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Old 02-23-2012, 10:11 AM   #15
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Did anyone see the interview of the CEO of Kindom Holdings Prince Walied Ben Tal of Saudi Arabia on Squawk Box about 2 weeks ago. He said when oil got above $100 Saudi Arabia would increase production to drive it back down. A few days later when oil topped $100 Saudia Arabia CUT production. I think this was about the same time that Iranian warships visited Saudia Arabia. They are NOT a friend of the west. The United States is the only thing keeping them in power, but I think not for long.
Like others we have buying and selling energy funds in our IRAs for years. This is the only way I know to offset our energy costs, so far working pretty good.
Does that make us speculaters?
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Old 02-23-2012, 10:36 AM   #16
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Speculation huh? So why are they speculating oil is going to up instead of down? Could it be a supply problem? Dependency on a middle east full of morons in some misguided environmental clap trap theory for America and the rest of the free world to reject their own energy supply needs? To reject every pipeline and oil well proposed only to run off to the middle east to bow to some stinking king? A failure to plan for our energy needs while embracing an irrational belief that solor panels and windmills can replace our chief source of reliable energy? No, it couldn't be any of those things, damn those dirty speculators, yeah, yeah, lets go with that!
You've pretty well broken the code!
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Old 02-23-2012, 11:01 AM   #17
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As we start straying into political content posts you may find those posts missing without a courtesy PM post explaining why.
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Old 02-23-2012, 12:02 PM   #18
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As we start straying into political content posts you may find those posts missing without a courtesy PM post explaining why.
Thank you. Glad you're here.
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Old 02-23-2012, 12:14 PM   #19
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"Speculation" is a pejorative for commodity trading. It enabled us to no longer be subsistence farmers. Without it high risk industries aren't viable when markets fluctuate wildly as they are doing now.

I beg of you, don't fall victim to talking points of this sort without carefully thinking things through. That just advances political agendas that are far from being in our best interests.
There is a very distinct difference between speculation and commodity trading, the commodity traders a users of the commodity, speculators are betting the price will be higher when they have to pay for the commodity, not take possession of it. They are gamblers plain and simple.
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Old 02-23-2012, 01:22 PM   #20
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Iran only made an idle threat of closing the strait and the oil companies are gouging.
Hey, I saw a leaf fall today; Let's jack up the gas prices.

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Old 02-23-2012, 01:28 PM   #21
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There is a very distinct difference between speculation and commodity trading, the commodity traders a users of the commodity, speculators are betting the price will be higher when they have to pay for the commodity, not take possession of it. They are gamblers plain and simple.
I am sometimes a commodity trader, and, other than personal use, I do not use commodities. Orange juice, sugar, various metals, hog futures, bananas, wheat, corn, and, my favorite, oil, are some of the commodities I have traded. Sometimes I have made money, a few times lost. This is wrong because?
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Old 02-23-2012, 01:38 PM   #22
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I am sometimes a commodity trader, and, other than personal use, I do not use commodities. Orange juice, sugar, various metals, hog futures, bananas, wheat, corn, and, my favorite, oil, are some of the commodities I have traded. Sometimes I have made money, a few times lost. This is wrong because?
Nothing wrong, as long as you are not buying massive quantities to manipulate the prices. It can and does happen.
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Old 02-23-2012, 01:39 PM   #23
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well, maybe we should not shipping our oil to china and start using it here at home.
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Old 02-23-2012, 02:07 PM   #24
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Here is an article from today's paper.

Attachment 18167
I have always believed Wall Street was directly linked to the fuel pricing. The futures markets are so volatile and to the lay person (like me) the bull***t that comes across the news or radio of....."a refinery in botswana had a fire, so prices are going up" or other bs like "maintenance issues" or other garb that is being spoon fed to the media by not only the energy industry, but also the energy industry's wholly supported organizations that supply this kind of propaganda to the media. Remember a couple of years ago it was all because of China. Then a hurricane, blah blah blah. Now it's worries over Iran. Not reality, just worries. So anybody can make up anything to justify the wholesale rape of the American Consumer to reap windfall profits in the energy industry...

And another thing, we just nod as the pump prices jump .15 to .20 per gallon overnight. Does anyone else find it strange nobody in the regulatory agencies even blinks at an 8 to 12% increase as happens commonplace now to fuel prices overnight ?

I really hate sounding like a nasty, crusty 90 year old, but that's the way I feel about the silent theft happening every day at the pump.....and no, as you can tell, I don't own shares or bonds in any energy companies....I might have a different opinion if I did....

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Old 02-23-2012, 02:15 PM   #25
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well, maybe we should not shipping our oil to china and start using it here at home.
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Old 02-23-2012, 02:16 PM   #26
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Iran only made an idle threat of closing the strait and the oil companies are gouging.
Hey, I saw a leaf fall today; Let's jack up the gas prices.


AMEN!
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Old 02-23-2012, 02:19 PM   #27
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There is a very distinct difference between speculation and commodity trading, the commodity traders a users of the commodity, speculators are betting the price will be higher when they have to pay for the commodity, not take possession of it. They are gamblers plain and simple.
I'm sorry but you are incorrect. The folks at the commodity exchanges never actually take possession or even see the commodity they are trading. You can call it gambling if you want but they are buying contracts at future prices thus assuming some of the risk that would otherwise fall to the producers.
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Old 02-23-2012, 05:47 PM   #28
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Speculation huh? So why are they speculating oil is going to up instead of down?
Well, as you may be aware, Gambling has ALWAYS been legal here in the US. the only thing is the casinos where it's leagal are all in places like Wall Street (NY) or Chicago (Stock Exchange) or some such.

Gamblers bet on prices going up or down.. Some win, Some loose.

For many years Flying-J was the lowest price fuel in most towns where they sell.. The reason is they gambled on prices going up up up. built big storage farms and bought crude faster than they could process.

When the price dropped like a rock.. They went bankrupt. THEN, "J" was buying up Pilot stations that were going broke.

Today. J... Is owned by Pilot.
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