Don’t worry, just a little bump - $70 is just around the corner. Short traders just keep making those margin calls, mortgage the house if you have to. Fortunes await you! PO is for pansies and doomers. At $70 short some more ..... it is going back to $22 .... the world is awash with oil ........ reality has nothing to do with it, its all in those charts!!!!!!!!!!
In response to record oil and gasoline prices, the U.S. House of Representatives on Thursday approved 402 to 19 legislation directing the Commodity Futures Trading Commission to use its authority, including the agency's emergency powers, to "curb immediately" the role of excessive speculation in energy futures markets.
Hedge funds, pension funds and other speculators have been blamed by many lawmakers and some energy experts for doubling the price for crude oil in the last year.
The Bush administration disagrees, saying high prices are the result of world oil production not being able to keep up with growing global fuel demand.
The House legislation requires the CFTC to act against "sudden or unreasonable fluctuations" in energy futures prices and other trading activities that "prevent the market from accurately reflecting the forces of supply and demand for energy commodities." The Senate must still vote on the measure.
"The American people should not be punished at the pump for the actions of oil speculators," said House Speaker Nancy Pelosi.
Posted: Thu Jun 26, 2008 7:02 pm Post subject: Re: US House Votes to Curb Energy Market Speculators
Excellent news. I especially like that 402 to 19 vote tally. Very promising. A great first shot across the deck, and it should get even more interesting as they start firing the big guns.
Pay no heed to those who defend speculators. Without exception, these people are invested up to the gills in oil futures and ETFs, and don't give a rat's ass about anything but their own bottom line.
My favorite solution: Highly invasive IRS reporting requirements for anyone owning oil, or oil related futures, ETFs etc. Windfall profits from flipping these investments should be taxed at bonecrushing rates.
Whether this lowers prices or not is irrelevant. The important thing is to saw off the snickering hyenas who think they can profit with impunity off the pain of ordinary people. _________________ Peak Oil Debunked
Joined: Feb 09, 2006 Posts: 392 Location: Venezuela
Posted: Thu Jun 26, 2008 7:09 pm Post subject: Re: US House Votes to Curb Energy Market Speculators
JohnDenver wrote:
Excellent news. I especially like that 402 to 19 vote tally. Very promising. A great first shot across the deck, and it should get even more interesting as they start firing the big guns.
Pay no heed to those who defend speculators. Without exception, these people are invested up to the gills in oil futures and ETFs, and don't give a rat's ass about anything but their own bottom line.
My favorite solution: Highly invasive IRS reporting requirements for anyone owning oil, or oil related futures, ETFs etc. Windfall profits from flipping these investments should be taxed at bonecrushing rates.
Whether this lowers prices or not is irrelevant. The important thing is to saw off the snickering hyenas who think they can profit with impunity off the pain of ordinary people.
So, what's your opinion of the percentage of today's price that can be attributed to speculation?
Joined: May 08, 2007 Posts: 123 Location: Washington State
Posted: Thu Jun 26, 2008 7:09 pm Post subject: Re: US House Votes to Curb Energy Market Speculators
So what they are saying is free market capitalism has failed. I hope they also tell the coffee shop I visit to reduce their prices or face the consequences. _________________ An Optimist is eventually wrong, A Pessimist is eventually right.
Joined: Oct 23, 2004 Posts: 5401 Location: New Jersey
Posted: Thu Jun 26, 2008 7:11 pm Post subject: Re: US House Votes to Curb Energy Market Speculators
I predicted here in 2006 that futures markets will eventually be targeted - and closed - as the price of oil keeps rising.
However I want to be the first to say now that, in regards to reducing position limits on US oil futures markets, the result will be counter productive. In other words, the price of oil will rise as positions are closed out.
I know this goes against the reasoning of Congress, the American public, and even many posters here. But there are a few reasons this may happen.
1. Speculators may actually be short the market (again we have been told the opposite is true).
2. Large speculators probably did not want to enter new buy positions lately with increased Congresisonal oversight.
3. Physical inventories have been reduced to very low levels due to a special inventory profits tax, low refining margins, and lack of any incentive to hold inventories based upon futures prices and government scrutiny.
This is one more step towards closing the futures markets down one day. That's why I never recomended any one buy long dated futures contracts.
It's possible that oil futures trading will now move on to London or the Mideast, making it more difficult for US energy companies to secure the oil they need. _________________ It's already over, now it's just a matter of adjusting.
Joined: Oct 23, 2004 Posts: 5401 Location: New Jersey
Posted: Thu Jun 26, 2008 7:20 pm Post subject: Re: US House Votes to Curb Energy Market Speculators
JohnDenver wrote:
Excellent news. I especially like that 402 to 19 vote tally. Very promising. A great first shot across the deck, and it should get even more interesting as they start firing the big guns.
Pay no heed to those who defend speculators. Without exception, these people are invested up to the gills in oil futures and ETFs, and don't give a rat's ass about anything but their own bottom line.
My favorite solution: Highly invasive IRS reporting requirements for anyone owning oil, or oil related futures, ETFs etc. Windfall profits from flipping these investments should be taxed at bonecrushing rates.
Whether this lowers prices or not is irrelevant. The important thing is to saw off the snickering hyenas who think they can profit with impunity off the pain of ordinary people.
Actually futures trading profits are mostly taxed at year end whether or not the position is closed out (unless held within a retirement account).
On the other hand, married persons can make a gain of $500,000 on a home and pay no tax on their primary residence. _________________ It's already over, now it's just a matter of adjusting.
Joined: Dec 30, 2007 Posts: 15 Location: South Carolina
Posted: Thu Jun 26, 2008 7:30 pm Post subject: Re: US House Votes to Curb Energy Market Speculators
The House bill will do nothing to lower prices, you can bet on that.
As an oil speculator (and damn proud of it), I'm holding onto my long positions. If I have to take delivery, I will, and the House can kiss my #$$.
Joined: Apr 08, 2007 Posts: 446 Location: Cleburne, TX, USA
Posted: Thu Jun 26, 2008 9:05 pm Post subject: Re: US House Votes to Curb Energy Market Speculators
And in other news...
Oil broke the all-time high price mark of $140.39 in intra-day trading following comments from OPEC President Chakib Khelil that oil will reach $170 per barrel this summer... _________________ My new Peak Oil T-Shirt Design
Posted: Thu Jun 26, 2008 9:06 pm Post subject: Re: US House Votes to Curb Energy Market Speculators
Life would be so much more simple for Congress if only everybody was an American. But, guess what? Speculators come in other nationalities too, others who are not subject to U.S. law.
So, by limiting the marketplace, perhaps Congress is just moving potential oil speculation profits out of American hands into more foreign hands, hands whose trading gains bring no taxes into the treasury.
Joined: Jun 20, 2008 Posts: 67 Location: Quebec/Ottawa, Canada
Posted: Thu Jun 26, 2008 9:59 pm Post subject: Re: US House Votes to Curb Energy Market Speculators
Denny wrote:
Life would be so much more simple for Congress if only everybody was an American. But, guess what? Speculators come in other nationalities too, others who are not subject to U.S. law.
Yes. But the US has had some history in passing and enforcing laws extra-territorially, particularly, but not limited to, US citizens. And some gov'ts remain friendly with US and often do their bidding, such as Canada.
Here in Canada, I must sign something swearing I'm not a US citizen before opening a brokerage account. BTW, I lie to avoid all the IRS etc paperwork.
As a US born citizen of both the US and Canada, I was required to register for Selective Service, and am required to file with IRS if I make over $100k or so. Even though I've never really lived in the US. Thus far, I've never dealt with the IRS and hope I never have to. Dealing with Canadian business taxes, for both Canada and Quebec and two more for my wife is more than enough paperwork for me!
Posted: Thu Jun 26, 2008 10:16 pm Post subject: Re: US House Votes to Curb Energy Market Speculators
JohnDenver wrote:
Pay no heed to those who defend speculators. Without exception, these people are invested up to the gills in oil futures and ETFs, and don't give a rat's ass about anything but their own bottom line.
Whether this lowers prices or not is irrelevant. The important thing is to saw off the snickering hyenas who think they can profit with impunity off the pain of ordinary people.
Fortunately for me, I've got plenty of grain-oriented investments. They've been wonderfully profitable.
It makes news of the starving masses positively...delicious.
You cannot post new topics in this forum You cannot reply to topics in this forum You cannot edit your posts in this forum You cannot delete your posts in this forum You cannot vote in polls in this forum
News
Discussions
Resources
Members
Forum FAQ
Search
Usergroups
Profile
Log in to check your private messages
Log in
