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Cashmere
Light Sweet Crude
Joined: Mar 27, 2008
Posts: 1971
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 Posted: Mon Jun 23, 2008 12:40 pm Post subject: Analysts to Congress - 2$ Gas if Spec Controls Implemented |
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LINKY
I guess we're solidly in the denial phase now.
This is getting very scary - to have people come out and say you can cut the price of gas in 1/2 in 30 days. Holy shite. I mean, how large of a short position do these idiots have?
| Quote: | | The price of retail gasoline could fall by half, to around $2 a gallon, within 30 days of passage of a law to limit speculation in energy-futures markets, four energy analysts told Congress on Monday. |
Talk about idiots calling in idiots to have idiotic idiocies spouted into the record.
Wow.
We're a lot closer to nationalization than I thought.
First they'll try this.
Next, they'll try to price fix.
Then they'll take over the refineries.
Then it's a fight for your daily bread.
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Massive Human Dieoff must occur as a result of Peak Oil. Many more than half will die. It will occur everywhere, including where you live. If you fail to recognize this, then your odds of living move toward the "going to die" group. |
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MD
Community Manager
Joined: May 02, 2005
Posts: 3542
Location: On the ball
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| Posted: Mon Jun 23, 2008 12:46 pm Post subject: Re: Analysts to Congress - 2$ Gas if Spec Controls Implement |
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Fabulous idea! Let's cut the price and make sure no one invests in additional production or alternatives! Shortages will me much more fun!
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"It's still all about energy!"
Waiting for the next bounce - md@peakoil.com |
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vision-master
Fusion
Joined: May 18, 2006
Posts: 4867
Location: Minneapolis, MN
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| Posted: Mon Jun 23, 2008 12:49 pm Post subject: Re: Analysts to Congress - 2$ Gas if Spec Controls Implement |
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| MD wrote: | Fabulous idea! Let's cut the price and make sure no one invests in additional production or alternatives! Shortages will me much more fun!
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an happen even quicker. Bring it on! |
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Peleg
Heavy Crude
Joined: May 20, 2008
Posts: 391
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| Posted: Mon Jun 23, 2008 12:56 pm Post subject: Re: Analysts to Congress - 2$ Gas if Spec Controls Implement |
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Except for the fact it would be disingenuous I'd say why don't we get everyone here to write a letter to their Senator asking them to take that advice. Yeah, we can create a form letter that says
1) tax windfall profits
2) cap speculation so that oil price can only rise or fall by a maximum of 1% per day
3) open up drilling in ANWR, and anywhere else they want to
4) fine any gas station that charges more than 1% above the average rate within a 50 mile radius
Because you know what, all of that stuff is just smoke and mirrors. What a joke!
Cowards! Brazen greedy cowards! You know who you are! |
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emersonbiggins
Moderator
Joined: Jul 10, 2005
Posts: 5194
Location: Dallas
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| Posted: Mon Jun 23, 2008 12:59 pm Post subject: Re: Analysts to Congress - 2$ Gas if Spec Controls Implement |
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DantesPeak
Expert
Joined: Oct 23, 2004
Posts: 5928
Location: New Jersey
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| Posted: Mon Jun 23, 2008 1:30 pm Post subject: Re: Analysts to Congress - 2$ Gas if Spec Controls Implement |
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I heard a congressperson today say that he was for a windfall profits tax on oil. I don't suppose he knew that there already is a windfall tax on oil inventory profits.
Anyway the tax on oil inventory profits probably has contributed to oil companies in the US keeping inventories low during a time of rising energy prices. As with the unintended consequences of using ethanol for vehicle fuel, this tax may lead oil companies to eventually have insufficient supplies for refinery operations.
Those that predicted a breakdown of our complex system was worse than actual physical events (less oil) were dead on.
On another issue, how do they know that OPEC, the Fed, or some other financial institution is on the short side of futures contracts - and will now have to scramble to buy back futures contracts that it can't deliver on?
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Fishman
Intermediate Crude
Joined: Aug 11, 2005
Posts: 826
Location: Eastern NC
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| Posted: Mon Jun 23, 2008 1:38 pm Post subject: Re: Analysts to Congress - 2$ Gas if Spec Controls Implement |
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| Now what idiot party would believe this and actually act upon it? Oh, sorry, self explanatory. |
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abelardlindsay
Heavy Crude
Joined: Mar 28, 2005
Posts: 399
Location: Northern California, USA
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| Posted: Mon Jun 23, 2008 1:48 pm Post subject: Re: Analysts to Congress - 2$ Gas if Spec Controls Implement |
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| Long story short... You can use your dollars to buy anything you want. Except for something that might actually serve as an inflation hedge -- such as oil futures. |
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DantesPeak
Expert
Joined: Oct 23, 2004
Posts: 5928
Location: New Jersey
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| Posted: Mon Jun 23, 2008 1:53 pm Post subject: Re: Analysts to Congress - 2$ Gas if Spec Controls Implement |
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| abelardlindsay wrote: | | Long story short... You can use your dollars to buy anything you want. Except for something that might actually serve as an inflation hedge -- such as oil futures. |
And oil.
Previously oil companies were even taxed on windfall profits on oil held outside the US, now its limited just to within the US - for now.
Apparently they want to discourage anyone from possibly thinking ahead and obtaining oil before it becomes in short supply.
If I was in OPEC, I couldn't be happier about this windfall profits tax idea.
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FoxV
Light Sweet Crude
Joined: Mar 02, 2005
Posts: 1337
Location: Canada
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| Posted: Mon Jun 23, 2008 2:05 pm Post subject: Re: Analysts to Congress - 2$ Gas if Spec Controls Implement |
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| abelardlindsay wrote: | | Long story short... You can use your dollars to buy anything you want. Except for something that might actually serve as an inflation hedge -- such as oil futures. |
I wonder what effect this will have on gold as its not included in the controls they want to implement
On one hand it could send gold through the roof as the last viable inflation hedge around
On the other, I find it hard to believe that gold will rise while oil falls by 50% (then again, I'd never thought I'd see gold fall by 20% while oil rose by 30%).
In the end, it'll be funny to see these asshats have their heads handed to them as every dollar that drops in the price of oil turns another tanker away from the US. Enjoy your $2gln for those of you that can find it. |
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Wren
Tar Sands
Joined: Apr 30, 2008
Posts: 64
Location: Oregon
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| Posted: Mon Jun 23, 2008 6:49 pm Post subject: Re: Analysts to Congress - 2$ Gas if Spec Controls Implement |
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Hey, I know I'm fairly new here, but what does that mean, Cashmere? That we're closer to Nationalization?
I admit, I don't know what "nationalization" means. I'm going to go look it up, but can you fill me in on what you meant, maybe? |
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DantesPeak
Expert
Joined: Oct 23, 2004
Posts: 5928
Location: New Jersey
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| Posted: Mon Jun 23, 2008 7:34 pm Post subject: Re: Analysts to Congress - 2$ Gas if Spec Controls Implement |
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Nationalization means complete government control over the oil industry, and its products.
One only has to look at today's news to see nearly everyone is calling for government intervention to solve the energy crisis. Most in charge have no concept of what's really happening, and those that do are playing along.
I don't agree with the concept at all but I've been saying for more than two years eventually the government will close down all free oil markets and take complete control of oil imports, exports, and products (like gasoline) distribution.
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Ludi
NeoMaster
Joined: Dec 27, 2004
Posts: 13179
Location: naive idiot fantasy world
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| Posted: Mon Jun 23, 2008 7:44 pm Post subject: Re: Analysts to Congress - 2$ Gas if Spec Controls Implement |
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And many people will be just fine with that because they want the government to "do something."
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DantesPeak
Expert
Joined: Oct 23, 2004
Posts: 5928
Location: New Jersey
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| Posted: Mon Jun 23, 2008 7:49 pm Post subject: Re: Analysts to Congress - 2$ Gas if Spec Controls Implement |
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| Ludi wrote: | And many people will be just fine with that because they want the government to "do something."
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I thought there was collosal mismanagement of the energy industry in the 1970s oil crisis. But it appears that the US is on the verge of outdoing itself in energy mismanagement.
We could actually see some gasoline and/or diesel shortages without a hurricane as early as August. It doesn't look like we will be much more PO aware by then as a country to grasp the depth of the problem.
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It's already over, now it's just a matter of adjusting. |
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smallpoxgirl
Moderator
Joined: Nov 08, 2004
Posts: 6470
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| Posted: Mon Jun 23, 2008 8:35 pm Post subject: Re: Analysts to Congress - 2$ Gas if Spec Controls Implement |
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I love this explanation: link The IMF maintains that gold and oil moving together is proof that it's all speculation. You know, because the only thing that drives gold price is speculation. 
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Sifting through the ashes every day
What we thought would never end
Now is nothing more than a memory
The way things were before
I lost my way" - OCMS |
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