POLITICS - Oil Exploration

[Grizz]

well, that's one person's opinion. there's not one citation or shred of evidence that anything the writer alleges is in fact true. in addition to which there's not one link to the web page's origins, positions, or any other bona fides. in other words, it's a rant by someone who appears to make up stuff out of whole cloth, without a shred of substance, and with some glaring holes in his market understanding.

I don't care if there is speculation, or massive speculation, or whatever, as long as the market is open and the cost of admission is reasonable.

You don't have to believe me about this, but I think you would find a spot market in gasoline unbearable. You would see variations in price from station to station of tens of dollars. I know conspiracy theories seem attractive, but there should at least be a modicum of evidence to support them, dontcha think?

[oldmax]

http://money.cnn.com/magazines/fortune/ ... /index.htm

http://www.cnbc.com/id/23465827/

http://www.bloomberg.com/apps/news?pid= ... refer=home

And a Link to google News, ( Too Many to Link here )

http://news.google.com/news?hl=en&q=hed ... 4&ct=title

Your welcome...

[Grizz]

oldmax

there's excess and corruption in everything. it's human nature. look at congress. look at the senate. there's excess and corruption on a scale of trillions of dollars originating from that oligarchy.

just about NO ONE understands the commodity markets and the function they have in the economy.

a few years ago oil was $10 per barrel. and the nasdaq market was in a bubble. once the animal energy got whacked in that market the fast money found another area where there was economic activity. and flowed into the housing market, which was commoditized by the predatory lending fomented by the clueless idiotic congress.

thanks for posting links. remember that free markets are generating the capital that trades them. remember that you can take advantage of those same markets. you can buy gas futures, or oil futures, or corn futures, and it you guess the direction correctly you can make the same kind of money the other players make, percentage wise. you can also lose more than you have. it happens every day.

it happens every day. and you can play too.

what's more, the major speculative influence on the cost of oil is the cost of the U.S. dollar, becuase oil is denominated in dollars. if you want oil to fall in price, then agitate for a strong dollar. if you add in the 40% value loss of the dollar to the cost of oil, you get oil at around $80. What's left for a speculator bubble now? The cost of oil is MORE DIRECTLY CORRELATED TO THE VALUE OF THE DOLLAR than any other economic relationship.

It is extremely dangerous when people who don't understand how free markets work start blaming "speculators" for things that they aren't actually responsible for. If you want to pass some blame around, blame the idiots who locked up America's resources and blame the idiots that allowed the value of the dollar to decline so far. Speculators just respond to reality, they don't create it. It's something that ill informed writers and agitprop jingoists are incapable of understanding.

I prefer to live in a system that leaves a door open to me than one that's totally locked away with no opportunity....., wouldn't you?

if any of you'all are really interested in this get a data feed and some charting software and chart oil costs over the U.S. dollar. See for yourself. When the value of the dollar goes down, the price or oil goes up, AND VICE VERSA. This is almost a 1:1 correlation, and it certainly does not leave room for the 60% speculative bubble that the professional whiners are crying about. They are blame shifting in hope that no one will catch them.

I do think the FED is largely to blame for the out of whack economy, BUT SO IS EVERYONE THAT IS CARRYING CREDIT CARD DEBT. It's part of the same problem, almost everyone is living on borrowed money. Whose fault is that? Everyone was happy to play along when everything was free and easy. No one gave a thought to what was going to happen when the piper called, except a few smart investors.

Thanks for keeping the topic up top...

[scr83jp]

China & Cuba are drilling for oil 50 miles off of the Florida Coast in the Gulf of Mexico wonder what the lefty demonrats will have to say when the beaches turn black?

[oldmax]

They will say , Let's sue , And they will vote money for Lawyers...

I will say it again , IT ain't a Market, It's GAMBLING, where only the consumer looses!!!!!

[popeye44]

If the demoNcrats see the beaches turn black they will blame it on George Bush. If all the oil in the world dried
up tomorrow they'd blame that on Bush too. If Al Sharpton ran out of hair gease that'd be Bush's fault too.

[oldmax]

If Al Sharpton ran out of hair gease that'd be Bush's fault too.

[Grizz]

I will say it again , IT ain't a Market, It's GAMBLING, where only the consumer looses!!!!!

I will say it again. it IS a market. It is NOT gambling. And consumers benefit from it.

Willful ignorance isn't informed opinion. Folks are entitled to any opinion they desire, but when it's wrong, it's wrong. It vividly shows what you don't understand, but I'm past trying to help you inform yourself.

[bunklocoempire]

Just FYI, don't remember if I put this link up earlier, a good read for all. http://www.reuters.com/article/ousivMol ... dChannel=0 Notice the date reported (late Feb.), when was the first mention of our welfare/stimulus checks? January, I believe.
"Former Federal Reserve Chairman Alan Greenspan said on Monday near-record Gulf Arab inflation would fall "significantly" were the oil producers to drop their dollar pegs, in contradiction to Saudi policy."

Trying to "control" the beast, "creating" and "destroying" inflation at the same time.


http://www.cnn.com/2008/WORLD/meast/06/ ... newssearch
"Saudi Arabia's pledge fell far short of U.S. hopes for a specific increase. The U.S. and other nations argue that oil production has not kept up with increasing demand, especially from China, India and the Middle East. But Saudi Arabia and other OPEC countries say there is no shortage of oil and instead blame financial speculation and the falling U.S. dollar."
Hard to win campaigns, keep your buddies profitable and in control when you mention the falling dollar, and multiple foreign countries opinions on the situation. Not too popular.

The less time given by the mainstream media (all of them), the more we ought to pay attention to it, assumeing they mention it at all.

I can't watch all the msm, but this is the first I've heard the falling dollar mentioned, (msm) although no mention of why...a-hem..Federal Reserve..a-hem.. Go figure. And the candidates? Don't hold your breath...however, there is one...


LACK OF REFINERIES-SUPPLY&DEMAND-LACK OF DRILLING-BIG OIL PROFITS-SPECULATORS.... Federal Reserve/monetary policy <(Federal Reserve/Monetary Policy)



Bunkloco

[Thunder50]

Popeye44. I can understand why the well in the years 1990-2000 were not pumping. You have to maintain the well and pay a pumper to watch them, and keep track of production and watch for any problems.. If it costs more than you can make, why pump them? Oil prices were so low at that time, I don't blame the companies for not pumping, I would not do it also.
Same as if you were driving a truck and it cost you $1,000 to make a run, but you were only getting paid $500, for that run. Why make the run in the first place? Let the truck sit.
Or if you had a car that was worth $2000, but it would cost you $3000 to fix. I don't imagine you would fix it. You might part it out and use the $3000 for a different vehicle. Now, 10 years later, the same car is worth $10,000 and it costs $4000 to fix, I would imagine that you would fix it and sell it!!
Same thing in the oil business.
You know, this has been coming on for the last thirty years or so. Some of us have been warning what was going to happen, but it seems that all we were doing was wasting our breath, as nobody would listen. Now that it has hit, nobody remembers what we were saying, but it is still our fault somehow. I don't work for "big oil", but consider myself "real tiny oil". Been an "oilie" for 32 years now. Seen booms and seen busts and wonder how I survived some of them. I like the "booms" alot better, and hope somehow, someone, somewhere, will understand what needs to be done and will actually do it, instead of playing politics

[popeye44]

Thunder, I understand why oil is high now. Its a simple supply and demand. China and India have more people than
the rest of the world put together. These 2 now have a little money because of the last half century of making
goods because of all their people. Indian and Chinese want the same for their families as you and I-A better life.
They would rather ride in a car or motorbike than walk or pedal. They want a decent place to live in. Well now
some them can afford it. More cars means more gas. more oil for them. Less for us. Prices go up. What I dont
understand is why our country has NOT tried to help its own people. If we had more nukes we would burn less
oil. The people that do care for animals are holding us all hostage. They care more a polar bear than some poor
low wage worker who cant show upon the job because the gas bill is bigger than the pay check.. If this transfer
of wealth keeps up WE will be the ones walking and pedaling instead of riding. They will be drilling in ANWAR. But
it will be the Chinese and Indians doing it. Not us.