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Pain at the pump wonder why

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posted on Mar, 15 2012 @ 07:18 PM
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reply to post by FortAnthem
 


In theory yes but with the current fearless leader he has said as much remember?

"there is no magic bullet" and the "right wingers are "flat earthers" and mocked them and their "drill,drill,drill"

he get's another term and it's more of the same.




posted on Mar, 15 2012 @ 07:25 PM
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Originally posted by neo96
Blah lets take the gold bubble if a massive introduction of new gold was introduced into the market the result would be the price of gold would drop massively.

Same thing would occur with oil hence the need for more drilling more oil in the system the price would drop and since eveyone just loves to hate speculators that would effectively neutralize them.



posted on Mar, 15 2012 @ 07:30 PM
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Originally posted by neo96
Blah lets take the gold bubble if a massive introduction of new gold was introduced into the market the result would be the price of gold would drop massively.

Same thing would occur with oil hence the need for more drilling more oil in the system the price would drop and since eveyone just loves to hate speculators that would effectively neutralize them.


And how does the fact that we are exporting gas Your logic is not born out in reality. Either you logic is faulty or reality is faulty. Sorry you can't pin this on the president.



posted on Mar, 15 2012 @ 07:56 PM
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reply to post by neo96
 





The Frank Dodd act of 2010 took care of that the creation of the Consumer Protection agency and expansion of the Federal Reserve powers as well as que1 and 2.


???


Today, Congressman Joe Donnelly announced that he and colleagues sent a letter to the Chairman and Commissioners of the Commodity Futures Trading Commission (CFTC) to urge action to curb oil speculation. The letter calls on the CFTC to enforce strong position limits to eliminate excessive oil speculation, which is one of the main causes of higher gas prices. Excessive oil speculation currently contributes an additional $0.56 per a gallon according to a recent article in Forbes, which utilized data from a Goldman Sachs report. “Gas prices are too high in Indiana,” said Donnelly. “We need to ensure that Wall Street speculators aren’t playing games with the oil markets, leading to financial harm to working families trying to afford the drive to the grocery store or baseball practice. I’ll continue to put pressure on the CFTC to take action to end excessive oil speculation because high gas prices hurt our economic recovery.”

The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, which Donnelly supported, required the CFTC to enact strong position limits to eliminate excessive oil speculation by January 2011, but the CFTC has yet to meet this requirement.


donnelly.house.gov...

This has to go into effect by October.

IMO...this is why Obama is planning on releasing oil reserves...to keep prices from going up any further until this goes into effect.
edit on 15-3-2012 by David9176 because: (no reason given)



posted on Mar, 15 2012 @ 08:05 PM
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I''m sorry but only a moron think that this is going to lower gas prices OIL IS A GLOBAL MARKET does not matter what legislation gets introduced.

Why the hell are people thinking that it is just American speculation that is driving the prices?

Its not.



posted on Mar, 15 2012 @ 08:09 PM
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The reality:

Offshore drilling ban and the keystone pipeline and the trillions that have been printed in the past 3 years.

voices.washingtonpost.com...

That has increased the price at the pump and that is REALITY.



posted on Mar, 15 2012 @ 08:10 PM
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reply to post by neo96
 





Why the hell are people thinking that it is just American speculation that is driving the prices?


No one is saying that oil speculation is the sole cause to high prices....but it definitely is causing some of it....and it's completely unneeded and is only there for the large banks to profit from.



Offshore drilling ban and the keystone pipeline and the trillions that have been printed in the past 3 years.


And none of those will have any effect on the short term.

Demand is the lowest it's been since the late 90's and we are producing more oil....our largest export is oil. If you are so concerned about gas prices...why don't you try to convince the oil companies to quit selling to the world market and sell it to the US for a very low profit?
edit on 15-3-2012 by David9176 because: (no reason given)



posted on Mar, 15 2012 @ 08:12 PM
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reply to post by neo96
 


If other countries see the US crack down on speculators, their people would demand their governments do the same. Nobody likes to get taken advantage of and people all over the world hate to see cheaters prosper.

Also, most of the speculators have to do business in the US sometime. If the other countries don't act, that is the time we can crack down on them.



posted on Mar, 15 2012 @ 08:13 PM
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reply to post by David9176
 


Yeah like paying 50 cents per gallon to state and federal governments add another $2.50 for inflation and regulation

add 30 cents for "speculators" the largest influence on gas prices is GOVERNMENT they created the situtation so they can "fix the problem".



posted on Mar, 15 2012 @ 08:16 PM
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reply to post by FortAnthem
 


The other countries will just see how stupid we are and do nothing which will just make PetroChina a trillion dollar oil company and Opec and Saudi Arabia and Iran richer.

Edit to add: will destroy the market cap of American oil companies and their stock values which amounts to trillions of wealth lost.
edit on 15-3-2012 by neo96 because: (no reason given)



posted on Mar, 15 2012 @ 08:21 PM
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reply to post by neo96
 





Yeah like paying 50 cents per gallon to state and federal governments add another $2.50 for inflation and regulation


lol...whatever you say!

You're going to blame who you want to blame....and it looks like it's not going to be Goldman Sach's, Well's Fargo, or the oil companies.

You wouldn't happen to work for one of those entities would you?



posted on Mar, 15 2012 @ 08:25 PM
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reply to post by David9176
 


money.cnn.com...

Beleive what you will don't really care



posted on Mar, 15 2012 @ 08:53 PM
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reply to post by neo96
 


Love how the article dismissed speculators saying they only profit when they bet properly on oil prices.


Oil traders: While often blamed for pushing up prices, traders don't necessarily benefit from the high price of crude or gasoline; they profit from how much the price changes. Traders can get rich - as long as they bet correctly on whether prices will rise or fall.

For example, an investment bank that makes a bet that the price of oil will rise makes money when oil prices go from $95 to $100 a barrel - or $100 to $95 if it bet the price will fall - not on the difference between production cost and trading price.


Problem is, they are betting on a game that they have fixed in their favor.



How to Manipulate the Oil Market for Just $1 Billion

According to the complaint, the defendants in early January 2008 bought up 4.6 million barrels of crude oil, representing the vast majority of physical barrels available at Cushing, Oklahoma, for February delivery. That was enough, according to the complaint, to create the impression of tight supplies, driving market prices higher.

At the time Arcadia et al were allegedly building this position, Cushing crude oil cost about $93 a barrel. So ostensibly it cost about $428 million to buy up enough physical crude to manipulate the market.

When the defendants allegedly took their second bite of the apple, in early March, according to the complaint, they amassed 6.3 million barrels of crude. At the time, Cushing crude cost an average of about $107 a barrel, so 6.3 million barrels would have cost about $674 million.

My second thought is that, if we assume for the sake of argument that even the concept alleged here is realistic, that relatively small operators could accomplish corner the WTI crude-oil market with just $1 billion, then how easy must it be for far larger players to manipulate the market for even greater gains?

WSJ

It doesn't take much to set the odds in their favor.


Sure, you may gripe about oil taxes but, get rid of those taxes and what do we get? More government debt because there is less revenue to pay for all that crazy spending.

Which would you rather have; a few cents more on gas prices or out of control inflation?



posted on Mar, 15 2012 @ 09:18 PM
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reply to post by FortAnthem
 


Yep everyone gets rich wait the majority loose their butts you can get rid of speculation still won't solve anything.

The only thing is does it one more step in nationalization of oil.
edit on 15-3-2012 by neo96 because: (no reason given)



posted on Mar, 15 2012 @ 10:42 PM
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reply to post by neo96
 


So, you're supposedly free market right? Yet you aren't complaining about market manipulation, you're on some tangent about taxes.

Doesn't make much sense.



posted on Mar, 15 2012 @ 10:59 PM
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reply to post by RealSpoke
 


There is no such thing as a free market as long as Government manipulation and regulation and prints their own money a free market has not existed in this country since 1913.

the world global oil market dictates the price of oil per barrel but wait no no speculation an element to the free market is bad.

People need to get their crap straight.

To reitterate what is being lost on people is the biggest influence and MANIPULATORS is GOVERNMENT

If people believe in a free market then they need to shut up about speculation a free market only exists without the intervention of Government..
edit on 15-3-2012 by neo96 because: (no reason given)



posted on Mar, 16 2012 @ 11:16 AM
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Originally posted by Just Chris
Based on this, Americans should thank themselves lucky they aren't paying the UK's prices!

It has nothing to do with luck


The consumption volume is very very high in US in comparison to UK. Highest infact (atleast 20% of the total oil production consumed by the world).

Imagine if they levelled the prices according to the economies of several countries?
and is we use the taxation method in the OPs version of taxation, maybe we can somehow address the national debt



posted on Mar, 17 2012 @ 01:23 AM
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Originally posted by boncho
I never understood why Americans complain so much about gas price when they have some of the cheapest prices compared to other Western countries.




Your arrogance, and ignorance is the reason why I hate the EU, UK and loathe Canada.

Just so you understand I will yell this: THE PRICE BEFORE TAXES IS LOWER IN EUROPE, THE REASON WHY THE EU(AND CANADA TO A DEGREE) PAY MORE IS DUE TO TAXES AND TAXES ALONE!


James Martin

In the U.S., about 11% of the final cost per gallon is from taxes. At the $4.00 per gallon average cost, this means that $0.44 is tax and $3.56 is the pretax cost per gallon. Europe’s prices, on the other hand, are comprised of 70% taxes and 30% pretax cost. Taxes on the $8.70 average per gallon cost are $6.09 and the pretax cost per gallon is $2.61. Wait, did you catch that? If you disregard taxes, Europeans pay $0.95 LESS than Americans for one gallon of gasoline.
www.babeled.com...



Now about that apology for telling fibs to everyone?

James Martin
Europeans pay $0.95 LESS than Americans for one gallon of gasoline.
www.babeled.com...


edit on 17-3-2012 by korathin because: (no reason given)



posted on Mar, 17 2012 @ 03:54 AM
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Originally posted by korathin

Originally posted by boncho
I never understood why Americans complain so much about gas price when they have some of the cheapest prices compared to other Western countries.




Your arrogance, and ignorance is the reason why I hate the EU, UK and loathe Canada.

Just so you understand I will yell this: THE PRICE BEFORE TAXES IS LOWER IN EUROPE, THE REASON WHY THE EU(AND CANADA TO A DEGREE) PAY MORE IS DUE TO TAXES AND TAXES ALONE!


James Martin

In the U.S., about 11% of the final cost per gallon is from taxes. At the $4.00 per gallon average cost, this means that $0.44 is tax and $3.56 is the pretax cost per gallon. Europe’s prices, on the other hand, are comprised of 70% taxes and 30% pretax cost. Taxes on the $8.70 average per gallon cost are $6.09 and the pretax cost per gallon is $2.61. Wait, did you catch that? If you disregard taxes, Europeans pay $0.95 LESS than Americans for one gallon of gasoline.
www.babeled.com...



Now about that apology for telling fibs to everyone?

James Martin
Europeans pay $0.95 LESS than Americans for one gallon of gasoline.
www.babeled.com...


edit on 17-3-2012 by korathin because: (no reason given)



If you disregard taxes, Europeans pay $0.95 LESS than Americans for one gallon of gasoline.


So in your country you can choose not to pay taxes?




posted on Mar, 17 2012 @ 04:20 AM
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Originally posted by Just Chris
Based on this, Americans should thank themselves lucky they aren't paying the UK's prices!



Actually, we do pay roughly the same price for the gasoline itself. The only real difference between US and UK fuel prices are the amount of taxes that each government forces us to pay, and as it turns out, its a big difference. You guys over in Europe can thank your politicians for your fuel prices.



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