What's driving up oil prices again? Wall Street, of course, page

WASHINGTON — Oil consumption has fallen, demand from U.S. motorists for gasoline is flat at best and refiners that turn crude into fuel are operating well below capacity. Yet oil prices keep marching toward $90 a barrel, pushing gasoline toward $3 a gallon in many markets, and prompting American drivers to ask, "What gives?" Blame it on the same folks who brought you $140 oil and $4 gasoline in 2008: Wall Street speculators. Experts attribute much of the recent rise in prices to flows of speculative money into oil markets. These bets are fueled by investor expectations that the U.S. and global economies are poised to return to growth and thus spark increased use of oil. Strong growth in China supports the narrative of rising oil consumption and tightening supplies.

news.yahoo.com...

Wall Street is your friend.

God Bless them.

reply to post by David9176

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That's good. Because irresponsible people won't be able to afford anything eventually there should be less drunk driving accidents in your country.

In my country the influx of cheap motorcycles from China has caused a rise in accidents because people who can't afford them before now can get them for cheap. Higher gas would also mean less revving of noisy cheap motorcycles where I live. As I keep on saying the masses must not be allowed mobility.

reply to post by oppaperclip

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We buy roughly 23% of the world's total oil produced.

Equal parts come form Africa, Canada, and the middle east.

Our single biggest supplier is Canada, then Africa, then the middle east.

Although, as I said before, they all contribute pretty much equal parts.



I don't know that speculators really are driving up the price of oil, but if they are, it's probably a safe bet, because 150$/barrel oil doesn't have a huge impact on the economy, and it's not like people will simply switch to Nat.gas or some other alternative instead. We're stuck on oil, for the most part, so they could be charging 300$/barrel and we'd still be paying it.



If you want to hedge against lost income due to rising gasoline costs, you can invest money in many oil/energy products and byproducts. Open a zecco account or something and buy an unleveraged oil etf or a drilling trust or something like that. If oil does soar like an eagle, you can use the profits you make to offset the rising fuel cost (for a while, at least)

reply to post by oppaperclip

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You're kidding right? It was calculated that in 2008, more than half the price of oil was SPECULATION alone by Wall Street, and 90% of that was done by Goldman Sachs and JP Morgan...

And where those crooks get their money from to do all that speculation? THE FED, AKA YOU THE TAXPAYER... so again the American people is paying to be screwed.

reply to post by sos37

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There is only 1 billion people in India. Or did you mean Asia as a whole?

reply to post by David9176

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Well demand is growing as well from the likes of India, Vietnam, China and Brazil. If and when the western world begins to recover, a barrel of oil will reach 200$ and beyond. It is not going to be pretty.

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