Commodity traders raise fuel prices

Certain policymakers are already on it and trying to end the manipulation of the markets by speculators.

Senator Byron Dorgan has proposed legislation that would help:

http://dorgan.senate.gov/newsroom/record.cfm...

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(WASHINGTON, D.C.)--- As the U.S. Senate voted to consider Senator Byron Dorgan’s legislation to bring down gas prices, Dorgan called on his Senate colleagues Tuesday to support his efforts to put downward pressure on oil and gas prices by curbing excessive speculation in the energy futures market.

The Senate voted 94-0 to consider the “Stop Excessive Energy Speculation Act of 2008”(S. 3268), which Dorgan introduced along with Senate Majority Leader Harry Reid (D-NV). Most of the key provisions in this legislation were in Dorgan’s “End Oil Speculation Act,” which he introduced earlier this year. Dorgan says that excessive speculation is driving up energy costs to artificially high levels, and these bills are aimed directly at stopping that.

“The energy futures market has been broken with unbridled speculation, and the result is oil and gas prices that are shooting up like a Roman candle,” Dorgan said.“We have heard from a number of energy experts who tell us that the fundamentals of supply and demand cannot justify a doubling of price in the past year. This bill will wring the excess speculation out of the market and bring some relief to consumers who are paying through the nose at the gas pump.”

The Stop Excessive Energy Speculation Act would:

# Classify all trades as either “legitimate hedge trading” by commercial producers and purchasers of actual physical petroleum products and their counterparties, and “non-legitimate” hedge trades.

# Add 100 employees to the Commodities Futures Trading Commission to put more cops on the beat and help keep the market working.
# Impose position limits for the amount of oil that can be purchased by non-legitimate speculators, to ensure the energy market is not manipulated by those who are investing in oil purely for speculative purposes, which drives up prices.

# Convene an international working group of regulators to ensure the protection of the petroleum futures market from excessive speculation and world wide forum shopping.
# Regulate all trades and traders, wherever they are, to the maximum extent of the law.
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It will be interesting to see what fellow republicans, whose palms are being greased by oil companies and hedge funds execs do.

I guess there are really people out there that are completely uninformed and oblivious to the real world.
Oil speculators simply "speculate" on oil futures. Market factor such as supply and demand, volatility in the oil producing regions etc... effect the future availability and price of the commodity. Speculators make money weather the price goes up or down if the predict correctly.
The only real solution is for the do nothing congress to approve drilling, and get alternative sources such as nuclear and wind approved with as little red tape as possible.
Guess what would happen then.....?
The speculators would immidiately call the price of sweet crude at considerably lower prices and we would all see immidiate change at the pump.
None of this can happen unless Washington allows drilling asap.
The premise of your letter is rediculous. Look at the facts of supply and demand, not for some faceless person to blame.

strypes wrote:

I guess there are really people out there that are completely uninformed and oblivious to the real world.

Yep and it seems you are one of them.

strypes wrote:

I guess there are really people out there that are completely uninformed and oblivious to the real world.
Oil speculators simply "speculate" on oil futures. Market factor such as supply and demand, volatility in the oil producing regions etc... effect the future availability and price of the commodity. Speculators make money weather the price goes up or down if the predict correctly.
The only real solution is for the do nothing congress to approve drilling, and get alternative sources such as nuclear and wind approved with as little red tape as possible.
Guess what would happen then.....?
The speculators would immidiately call the price of sweet crude at considerably lower prices and we would all see immidiate change at the pump.
None of this can happen unless Washington allows drilling asap.
The premise of your letter is rediculous. Look at the facts of supply and demand, not for some faceless person to blame.

This is probably the largest pile of agenda-ist, propagandaist, political garbage I have ever set eyes on.

Very entertaining.

Now hold on there...hold on... we all know that George Bush didn't DO ENOUGH (as Mayor, through the city council) to prepare New Orleans for that hurricane! We all know that he "lied" and kids "died". We all know that this Harvard MBA is a moron (which unlike Al Gore is at least "trainable"). We all know that Dr. Condoleeza Rice is a token buffoon - the first black woman Secretary of State - but a buffoon none the less! Obviously Bush would only ever appoint a buffoon. We all know that Bush alone is responsible for Global Warming (not the Sun). OBVIOUSLY... O B V I O U S L Y ... Certainly there's no question - that Bush is responsible for driving up the price of oil too!

Candidate B wrote:

Now hold on there...hold on... we all know that George Bush didn't DO ENOUGH (as Mayor, through the city council) to prepare New Orleans for that hurricane! We all know that he "lied" and kids "died". We all know that this Harvard MBA is a moron (which unlike Al Gore is at least "trainable"). We all know that Dr. Condoleeza Rice is a token buffoon - the first black woman Secretary of State - but a buffoon none the less! Obviously Bush would only ever appoint a buffoon. We all know that Bush alone is responsible for Global Warming (not the Sun). OBVIOUSLY... O B V I O U S L Y ... Certainly there's no question - that Bush is responsible for driving up the price of oil too!

Geez, I could have sworn they had 'em!

The real question to ask is why Democrats are against lower fuel prices.

Yes, and when Hillary Clinton traded in cattle futures, making $100,000 from an investment of $1,000, well, that was quite okay. After all, she IS the smartest woman in the World... and really, what she was trying to do was "save us from ourselves" - yes! That's it! She was trying to save us from the pain and artery clogging cholesterol horror of eating beef by driving up the price!!! That way you would be forced to eat more whole grain wheats and ryes! She's innocent I tell you! She's not a trader - She's simply W O N D E R F U L and I thank God above that I am alive in her time and a witness to her Age.

What exactly is "too much speculation"? Isn't manipulation of prices the whole point of the stock and commodities markets? Why is everyone acting so surprised and shocked all of a sudden?

Drill in Alaska!!! ANWAR needs to produce oil!!! The animals will be fine!!!

derbydoll wrote:

The real question to ask is why Democrats are against lower fuel prices.

I don't know, why are Republicans?

After all it's tripled in price under a republican president.

derbydoll wrote:

The real question to ask is why Democrats are against lower fuel prices.

They're against anything that benefits Americans who actually choose to go to work in their own cars. They want you to take the bus...the cute little blue one that stops right in front of your house in Roxbury. Then again, you COULD live closer to where you work, and walk...(as they do through the halls of Congress) you KNOW you COULD - it's a choice that you need to make about your place and role in the Universe!
But I digress. The ultimate goal is for everyone to live and work in megacities, because that's the Utopian Democrat Dream (for YOU). "They" of course, will continue to reside in the Napa Valley, or Highanusport, on their grande estates, or perhaps even the countryside around D.C. or Chappaqua NY?

GOoPed on wrote:

<quoted text>
I don't know, why are Republicans?
After all it's tripled in price under a republican president.

And here I was, thinking that the war in Iraq was all about "Blood for Oil".
Oh well, you learn something new every day!

Candidate B wrote:

<quoted text>
They're against anything that benefits Americans who actually choose to go to work in their own cars. They want you to take the bus...the cute little blue one that stops right in front of your house in Roxbury. Then again, you COULD live closer to where you work, and walk...(as they do through the halls of Congress) you KNOW you COULD - it's a choice that you need to make about your place and role in the Universe!
But I digress. The ultimate goal is for everyone to live and work in megacities, because that's the Utopian Democrat Dream (for YOU). "They" of course, will continue to reside in the Napa Valley, or Highanusport, on their grande estates, or perhaps even the countryside around D.C. or Chappaqua NY?

Funny, and here I thought it was the republican who wanted us all to live in abject poverty huddled in megacities where they can sweep us aside and forget us so they could live in huge ranches in Crawford or in mega mansions in Kinnebunkport or in Greenwich or Westchester County.

Seriously you're a moron. Everyone knows Democrats want you to drive a Prius.

Edna wrote:

<quoted text>
And here I was, thinking that the war in Iraq was all about "Blood for Oil".
Oh well, you learn something new every day!

It is. They wanted to control the supply so they could gouge us. Why would they invade a country and then give the world cheap oil when they could invade a country, make us pay for it and then charge us 3x more for the oil on top of it?

Only some people are too dumb to realize all this and think republicans are good for us because they will cut our taxes by $50 a year (which will pay for one tank of gas).

It may be time to nationalize our essential sectors and industries too..for the sake of the majority of Americans.....

Are you listening Wall St as you whine about needing bail outs now...?

Washington CT USA

Joe wrote:

It may be time to nationalize our essential sectors and industries too..for the sake of the majority of Americans.....
Are you listening Wall St as you whine about needing bail outs now...?
Washington CT USA

OH NO THAT'S SOCIALISM.

Us con jobs only like socialism when we're in deep doo doo and want to socialize the expense of our screw ups.

GOoPed on wrote:

<quoted text>
It is. They wanted to control the supply so they could gouge us. Why would they invade a country and then give the world cheap oil when they could invade a country, make us pay for it and then charge us 3x more for the oil on top of it?
Only some people are too dumb to realize all this and think republicans are good for us because they will cut our taxes by $50 a year (which will pay for one tank of gas).

Just how stupid are you, I mean exactly, on a scale from 1 to 10, with 10 being the "most Stupid of All"? Let us know.

Edna wrote:

<quoted text>
Just how stupid are you, I mean exactly, on a scale from 1 to 10, with 10 being the "most Stupid of All"? Let us know.

More smart than you it seems so if I'm a 2 you're a minus 2 which makes you the most stupid of all.

Oops you said on a scale of 1-10. Oh well it's all fuzzy math anyway.

GOoPed on wrote:

<quoted text>
Yep and it seems you are one of them.

Ooh- good one! I know you are but what an I....
What are you 20 years old and under the control of left wing college professors still?
As ususal, when facts dismiss liberal arguments they resort to name calling.