DanG
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Saudi king blames oil prices on speculators, taxes
| Quote From Source: | King Abdullah said Sunday that Saudi Arabia was not to blame for soaring oil prices and instead pointed his finger at speculators, high fuel taxes in consuming countries and increased oil consumption in developing economies.
The king, who opened a high-level oil summit in the port city of Jiddah, said the world's largest oil exporter already had increased its production to 9.7 million barrels a day. Abdullah did not announce any further, specific crude increases.
But Saudi officials have blamed speculation in the oil market and not a shortage of supply for the soaring prices. The king's comments could deepen the rift with Western, consuming countries.
"There are several factors behind the unjustified, swift rise in oil prices and they are: Speculators who play the market out of selfish interests, increased consumption by several developing economies and additional taxes on oil in several consuming countries," the king said.
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http://news.yahoo.com/s/ap/2...on_re_mi_ea/saudi_oil_summit |
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DanG
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Speculators who play the market out of selfish interests...
nailed THAT one. |
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FatalWishes
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Oil is the new gold....and every time the dollar sinks...oil goes up. Used to be just gold that went up. For some reason there is way more interest against oil this time. Oil...feels stable right now. I hope the bubble pops due to the Saudi meeting. We will know the effect of that when trading opens Monday.
They should take the warning labels off of everything and let stupidity sort itself out.
Please check out our new website at www.globalwarmingisnotreal.com |
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MattN
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Nailed the speculation. Taxes on it haven't changed though. The falling dollar is part of it too. |
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DanG
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SO true... "falling dollar" doesn't even cover it, more like collapsing dollar.
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MattN
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Death Spiral...
How else could InBev make a bid to buy Annheiser-Busch? Imagine Suzuki buying GM.... |
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MountainManMike
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seems like everyone is pointing the finger at someone else. |
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FatalWishes
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| Quoting FatalWishes - posted on 6/22/2008 at 11:23 |
Oil is the new gold....and every time the dollar sinks...oil goes up. Used to be just gold that went up. For some reason there is way more interest against oil this time. Oil...feels stable right now. I hope the bubble pops due to the Saudi meeting. We will know the effect of that when trading opens Monday.
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Well the effect was..LETS RAISE THE PRICES MORE!!
Dangit....
Oil 137.02 up 1.66
Fricken gold dropped like a brick...no pun intended.
They should take the warning labels off of everything and let stupidity sort itself out.
Please check out our new website at www.globalwarmingisnotreal.com |
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Indy
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This is the new Enron.
| Quote From Source: |
Speculators have increased their share of oil futures contracts on the Nymex to 71 percent this year, up from 37 percent in 2000, according to figures released by Stupak's office. At the same time contracts held by traditional oil users have fallen to less than 30 percent from over 60 percent.
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Speculators purchase 71% of the contracts. If you ban them from purchasing energy contracts (and that is exactly what I think should happen) you'll see the price of oil come crashing down. Ban them completely and we'll be under $2 a gallon for gas again in a year. But they absolutely must be banned. I don't care if it hurts their returns. Poor helpless speculators. Let them all take a bath in losses for all I care.
Source: http://money.cnn.com/news/ne...6fb668b59f1587bfc2f32936.htm
"I think God gives us children so death won't come as such a disappointment." - Two and a Half Men |
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MattN
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When it all crashes, I want to see oil speculators jumping out of office windows....the bastards. |
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FatalWishes
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I'd like to do puts on it lol. But if they restrict who can trade it..then..well..I won't be able to short it back to the $60.00's
Oh well...it needs to come down. This economy depends on it. It is like a giant noose.
They should take the warning labels off of everything and let stupidity sort itself out.
Please check out our new website at www.globalwarmingisnotreal.com |
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DanG
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Couldn't agree more.
Asphalt Swan-dive... |
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MountainManMike
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why r we not doing speculators right now instead of months or years from now? |
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FatalWishes
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Umm.. doing speculators?? Like in what way? Vaseline and broomsticks or what?
They should take the warning labels off of everything and let stupidity sort itself out.
Please check out our new website at www.globalwarmingisnotreal.com |
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DanG
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eeewwwww  |
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MountainManMike
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yes, bending them over, lol. |
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MountainManMike
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actually, i just left out "that to" as refering back to indy's last post. |
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posted on 6/22/2008 at 08:09
