http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x3418566Tim4319 (1000+ posts) Tue Jun-10-08 08:04 AM
Original message
"There is no justification for the current rise in prices"
I was watching CNN Money yesterday concerning the rise in gas prices. It appears Saudi Arabia is just as surprised as we are for the increase in the gas price. I found this article on CNN Money website and found out that the price per barrel dropped by 4 dollars, but the price at the pump continued to rise.
This is ridiculous!
<<snip>>
Earlier Monday Iyad Madani, Saudi Arabia's Information and Culture Minister, said the kingdom will call for a summit between oil producing countries and consumer nations to discuss rising energy prices.
"There is no justification for the current rise in prices," he told the Associated Press.
<<snip>>
Oil shed more than $4 off the price of a barrel Monday after a Saudi Minister called for international dialog on prices. Meanwhile, gasoline prices extended their rally over the $4 a gallon barrier.
http://money.cnn.com/2008/06/09/markets/oil/?postversio...
You know, while the price of gasoline and groceries have increased, roughly, 3x since 1981, the price of a one-ounce baggie of marijuana has increased 16x since 1981.
I'm still waiting for the primitives to light a bonfire about excess windfall profits of the marijuana industry.
Anyway.
ingac70 Donating Member (1000+ posts) Tue Jun-10-08 08:06 AM
Response to Original message
1. The Saudis don't set the price...
the speculators do, and they are grabbing up all the cash they can before someone finally gets 'round to regulating them.
Tim4319 (1000+ posts) Tue Jun-10-08 08:21 AM
Response to Reply #1
7. Yeah
I found out about a week ago that it isn't really Saudi Arabia that set the price per barrel, it's Wall Street. Unless I am mistaken, please correct me if I am wrong!
I was under the assumption that Saudi set the price!
Atman Donating Member (1000+ posts) Tue Jun-10-08 08:08 AM
Response to Original message
2. Yes there is. It's really quite simple...
The oil men are about to finally be removed from office. They and their buddies are doing some serious cashing-out while the getting is still good. A year from now they'll be hearings and new taxes and the Republicans will be whining that the poor widdle oil companies need public subsidies to build new refineries.
Wait for it.
Tim4319 (1000+ posts) Tue Jun-10-08 08:18 AM
Response to Reply #2
5. I do find it very ironic that we have an oil man -- that couldn't find oil in an Auto Zone -- as president! The price of oil consistently increased from the time he took office.
rdublue (4 posts) Tue Jun-10-08 08:20 AM
Response to Reply #2
6. Yes, I feel you are exactly right.
The oil companies have bullied congress and dared them to do anything to them with the full support of the Bush whitehouse.
Tim4319 (1000+ posts) Tue Jun-10-08 08:26 AM
Response to Reply #6
9. I've notice that during those congressional hearings, that when the oil companies meet in front of Congress, members of Congress points out the outrageous profits they are racking in and things seem to get left at that. They have those hearings, but Congress do not enforce any type of regulations on them. I know the oil companies have Bush as an "ace in a hole", but is Congress hands that tied that they cannot implement any kind of regulations?
StopThePendulum Donating Member (1000+ posts) Tue Jun-10-08 08:33 AM
Response to Reply #2
11. WRONG--the human oil slicks THINK they're doing some serious cashing out
They don't know what's going to hit them when Obama hits them with big-time windfall profits taxes. I can't wait to see their faces when they have to pay back what they stole from the American people--and the people of the world!
Oh my. The "human oil slicks" and franksolich are shaking in their boots.
And now, two primitives play "attorney":
Fumesucker (686 posts) Tue Jun-10-08 08:38 AM
Response to Reply #11
12. No ex post facto laws
Obama will be able to do nothing to profits the oil companies have already cashed in on..
StopThePendulum Donating Member (1000+ posts) Tue Jun-10-08 11:25 PM
Response to Reply #12
17. Ex post facto laws are for criminal matters only
There's no constitutional restraint against passing retroactive civil or tax laws; therefore, Congress can tax the shit out of oil companies for prior profits, AFAIK.
elizfeelinggreat (791 posts) Tue Jun-10-08 08:40 AM
Response to Reply #2
14. you're right and they're whining already
They've been whining for some time now. They want more of everything.
Of course we already have important voices pointing out that better use of what we HAVE and alternative sources of energy are more important but the media as defined them as environmental whackos.
I think somebody better take out a card with the AFL-CIO local of cinema projectors.
liberal N proud (1000+ posts) Tue Jun-10-08 08:12 AM
Response to Original message
3. It is all based on speculators and the games they play
There is talk here and there about the Oil Price bubble and I saw a report last night on the boob tube comparing the dot com and the housing bubbles to oil prices.
My question is, what will the speculators ruin next?
I'm sure George Soros will find something to ruin next.
Loge23 (1000+ posts) Tue Jun-10-08 08:12 AM
Response to Original message
4. Economic terrorism?
I'm not a conspiracy fan, but I'm completely baffled by the radical rise in oil lately.
It is the stuff of crazy movie scripts about Evil Mini-Me's contolling the world economies.
Are we heading into a economic coup?
Lint Head (1000+ posts) Tue Jun-10-08 08:25 AM
Response to Original message
8. Foreign index hedge fund speculators are totally responsible for the rise in 'per barrel' oil. 70% of the price is baloney. Supply and demand is the only real indicator and has nothing to do with this absolutely ridicules rise.
Tim4319 (1000+ posts) Tue Jun-10-08 08:28 AM
Response to Reply #8
10. I had saw a report, not too long ago that stated that supply and demand have not changed much (excuse me but I forgot the period of time the report used).
KharmaTrain Donating Member (1000+ posts) Tue Jun-10-08 08:38 AM
Response to Original message
13. Getting While The Getting Is Good
There's limited time for this regime and its corporate puppetmasters to make their killing...and a killing it will be. Between the "relaxation" of any regulatory laws and enforcement of those laws, speculators know that they can do as they please and no one can stop them. There's no active Department of Justice, no one out there that can quickly step in and shut this ponzi scheme down...only a bubble burst will do it..and then the speculators just move on to another market.
There's little said about the guys in the backrooms at Goldmann-Sachs...or UBS or other big money players who have a free reign to do what they want and know their buddy Helicopter Ben will never turn on them.
The clock is ticking for some here...they see a future with the GOOP out of power and want to sock as much away now as they can and leave a big mess that will handcuff Democrats.
25 years of "de-regulation" has built up a corporate welfare system all but invisible to all, but thriving through its ability to not only allow the big oil companies and big banks to play up the prices, but also to get a tax break in the process.
I dunno.
Of course the primitives don't know excresence about oil and gasoline prices.
But it's pretty sad when, among all these really stupid comments, Pedro Picasso has to make the stupidest one.
