[Plantagenet]

The dems in Congress believe high oil prices are due to "speculators" and not to supply and demand issues. New legislation they have just passed will ban all Americans from trading oil on all overseas exchanges. They think this will end the speculation and return oil prices to normal.

It seems to me this will make things worse. It would have the effect of further limiting the ability of Americans to buy oil, as by law Americans could then only purchase whatever oil was made available by foreign Naitonal Oil Companies directly to American exchanges.

dem legistlation will ban Americans trading oil in overseas exchanges

They really don't "get" peak oil in the US Congress.

[threadbear]

$this->bbcode_second_pass_quote('Plantagenet', 'T')he dems in Congress believe high oil prices are due to "speculators" and not to supply and demand issues. New legislation they have just passed will ban all Americans from trading oil on all overseas exchanges. They think this will end the speculation and return oil prices to normal.

It seems to me this will make things worse. It would have the effect of further limiting the ability of Americans to buy oil, as by law Americans could then only purchase whatever oil was made available by foreign Naitonal Oil Companies directly to American exchanges.

dem legistlation will ban Americans trading oil in overseas exchanges

No it won't. Reducing excess speculation will help.

They really don't "get" peak oil in the US Congress.

[smiley]

Reminds me of the gold confiscation act.

[threadbear]

$this->bbcode_second_pass_quote('smiley', 'R')eminds me of the gold confiscation act.

[mos6507]

$this->bbcode_second_pass_quote('Plantagenet', 'T')he dems in Congress believe high oil prices are due to "speculators" and not to supply and demand issues. New legislation they have just passed will ban all Americans from trading oil on all overseas exchanges. They think this will end the speculation and return oil prices to normal.

It seems to me this will make things worse. It would have the effect of further limiting the ability of Americans to buy oil, as by law Americans could then only purchase whatever oil was made available by foreign Naitonal Oil Companies directly to American exchanges.

dem legistlation will ban Americans trading oil in overseas exchanges

They really don't "get" peak oil in the US Congress.

[Plantagenet]

$this->bbcode_second_pass_quote('mos6507', '')$this->bbcode_second_pass_quote('Plantagenet', 'T')he dems in Congress believe high oil prices are due to "speculators" and not to supply and demand issues. New legislation they have just passed will ban all Americans from trading oil on all overseas exchanges. They think this will end the speculation and return oil prices to normal.

It seems to me this will make things worse. It would have the effect of further limiting the ability of Americans to buy oil, as by law Americans could then only purchase whatever oil was made available by foreign Naitonal Oil Companies directly to American exchanges.

dem legistlation will ban Americans trading oil in overseas exchanges

They really don't "get" peak oil in the US Congress.

[Revi]

They really don't get it do they? I was wondering what Hillary was talking about when she proposed some of the crazy stuff she's thinking about. Fortunately Obama seems a little smarter.

It's bad when they think that getting Americans out of the market would make any difference. They keep blaming it on "speculators". Do they know anything about the market at all?

It's like Saddam Hussein who hung a bunch of food dealers when the price went up. That will teach them! Teach them not to sell oil.

[Jack]

Ban Americans, will it?

Let's see now...

Set up an operating corporation, through an attorney, in BVI. Have the attorney hold the shares in nominee name. Have the attorney serve as corporate secretary.

Call and consult the attorney from time to time, thus privileging communications.

The corporation then executes various trades.

Of course, this would be morally and ethically wrong; it would also violate the spirit of the law.

So don't do it!

[threadbear]

This thread should be moved to one of the energy forums. thanks, moderator.

[threadbear]

What you have happening now, is the Enronization of oil, on a global scale. Enron was responsible for ramping up the price of electricity, in areas like California, due to a relaxing of oversight. They did this during a drought period, when hydro electrical generation was somewhat restricted. They used any real shortages of generation power, to mask manipulation. They withheld supply, taking plants offline when they didn't have to, etc.... This is all part of cleanly documented history, now. Their actions drove Enron share prices through the roof, and fed the derivatives paper monster.

The majors, together with Opec, are doing the same thing now, on a global scale. If you don't think this is happening now, you are extremely naive.

[threadbear]

One more thing...Free marketeers are enthrall to the idea of letting markets function without outside interferance, and can make several disingenuous arguments to support their case.

Free markets, completely outside of a "greater good" philosophy become more like a high seas where pirates prevail, than the good ship lollipop, skippered by Andrew Carnegie, enriching all those who adopt the "right attitude."

Pretty soon the pirates own, or at least, commandeer all of the food and energy, and to hell with everyone else. They try to maneuver themselves into a position where there are no checks and balances against them. This is what you are seeing now. Government is the only entity large enough to take them on.

But don't take my word for it, just keep believing what you believe until you become committed hare core communists after the shtf. Fundamentalists usually swing from one extreme to the other.

[UncoveringTruths]

$this->bbcode_second_pass_quote('threadbear', 'W')hat you have happening now, is the Enronization of oil, on a global scale. Enron was responsible for ramping up the price of electricity, in areas like California, due to a relaxing of oversight. They did this during a drought period, when hydro electrical generation was somewhat restricted. They used any real shortages of generation power, to mask manipulation. They withheld supply, taking plants offline when they didn't have to, etc.... This is all part of cleanly documented history, now. Their actions drove Enron share prices through the roof, and fed the derivatives paper monster.

The majors, together with Opec, are doing the same thing now, on a global scale. If you don't think this is happening now, you are extremely naive.

[seahorse2]

Trying to ban greedy Americans from trading in oil will be about as effective as the old Prohibition laws.

[seahorse2]

These suggestions and "reactions" to high oil prices are exactly why I have argued the optimists are wrong - the market doesn't solve anything. People will muck things up and make them worse a long time before the market can ever act.

Let's see the national suggestions so far are:

(1) Eliminate Fed taxes on gas, at least for awhile;
(2) Increase taxes on oil companies blah blah blah;
(3) Don't let Americans trade in oil, yea right.

Sounds like really good suggestions. Nothing pro-active. All stupid.

Notice the American response to everything - bailout the individual. Housing downturn - buy mortgages, increase lending, whatever we do, don't let anyone fail for making bad decisions, the American dream must continue. Consumer spending drop? Let's drop $600 on everyone and allow them to spend some more. Oil prices rise? Let's keep people driving by cutting fuel taxes (used for roads BTW), stop people from trading in oil and tax the oil companies. Nice. I see a pattern.

[joeltrout]

$this->bbcode_second_pass_quote('threadbear', ' ')

The majors, together with Opec, are doing the same thing now, on a global scale. If you don't think this is happening now, you are extremely naive.

[threadbear]

$this->bbcode_second_pass_quote('UncoveringTruths', '')$this->bbcode_second_pass_quote('threadbear', 'W')hat you have happening now, is the Enronization of oil, on a global scale. Enron was responsible for ramping up the price of electricity, in areas like California, due to a relaxing of oversight. They did this during a drought period, when hydro electrical generation was somewhat restricted. They used any real shortages of generation power, to mask manipulation. They withheld supply, taking plants offline when they didn't have to, etc.... This is all part of cleanly documented history, now. Their actions drove Enron share prices through the roof, and fed the derivatives paper monster.

The majors, together with Opec, are doing the same thing now, on a global scale. If you don't think this is happening now, you are extremely naive.

[joeltrout]

Are "Americans" the only ones speculating on oil? I don't think so.

joeltrout

[FoxV]

The Dems may not like buying $120 oil, but at least they can buy it.

They could legislate oil prices to $10 a barrel tomorrow if they wanted to. But that doesn't mean they'll be able to buy any.

And just think, this is only the beginning. Imagine the schemes they'll come up with when oil hits $200 a barrel (let alone $500 or $1000).

[smiley]

$this->bbcode_second_pass_quote('', 'Y')our comparison, therefore, from a humane perspective, just did a face plant, Smiley.

[Plantagenet]

$this->bbcode_second_pass_quote('joeltrout', 'A')re "Americans" the only ones speculating on oil? I don't think so.

joeltrout