suggest bringing this to? Me? I just drive less during the summer, to offset their annual theft of the consumer's money.



If enough people did what Jack does, this BS would not happen. It happens every summer like clockwork.

I will be following in Jack's footsteps and just make a conscious effort to drive less.

Jackatmatn



posted on Jun, 4 2009 @ 01:55 PM
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Originally posted by JacKatMtn
reply to post by DimensionalDetective
 


This is an annual occurance, summer = higher prices, the question is how are we supposed to stop it?

All the players, are the one's in the position to fight this, but they never do...

...and they keep on getting elected..

Who do you suggest bringing this to? Me? I just drive less during the summer, to offset their annual theft of the consumer's money.


 




Summer driving season? I really don't get this at all. In a normal year when the economy is booming it makes sense but who the hell is going to be out driving around needlessly when so many are out of work and loosing their homes, etc? The prices are rising because the politicians in charge have their operatives on Wall Street biding the prices up as a way to heard the public toward their own agenda.



posted on Jun, 4 2009 @ 04:12 PM
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AND....Lo and behold:


NYMEX-Crude up 5 pct, rebounds on economic hopes

NEW YORK, June 4 (Reuters) - U.S. crude futures were up
nearly 5 percent in late trading Thursday, rallying on news
that the number of U.S. workers filing new jobless benefits
fell for the third straight week, which reinforced hopes that
the recession was easing. Gains were also built on a higher end-of-2009 price
forecast from Goldman Sachs (GS.N).


Full article:

www.reuters.com...



Mmmm-hmmm...This sudden spike is all based on "how well they think the economy is looking"...


Up and up and up she goes, where she stops nobody knows...Get ready for more strife and struggling people, the wall street criminals are at it again...

[edit on 4-6-2009 by DimensionalDetective]



posted on Jun, 4 2009 @ 04:46 PM
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reply to post by DimensionalDetective
 


Actually they are following the speculation on how good the economy will do as the markets numbers prop by Obama trillion of dollars stimulus is been funneled to them because right now nothing is going good at all, the unemployment rates the retail down, GDP at an all time low and the states deficits show that we are not doing good at all.

But like you said is all speculation and anticipation what a way to make profits.



posted on Jun, 4 2009 @ 04:48 PM
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reply to post by LiquidMirage
 


They do it because it is something that they have done for a long time...

At least as long as I have taken an interest in gas prices..

It always seems that late spring you hear some news story on the coming price rise, be it tied to the FED fuel blending garbage, or consumer demand, I always expect it post Memorial day weekend.

If it wasn't a planned and coordinated pilfering of the consumer, why would it happen the same time every year?



IMO This will continue to happen, regardless the state of the economy.... it's the cookie jar they can't stop raiding.

I just fight it the only way I can, by severely restricting the amount of fuel I use during the summer months. They probably lose money on the deal in my case, because I do like to take long drives now and then..

I just save them for late fall through early spring now


Of course, I am just speaking from my experience and opinion on this annual money grab, so take it with a grain of salt



 


ed:sp




[edit on 6/4/2009 by JacKatMtn]



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