[Cashmere]

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?

$this->bbcode_second_pass_quote('', 'T')he 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.

[MD]

Fabulous idea! Let's cut the price and make sure no one invests in additional production or alternatives! Shortages will me much more fun!

[vision-master]

$this->bbcode_second_pass_quote('MD', 'F')abulous idea! Let's cut the price and make sure no one invests in additional production or alternatives! Shortages will me much more fun!

[Peleg]

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!

[emersonbiggins]

[DantesPeak]

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?

[Fishman]

Now what idiot party would believe this and actually act upon it? Oh, sorry, self explanatory.

[abelardlindsay]

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.

[DantesPeak]

$this->bbcode_second_pass_quote('abelardlindsay', 'L')ong 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.

[FoxV]

$this->bbcode_second_pass_quote('abelardlindsay', 'L')ong 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.

[Wren]

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?

[DantesPeak]

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.

[Ludi]

And many people will be just fine with that because they want the government to "do something."

[DantesPeak]

$this->bbcode_second_pass_quote('Ludi', 'A')nd many people will be just fine with that because they want the government to "do something."

[smallpoxgirl]

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.

[Wren]

Thanks everyone. Before I got out the dictonary, I was confussed. I thought he meant Nationalism. I do know what nationalism is. I did not know Nationalization was, until now.
Yep. I can see why he said that. A lot to think about.

[TheDude]

$this->bbcode_second_pass_quote('smallpoxgirl', '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.

[NoWorries]

{thread merged by emersonbiggins}

...If only Congress will pass legislation to curb speculation in oil futures trading:

http://www.marketwatch.com/news/story/g ... aspx?guid={2673C102-68E0-41D9-9C9A-10EE2E723948}&dist=msr_13


Gee, that sounds wonderful.

I've stopped trying to figure it all out. It's too confusing for me.

I'm going to take a break from all the oil analysts, and then I'll check back and see where we are in 6 months' time. If the price is down by December 24th, 2008, I'll know it was a bubble.

If it's not a bubble, and we surpass $175/ $200/barrel by that time, then posting on this board will be the least of my worries. And there may not be reliable Internet service any more.

PS--Is peakoil.com available on Short Wave?

[aahala2]

$this->bbcode_second_pass_quote('DantesPeak', '
')
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.