White Rhino Posted July 9, 2008 Share Posted July 9, 2008 (edited) Our country is facing a possible sharp economic downturn because of skyrocketing oil and fuel prices, but by pulling together, we can all do something to help now. Since high oil prices are partly a response to normal market forces, the nation needs to focus on increased energy supplies and conservation. However, there is another side to this story because normal market forces are being dangerously amplified by poorly regulated market speculation. Twenty years ago, 21 percent of oil contracts were purchased by speculators who trade oil on paper with no intention of ever taking delivery. Today, oil speculators purchase 66 percent of all oil futures contracts, and that reflects just the transactions that are known. Speculators buy up large amounts of oil and then sell it to each other again and again. A barrel of oil may trade 20-plus times before it is delivered and used; the price goes up with each trade and consumers pick up the final tab. Some market experts estimate that current prices reflect as much as $30 to $60 per barrel in unnecessary speculative costs. Over seventy years ago, Congress established regulations to control excessive, largely unchecked market speculation and manipulation. However, over the past two decades, these regulatory limits have been weakened or removed. We believe that restoring and enforcing these limits, along with several other modest measures, will provide more disclosure, transparency and sound market oversight. Together, these reforms will help cool the over-heated oil market and permit the economy to prosper. The nation needs to pull together to reform the oil markets and solve this growing problem. We need your help. Get more information and contact Congress by visiting Stop Oil Speculation Click here Edited July 9, 2008 by Paul Rob Quote Link to comment Share on other sites More sharing options...
White Rhino Posted July 11, 2008 Author Share Posted July 11, 2008 I actually got a response from Porter, I guess there is a bill in the congress that is supporting just this. For those that don't know, speculators can add up to $60-$80 on a barrel of oil. Right now there is no control, so for them it is like printing money. But it is putting us ALL into a recession. so for all of us that want to do something (besides b*tch) this is it CLICK ON THE LINK!!!!!! Quote Link to comment Share on other sites More sharing options...
White Rhino Posted July 18, 2008 Author Share Posted July 18, 2008 GOOD NEWS, BUT WE ARE NOT OUT OF THE WATER YET!!! LEGISLATIVE UPDATE Take Action! Senator Reid introduces "Stop Excessive Speculation Act" We're making progress! Your messages to Congress over the past six days have made a difference! Last night, Senate Majority Leader Harry Reid (D-NV) introduced S. 3268 - the Stop Excessive Speculation Act. Senators Richard Durbin (D-IL), Patty Murray (D-WA), Byron Dorgan (D-ND), and Charles Schumer (D-NY) co-sponsored the bill. The bill is a good first step towards ensuring that formerly "dark" over-the-counter markets will now be required to do business in the sunshine and to ensure that no one entity unduly controls the market. The bill creates a much needed distinction between legitimate hedgers and those who are in the market for purely speculative purposes, ensuring that traders who have no relationship to the physical product are unable to take advantage of existing loopholes. Specifically, the bill would close the "Foreign Board of Trade" or "London Loophole" by requiring transparency and limits similar to those required for trading on U.S. exchanges. We are asking the hundreds of thousands of individuals who sent advocacy messages through www.StopOilSpeculationNow.com to send a message to their Senators urging their support of S. 3268, which is expected to be brought to the floor for a procedural vote later this week. In addition, we remain committed to other measures that will increase domestic supply in an environmentally responsible manner. So if you haven't done so urge your congressmen to ACT NOW! Quote Link to comment Share on other sites More sharing options...
EY3BA11 Posted July 18, 2008 Share Posted July 18, 2008 where are they going to set the limit... its at what 5% now are they gonna bump it to 45-50% cuz that would be awesome if they did Quote Link to comment Share on other sites More sharing options...
White Rhino Posted July 18, 2008 Author Share Posted July 18, 2008 where are they going to set the limit... its at what 5% now are they gonna bump it to 45-50% cuz that would be awesome if they did UGH..... HUH? as of now THERE IS NO LIMIT ON THE SPECULATION. Do you know that is what drives the cost? They speculate that there will be a shortage and there for guess what? Prices drive up, and they set that price! They say supply and demand, well guess what we all know that demand has gone down almost 20% in the US in past months, but hasnt reflected in prices, OPEC says they are going to producre more oil to help the SO CALLED shortage that the speculators say is happeneing does the price go down? NO!!! So I ask again.... did you click the link? if yes GREAT , we may have an impact on what happens, if not DON'T b*tch about the price of a gallon of gas or diesel!!!!!!!!! :black: Quote Link to comment Share on other sites More sharing options...
EY3BA11 Posted July 20, 2008 Share Posted July 20, 2008 i actually dont b*tch about the price.. it doesnt cost me near as much to fill up as some of these people so i sit back and smile while they are bitchin and screamin about droppin 100 bucks in their tank and only gettin half a tank where 40 will fill mine up Quote Link to comment Share on other sites More sharing options...
motoxman30 Posted July 24, 2008 Share Posted July 24, 2008 i actually dont b*tch about the price.. it doesnt cost me near as much to fill up as some of these people so i sit back and smile while they are bitchin and screamin about droppin 100 bucks in their tank and only gettin half a tank where 40 will fill mine up yeah but the more the gas prices go up the fewer people that will go ridin then they will sell their stuff and we lose fellow duners who would no longer care about our cause....cause and effect i always thought that the people bought up all the oil and to keep the demand down the companies raised the prices....when the prices were raised the speculators sold the oil back and made a profit thats just wut i heard makes me sick to know that these people are gettin free money for sittin on their @$$ stealin from us Quote Link to comment Share on other sites More sharing options...
EY3BA11 Posted July 24, 2008 Share Posted July 24, 2008 but if you think about it like dunefreak broke it down in another thread its is only gonna cost an extra 40-50 bucks in fuel to tow out there so just dont drink that 30 pack during the week and be sure to recycle your beer cans after a trip and your covered Quote Link to comment Share on other sites More sharing options...
dunefreak Posted July 24, 2008 Share Posted July 24, 2008 but if you think about it like dunefreak broke it down in another thread its is only gonna cost an extra 40-50 bucks in fuel to tow out there so just dont drink that 30 pack during the week and be sure to recycle your beer cans after a trip and your covered now that's just rediculous. Quote Link to comment Share on other sites More sharing options...
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