60 Minutes piece on Oil Speculation - DFWstangs Forums
 
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post #1 of 8 (permalink) Old 01-13-2009, 07:24 AM Thread Starter
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60 Minutes piece on Oil Speculation

Even more evidence that oil was manipulated by those wanting a quick buck than actual product.
Quote:
...
In a five year period, Masters said the amount of money institutional investors, hedge funds, and the big Wall Street banks had placed in the commodities markets went from $13 billion to $300 billion. Last year, 27 barrels of crude were being traded every day on the New York Mercantile Exchange for every one barrel of oil that was actually being consumed in the United States.
...
If anyone had any doubts, they were dispelled a few days after that hearing when the price of oil jumped $25 in a single day. That day was Sept. 22.
...
"Did China and India suddenly have gigantic needs for new oil products in a single day? No. Everybody agrees supply-demand could not drive the price up $25, which was a record increase in the price of oil. The price of oil went from somewhere in the 60s to $147 in less than a year. And we were being told, on that run-up, 'It's supply-demand, supply-demand, supply-demand,'" Greenberger said.
...
"From quarter four of '07 until the second quarter of '08 the EIA, the Energy Information Administration, said that supply went up, worldwide supply went up. And worldwide demand went down. So you have supply going up and demand going down, which generally means the price is going down," Masters told Kroft.
...
"This was the period of the spike," Masters agreed. "So you had the largest price increase in history during a time when actual demand was going down and actual supply was going up during the same period. However, the only thing that makes sense that lifted the price was investor demand."
http://www.cbsnews.com/stories/2009/...n4707770.shtml

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post #2 of 8 (permalink) Old 01-13-2009, 10:31 AM
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I saw that too, and the biggest oil speculators were Bear Sterns, Lehman....all the big investment banks. They said the largest US oil distributor's pertroleum holdings(someone actually in the oil biz) were dwarfed by Lehman's holdings.

They also said regulation that prevented this type of speculation was quietly shitcanned in 2002 at the request of.....Enron. This allowed Enron ( and anyone else) to totally manipulate energy prices where ever they wanted.

The same people who made billions screwing us with $147/barrel oil are now receiving billions in bailout money from our government.
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post #3 of 8 (permalink) Old 01-13-2009, 10:37 AM
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fuck them people!

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post #4 of 8 (permalink) Old 01-13-2009, 10:41 AM
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I've said it all along.

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post #5 of 8 (permalink) Old 01-13-2009, 11:22 AM
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...and folks were blaming the oil companies.

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post #6 of 8 (permalink) Old 01-13-2009, 11:48 AM
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Quote:
Originally Posted by Vertnut View Post
...and folks were blaming the oil companies.
Yeah, I have to say I was half right. I blamed the oil companies because they figured out after Katrina that we (Americans) are dumb enough to pay what ever price they charge. It just wasn't the oil companies.

I saw this show, and found it to be very interesting.

BTW: Most of this de-regulation from the '90's that has led to the problems we have now was started by Phil Graham. Thanks Phil

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post #7 of 8 (permalink) Old 01-13-2009, 12:12 PM
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BTW: Most of this de-regulation from the '90's that has led to the problems we have now was started by Phil Graham. Thanks Phil
The same Phil Gramm who said we were a bunch of sissy's and the only problem with the economy was in our heads.............
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post #8 of 8 (permalink) Old 01-13-2009, 03:09 PM
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The same Phil Gramm who said we were a bunch of sissy's and the only problem with the economy was in our heads.............
When you get right down to it, he's right about that. Deregulation . . . not so much.

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