miaheatlvr
Active Member
Then they turn around and sell it too us for $140. Talk about price gouging to the fullest. We have to find an alternative and soon..
Wow I just heard it costs OPEC $2 to make a barrel of OIL!
- Thread starter miaheatlvr
- Start date
reefraff
Active Member
Once they find the oil, drill the well, place the equipment, build the storage tanks and build the infrastructure to ship it to market they can maybe pump it to the surface for a couple bucks a barrel. That is assuming they don't have to do any major reworking of the well bore or use any additional recovery enhancement methods.
The oil companies are making great profits right now but it isn't nearly as great as some people are claiming.
The oil companies are making great profits right now but it isn't nearly as great as some people are claiming.
geridoc
Well-Known Member
I believe the run-up in oil prices is due to the after market, where speculators bet on the future value of a barrel of oil. The original pumpers of crude don't see any of that value. There is plenty of gasoline around, but the price has been bid up. It is an unusual situation,and one can only hope that when the bubble finally bursts those who are getting obscenely rich will become depressingly poor, but that isn't what usually happens. The early money usually sells out to the losers who come on scene late, so it is the people who make little or nothing who get wiped out.
lexluethar
Active Member
Originally Posted by GeriDoc
http:///forum/post/2664893
I believe the run-up in oil prices is due to the after market, where speculators bet on the future value of a barrel of oil. The original pumpers of crude don't see any of that value. There is plenty of gasoline around, but the price has been bid up. It is an unusual situation,and one can only hope that when the bubble finally bursts those who are getting obscenely rich will become depressingly poor, but that isn't what usually happens. The early money usually sells out to the losers who come on scene late, so it is the people who make little or nothing who get wiped out.
I've heard something to this effect. Something about how 141 dollars a barrel isn't the actual price, but the 'stock' price because speculators are buying up the shares left and right. So the price keeps going up because the demand is there. The speculators are doing this in hopes of gas and oil prices continuing to rise. I don't know if it is true or not, something like the true cost of a barrel of oil is around 55 dollars, but speculators and created an inflated value of oil.
I don't know if this is true, i personally haven't read ANYTHING in the paper or news about it, but i've heard a few people talk about this. I always just thought it was supply and demand, and since other countries are becoming more developed the demand has been rising (therefor rising the price). I'm not sure though...
http:///forum/post/2664893
I believe the run-up in oil prices is due to the after market, where speculators bet on the future value of a barrel of oil. The original pumpers of crude don't see any of that value. There is plenty of gasoline around, but the price has been bid up. It is an unusual situation,and one can only hope that when the bubble finally bursts those who are getting obscenely rich will become depressingly poor, but that isn't what usually happens. The early money usually sells out to the losers who come on scene late, so it is the people who make little or nothing who get wiped out.
I've heard something to this effect. Something about how 141 dollars a barrel isn't the actual price, but the 'stock' price because speculators are buying up the shares left and right. So the price keeps going up because the demand is there. The speculators are doing this in hopes of gas and oil prices continuing to rise. I don't know if it is true or not, something like the true cost of a barrel of oil is around 55 dollars, but speculators and created an inflated value of oil.
I don't know if this is true, i personally haven't read ANYTHING in the paper or news about it, but i've heard a few people talk about this. I always just thought it was supply and demand, and since other countries are becoming more developed the demand has been rising (therefor rising the price). I'm not sure though...
aquaknight
Active Member
gmann1139
Active Member
Those rotating buildings in Dubai can't build themselves...
Really, there is supply and demand here, but the oil futures speculation market is unregulated thanks to the good ol' boys at Enron. As long as people 'think' the price is going up, it will, because these jerks keep driving it up.
Really, there is supply and demand here, but the oil futures speculation market is unregulated thanks to the good ol' boys at Enron. As long as people 'think' the price is going up, it will, because these jerks keep driving it up.
lexluethar
Active Member
Originally Posted by gmann1139
http:///forum/post/2664957
Those rotating buildings in Dubai can't build themselves...
Really, there is supply and demand here, but the oil futures speculation market is unregulated thanks to the good ol' boys at Enron. As long as people 'think' the price is going up, it will, because these jerks keep driving it up.
Exactly what i've heard. Something about how a bill was passed for Enron back in 2000 or so that gave speculators the majority of the cost associated w/ the oil stock. So now instead of demand driving the price, these speculators drive it because they have 65% (around) of the say in the price. Apparently a lot of people have known about this too and haven't done anything about it, but within the next month or two they are supposed to redo the bill. I don't know, again this is coming from other peoples mouths i've heard, so i don't know a whole lot about it.
http:///forum/post/2664957
Those rotating buildings in Dubai can't build themselves...
Really, there is supply and demand here, but the oil futures speculation market is unregulated thanks to the good ol' boys at Enron. As long as people 'think' the price is going up, it will, because these jerks keep driving it up.
Exactly what i've heard. Something about how a bill was passed for Enron back in 2000 or so that gave speculators the majority of the cost associated w/ the oil stock. So now instead of demand driving the price, these speculators drive it because they have 65% (around) of the say in the price. Apparently a lot of people have known about this too and haven't done anything about it, but within the next month or two they are supposed to redo the bill. I don't know, again this is coming from other peoples mouths i've heard, so i don't know a whole lot about it.
rylan1
Active Member
Originally Posted by LexLuethar
http:///forum/post/2664918
I've heard something to this effect. Something about how 141 dollars a barrel isn't the actual price, but the 'stock' price because speculators are buying up the shares left and right. So the price keeps going up because the demand is there. The speculators are doing this in hopes of gas and oil prices continuing to rise. I don't know if it is true or not, something like the true cost of a barrel of oil is around 55 dollars, but speculators and created an inflated value of oil.
I don't know if this is true, i personally haven't read ANYTHING in the paper or news about it, but i've heard a few people talk about this. I always just thought it was supply and demand, and since other countries are becoming more developed the demand has been rising (therefor rising the price). I'm not sure though...
Ya... the price is for the cost of future deliveries... its a shame because this is a big scam with these guys getting rich and inflating the prices of oil... What happens in turn is the oil companies raise their prices when they see the speculative price going up... even if there is no change in supply or demand... this is why their are record profits... because it is not costing oil companies more to sell gas...
I believe what is being done is criminal... another thing is that they can bid as much as they want because its done on credit, without them even having to come out of pocket for the oil and they don't have to take possesion of the oil they buy either...
http:///forum/post/2664918
I've heard something to this effect. Something about how 141 dollars a barrel isn't the actual price, but the 'stock' price because speculators are buying up the shares left and right. So the price keeps going up because the demand is there. The speculators are doing this in hopes of gas and oil prices continuing to rise. I don't know if it is true or not, something like the true cost of a barrel of oil is around 55 dollars, but speculators and created an inflated value of oil.
I don't know if this is true, i personally haven't read ANYTHING in the paper or news about it, but i've heard a few people talk about this. I always just thought it was supply and demand, and since other countries are becoming more developed the demand has been rising (therefor rising the price). I'm not sure though...
Ya... the price is for the cost of future deliveries... its a shame because this is a big scam with these guys getting rich and inflating the prices of oil... What happens in turn is the oil companies raise their prices when they see the speculative price going up... even if there is no change in supply or demand... this is why their are record profits... because it is not costing oil companies more to sell gas...
I believe what is being done is criminal... another thing is that they can bid as much as they want because its done on credit, without them even having to come out of pocket for the oil and they don't have to take possesion of the oil they buy either...
cowfishrule
Active Member
Originally Posted by Rylan1
http:///forum/post/2664995
Who is responsible for the Enron Loophole?
I hope no one in Obama's camp is... and I hope that McCain has these people around him... because once it goes public I think it will be political disaster, by showing how political corruption can destroy the world's economy.
a democrat was in office at this time...
just sayin.
http:///forum/post/2664995
Who is responsible for the Enron Loophole?
I hope no one in Obama's camp is... and I hope that McCain has these people around him... because once it goes public I think it will be political disaster, by showing how political corruption can destroy the world's economy.
a democrat was in office at this time...
just sayin.
rylan1
Active Member
Originally Posted by COWFISHRULE
http:///forum/post/2665020
a democrat was in office at this time...
just sayin.
Its who is repsonsible for the Bill... "Congress"
http:///forum/post/2665020
a democrat was in office at this time...
just sayin.
Its who is repsonsible for the Bill... "Congress"
lexluethar
Active Member
Correct, the bill was passed under clinton, but everyone apparently knew about it. Hillary, McCain, George Bush, all of these people knew about it and signed off (or agreed) on the deal. Unless this is total BS and just another big rumor, I definately see everyones camp (politically) trying to keep this under wraps, because if this got out EVERYONE would be up a creek. And unless this is a rumor, I see Obama being included in this group, otherwise I think he would definately be capitalizing on this debocle.
threed240
Member
Originally Posted by Rylan1
http:///forum/post/2665064
Its who is repsonsible for the Bill... "Congress"
What is congress primarily run by? ...Democrats
http:///forum/post/2665064
Its who is repsonsible for the Bill... "Congress"
What is congress primarily run by? ...Democrats
lexluethar
Active Member
And we've gone back to the democrat vs republican debate... Isn't there about 15 of these on the first page of the aquarium?
Seriously, i think both parties are in on this. Don't you think one or the other would throw up a fit if they weren't involved but the o ther was?
Seriously, i think both parties are in on this. Don't you think one or the other would throw up a fit if they weren't involved but the o ther was?
rylan1
Active Member
Originally Posted by Threed240
http:///forum/post/2665073
What is congress primarily run by? ...Democrats
now, that wasn't the case then.... either way its an issue that we need to look at
http:///forum/post/2665073
What is congress primarily run by? ...Democrats
now, that wasn't the case then.... either way its an issue that we need to look at
cowfishrule
Active Member
Originally Posted by Threed240
http:///forum/post/2665073
What is congress primarily run by? ...Democrats
it was republican controlled at that time.
http:///forum/post/2665073
What is congress primarily run by? ...Democrats
it was republican controlled at that time.
rylan1
Active Member
Hmmmm
Obama-
"My plan fully closes the Enron loophole and restores commonsense regulation as part of my broader plan to ease the burden for struggling families today while investing in a better future," Obama said in a campaign statement
McCain-
The battle over the “Enron loophole” also could draw attention to McCain’s dependence on Gramm as his chief economic adviser and Gramm’s key role in passing legislation that let Enron trade commodities on electronic platforms without federal oversight.
In 2000, with the Republicans in charge of Congress and Gramm chairing the Senate Banking Committee, the exemption on electronic trading was approved without a Senate hearing.
Internal Enron documents, which were released in 2002, revealed that the Houston-based company helped write the legislation, which was signed into law by President Bill Clinton in December 2000
In 2006, the “Enron loophole” allowed Amaranth Advisers hedge fund to shift its trades from the regulated New York Mercantile Exchange (NYMEX) to the unregulated Intercontinental Exchange (ICE) in Atlanta
The lack of oversight “makes it difficult for regulators to detect excessively large positions which could lead to price manipulation
Gramm, who is now a vice chairman of financial services company UBS, began advising McCain in 2005 when the Arizona senator ...Gramm received more than $34,000 in campaign contributions from Enron and served as one of the company’s key legislative allies in Washington, including his help in 2000 removing federal oversight from energy trades on electronic platforms.
At the height of the Enron scandal in January 2002, Gramm’s press secretary Larry Neal told The New York Times that Gramm did not “recall a conversation” he apparently had with Enron’s chairman Ken Lay in 2000 to discuss that Enron legislative priority.
In April 2002, Gramm blocked an amendment by Sen. Dianne Feinstein, D-California, that would have closed the loophole that Gramm had helped open.
For more info:
http://www.baltimorechronicle.com/20...8Leopold.shtml
Obama-
"My plan fully closes the Enron loophole and restores commonsense regulation as part of my broader plan to ease the burden for struggling families today while investing in a better future," Obama said in a campaign statement
McCain-
The battle over the “Enron loophole” also could draw attention to McCain’s dependence on Gramm as his chief economic adviser and Gramm’s key role in passing legislation that let Enron trade commodities on electronic platforms without federal oversight.
In 2000, with the Republicans in charge of Congress and Gramm chairing the Senate Banking Committee, the exemption on electronic trading was approved without a Senate hearing.
Internal Enron documents, which were released in 2002, revealed that the Houston-based company helped write the legislation, which was signed into law by President Bill Clinton in December 2000
In 2006, the “Enron loophole” allowed Amaranth Advisers hedge fund to shift its trades from the regulated New York Mercantile Exchange (NYMEX) to the unregulated Intercontinental Exchange (ICE) in Atlanta
The lack of oversight “makes it difficult for regulators to detect excessively large positions which could lead to price manipulation
Gramm, who is now a vice chairman of financial services company UBS, began advising McCain in 2005 when the Arizona senator ...Gramm received more than $34,000 in campaign contributions from Enron and served as one of the company’s key legislative allies in Washington, including his help in 2000 removing federal oversight from energy trades on electronic platforms.
At the height of the Enron scandal in January 2002, Gramm’s press secretary Larry Neal told The New York Times that Gramm did not “recall a conversation” he apparently had with Enron’s chairman Ken Lay in 2000 to discuss that Enron legislative priority.
In April 2002, Gramm blocked an amendment by Sen. Dianne Feinstein, D-California, that would have closed the loophole that Gramm had helped open.
For more info:
http://www.baltimorechronicle.com/20...8Leopold.shtml
threed240
Member
Originally Posted by COWFISHRULE
http:///forum/post/2665091
it was republican controlled at that time.
My bad, I was thinkin about now. Well they just opened the first hydrogen station in LA. We should get one here on the east coast by 2027. Ha.
http:///forum/post/2665091
it was republican controlled at that time.
My bad, I was thinkin about now. Well they just opened the first hydrogen station in LA. We should get one here on the east coast by 2027. Ha.
prime311
Active Member
It costs me nothing to walk into a mine and pick up a piece of gold thats worth thousands of dollars(if I knew where to find said gold and already owned said mine). The point is: the value of materials isn't based on the cost of removing it from the ground, but on the speculated worth of the material. Blame supply/demand and rampant speculation for the cost of Oil.
If you have enough money, you can buy tons of Oil futures, wait something like 9 months before you have to pay for it, and then pay for it using the profits of the futures that you haven't even paid for yet. Gotta love the lack of regulation and rules regarding the purchasing of Oil futures.
Also, make no mistake about the correlation between the weakness of the American dollar and the cost of oil, the dollar's freefall is killing us in the export/import market.
If you have enough money, you can buy tons of Oil futures, wait something like 9 months before you have to pay for it, and then pay for it using the profits of the futures that you haven't even paid for yet. Gotta love the lack of regulation and rules regarding the purchasing of Oil futures.
Also, make no mistake about the correlation between the weakness of the American dollar and the cost of oil, the dollar's freefall is killing us in the export/import market.
oscardeuce
Active Member
Originally Posted by Rylan1
http:///forum/post/2664995
Who is responsible for the Enron Loophole?
I hope no one in Obama's camp is... and I hope that McCain has these people around him... because once it goes public I think it will be political disaster, by showing how political corruption can destroy the world's economy.
Who is responsible for closing the oil shale fields? Over a TRILLION barrels in the USA alone.
http://www.dailyreckoning.com/rpt/OilShale.html
Drill here, drill now!
http:///forum/post/2664995
Who is responsible for the Enron Loophole?
I hope no one in Obama's camp is... and I hope that McCain has these people around him... because once it goes public I think it will be political disaster, by showing how political corruption can destroy the world's economy.
Who is responsible for closing the oil shale fields? Over a TRILLION barrels in the USA alone.
http://www.dailyreckoning.com/rpt/OilShale.html
Drill here, drill now!