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GasBuddy News Article

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Excessive speculation in the oil futures market may be costing you

ABC News -- Excessive speculation in the oil futures market may be costing you 15 percent or more at the gas pump and playing a "significant" role in rising gasoline prices, according to a joint letter from 68 members of Congress that ABC News has obtained. The joint letter, which cites a recently updated report by the St. Louis Federal Reserve titled "Speculation in the Oil Market," urges immediate action by the Commodity Futures Trading Commission to install caps on the biggest traders on Wall Street, preventing them from controlling unusually large positions in the oil futures trading market.

The Reserve's report called "Speculation in the oil market," which was just updated in February 2012, concluded there are two main factors for large price swings at the gas pump.Read the full joint l


Read the Full Article

Submitted Mar 06, 2012 By: 2005mustang
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Excessive speculation in the oil futures market may be costing you Back to Topics
REPLIES (newest first) Post a Reply
E-Squirrel
Champion Author Orange County

Posts:3,527
Points:1,028,625
Joined:Feb 2005
Message Posted: Mar 7, 2012 7:19:12 PM

Pumpz claims:

'The people who complain about speculation don't even understand speculation.'

Its superstition. Superstitions are explanations created to explain things when you don't really understand them.
N5EXY
Champion Author Austin

Posts:8,910
Points:2,319,080
Joined:Jul 2004
Message Posted: Mar 7, 2012 10:52:41 AM

And that hiphiphooray came from California? Or was it Fresno, Texas? 243 days until the evection ejection election eviction.
TXryder
Champion Author Texas

Posts:6,222
Points:1,144,240
Joined:Jan 2012
Message Posted: Mar 7, 2012 2:57:41 AM

HYEgasCA .... Fox News .... HAHAHAHA ! You poor soul. What a self disgrace to admit having read..... Fox News. HAHAHAHA!
comprof
Champion Author Houston

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Message Posted: Mar 7, 2012 2:46:01 AM

Get rid of the politics and regulations.
HYEgasCA
Champion Author Fresno

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Joined:Dec 2008
Message Posted: Mar 7, 2012 12:25:29 AM

Here is another liberal loved song.

Hello, Mr. President we honor you today!
For all your great accomplishments, we all doth say "hooray!"

Hooray, Mr. President! You're number one!
The first black American to lead this great nation!

Hooray, Mr. President we honor your great plans
To make this country's economy number one again!

Hooray Mr. President, we're really proud of you!
And we stand for all Americans under the great Red, White, and Blue!

So continue ---- Mr. President we know you'll do the trick
So here's a hearty hip-hooray ----

Hip, hip hooray!
Hip, hip hooray!
Hip, hip hooray!

HYEgasCA
Champion Author Fresno

Posts:4,758
Points:1,637,350
Joined:Dec 2008
Message Posted: Mar 7, 2012 12:24:06 AM

A song written by liberals!!

Mm, mmm, mm!
Barack Hussein Obama

He said that all must lend a hand
To make this country strong again
Mmm, mmm, mm!
Barack Hussein Obama

He said we must be fair today
Equal work means equal pay
Mmm, mmm, mm!
Barack Hussein Obama

He said that we must take a stand
To make sure everyone gets a chance
Mmm, mmm, mm!
Barack Hussein Obama

He said red, yellow, black or white
All are equal in his sight
Mmm, mmm, mm!
Barack Hussein Obama

Yes!
Mmm, mmm, mm
Barack Hussein Obama

Read more: http://www.foxnews.com/politics/2009/09/24/lyrics-songs-president-obama/#ixzz1oPBhoj00
HYEgasCA
Champion Author Fresno

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Message Posted: Mar 7, 2012 12:16:41 AM

Hey Double Golden, I think Washington needs to ban idiot-liberals from San Francisco who are screwing up the state of CA.
frostyWV
Champion Author West Virginia

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Message Posted: Mar 7, 2012 12:10:19 AM

duh!
Double_Golden
Champion Author San Francisco

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Message Posted: Mar 7, 2012 12:09:21 AM

Washington DC should issued a Law to ban Speculations
Pumpz
Sophomore Author Boston

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Message Posted: Mar 7, 2012 12:06:27 AM

The people who complain about speculation don't even understand speculation.
76chevy
Champion Author Toledo

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Message Posted: Mar 7, 2012 12:06:07 AM

obummer!
MadDogUSMC
Champion Author Jacksonville

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Message Posted: Mar 7, 2012 12:06:01 AM

I hate speculators! Thieving jerks!
herndonks
Champion Author Baltimore

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Message Posted: Mar 7, 2012 12:04:24 AM

bummer
Toppers
Champion Author Atlanta

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Message Posted: Mar 7, 2012 12:03:06 AM

Not gonna change...
jrsva
Champion Author Virginia

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Joined:Jan 2006
Message Posted: Mar 7, 2012 12:02:55 AM

“Us gasbuddy.com people have been saying that for years. Maybe we forgot to send a letter to 68 members of Congress.”

Hopefully we sent letters to all 535 members of Congress. If we did not, shame on us.
Saturn93
Champion Author Salt Lake City

Posts:7,292
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Message Posted: Mar 7, 2012 12:02:33 AM

Get the professional politicians out of the business of setting economic policy and elect a president who really understands what is needed.
SovietSunrise
Champion Author San Antonio

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Message Posted: Mar 7, 2012 12:00:16 AM

I'm really, really surprised that no one has commented on the car pictured in the article.

It's a Bentley Continental GT cabriolet. Something tells me the owner would be able to afford gasoline for it even if it cost $10 a gallon :)
SparkieMi
Champion Author Kalamazoo

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Joined:Sep 2011
Message Posted: Mar 6, 2012 11:56:16 PM

It seems it is always the other persons fault....
AKmailman
Champion Author Alaska

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Joined:Jul 2004
Message Posted: Mar 6, 2012 11:55:06 PM

no really? Us gasbuddy.com people have been saying
that for years. Maybe we forgot to send a letter to
68 members of Congress
OGW
Champion Author London

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Message Posted: Mar 6, 2012 11:54:48 PM

What did 68 members finally read this site and find out what we have been saying for more tha a year.
FastAndy
Champion Author Indianapolis

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Message Posted: Mar 6, 2012 11:53:12 PM

Really? Someone finally figured this out. You think the prices are high now, wait and see where they are if Iran cuts off the oil from the Middle East.
HYEgasCA
Champion Author Fresno

Posts:4,758
Points:1,637,350
Joined:Dec 2008
Message Posted: Mar 6, 2012 11:49:35 PM

Thats right its the speculators fault. This in NO WAY President Obama's fault. Hes too much of a great man to be held responsible for this mess that living.

We need to lay down and allow Obama to do what ever he thinks is necessary to help this country. Obama is unable to fix the economy because capitalist are trying to stop him. The reason there trying to stop him is because they want the poor to suffer. This economy isn't President Obama's fault, it the fault of whoever Obama says it is, because nothing is ever his fault.

OH and whoever thinks Obama is the reason for country's problems are racist.

Sincerely

Useful Idiot
nance92
All-Star Author Ohio

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Joined:Mar 2009
Message Posted: Mar 6, 2012 11:49:07 PM

There's always something costing us.
idigau22
Champion Author Washington

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Message Posted: Mar 6, 2012 11:48:54 PM

You Think!!!!!
TekWare
Champion Author Toronto

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Message Posted: Mar 6, 2012 11:41:14 PM

No kidding. Not news though. News would be we've outlawed speculators who can't take delivery of the product they supposedly purchased.
Tucker1961
Champion Author Seattle

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Message Posted: Mar 6, 2012 11:39:50 PM

those members of congress will do nothing about it. It'll cost them money
Fuji441
Sophomore Author Ottawa

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Message Posted: Mar 6, 2012 11:37:36 PM

Great, more input to gas prices...
abcdMA
Champion Author Worcester

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Message Posted: Mar 6, 2012 11:35:59 PM

let's divert attention from the failed administration energy policy and blame the speculators
DustyHorse
Champion Author Virginia

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Message Posted: Mar 6, 2012 11:31:37 PM

Actually you can drive up the cost based on speculation. Look at the housing bubble and the dot com bubbles. This is the oil bubble.
Alaydown
Champion Author Los Angeles

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Message Posted: Mar 6, 2012 11:29:26 PM

The entire stock market and commodities market is based on investing, not just speculation on the future value. You cannot drive up the price of something if there is no reason for it to cost that much. If it were possible to do so, then the price would be several times what it costs us now. Although speculators make a good target to blame, the reality is that the cost will continue to be high as long as we have a president whose goal is to get gasoline prices at "European levels" ($8-10 per gallon) to "encourage conservation" and to make "alternative energy" more competitive.
millerin
Champion Author Orlando

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Message Posted: Mar 6, 2012 11:28:32 PM

I don't have extra money
CptnCanada
Champion Author Saskatoon

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Message Posted: Mar 6, 2012 11:27:38 PM

My investor buddy keeps trying to tell me how good speculation is... BS!!
yakstar
Champion Author Montreal

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Message Posted: Mar 6, 2012 11:26:49 PM

fracking speculation...
DeeLA
Champion Author Los Angeles

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Message Posted: Mar 6, 2012 11:25:40 PM

Do you really think that only 68 members of Congress, can get any action on this matter.
Thomtec
Champion Author Nashville

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Message Posted: Mar 6, 2012 11:24:00 PM

It is there is no May be.
mstearno
Champion Author Dayton

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Message Posted: Mar 6, 2012 11:21:13 PM

not as much as NOBAMA is
FlogNut
Champion Author Chicago

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Message Posted: Mar 6, 2012 11:20:07 PM

Here's an article that's about a year old with a different view of speculators.
Don’t Blame Me! Blame Those Damned Speculators!

"I say: don’t damn these people (speculators), but thank the Lord for them. They are looking to the future, and evaluating factors that could impact supply and demand in the future. They are collecting and evaluating information to attempt to determine the likelihood that oil (and other commodities) will become more or less scarce. This is essential because expectations about the future are crucial for our decision making today: how much oil to store, how many wells to drill, what kind of cars and machinery to build and buy. You can’t do things right today unless you evaluate future risks carefully."

It's worth a read but might send some folk over the edge.
wwardyota
Champion Author Honolulu

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Message Posted: Mar 6, 2012 11:19:38 PM

oh, they're ever so-sharp, those 68 members of congress...
joel27nc
Champion Author Raleigh

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Message Posted: Mar 6, 2012 11:16:06 PM

Fascinating
serrog
Champion Author Nova Scotia

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Message Posted: Mar 6, 2012 11:15:17 PM

Greed rules this marketplace
dmgas1
Sophomore Author Philadelphia

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Message Posted: Mar 6, 2012 11:13:29 PM

That's what some have maintained for weeks! So, this isn't news to some.
oldosc8
Champion Author Baltimore

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Message Posted: Mar 6, 2012 11:11:37 PM

Too many speculators this time. I wonder what will happen when the bubble bursts this time. a lot of unhappy people.
tippybuddy
Champion Author Ontario

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Message Posted: Mar 6, 2012 11:10:23 PM

we're all right it's the speculators
tamiuron
Champion Author Laredo

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Message Posted: Mar 6, 2012 11:09:17 PM

happens all the time.
cheap59
Champion Author Michigan

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Message Posted: Mar 6, 2012 11:08:06 PM

This is believable.
TedNC
Champion Author North Carolina

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Message Posted: Mar 6, 2012 11:07:06 PM

That's what I've been saying. Thanks Wall St.
JENNYHK
Champion Author Chicago

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Message Posted: Mar 6, 2012 11:07:04 PM

Nothing knew!
DEG
Champion Author Las Vegas

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Message Posted: Mar 6, 2012 11:06:23 PM

Government policies leads to speculation.
ot4kidz
Champion Author Cleveland

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Message Posted: Mar 6, 2012 11:05:50 PM

Duh.
Kaiyne
Champion Author Chicago

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Message Posted: Mar 6, 2012 11:03:03 PM

Speculators suck
tessnlu
Champion Author Missouri

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Message Posted: Mar 6, 2012 10:59:58 PM

we need some help
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