Investigate high oil prices
POSTED: May 14, 2008
With gasoline prices nearing $4 a gallon, many Americans want to know why there is so much pain at the pumps these days. It’s a good question, deserving of an answer.
Oil industry analysts say laws of supply and demand are not entirely to blame. It appears that plenty of petroleum is available on world markets — but it is costing much, much more than it did just a year ago.
Two senators, Jack Reed, D-R.I., and Carl Levin, D-Mich., have asked President Bush to create a task force “to investigate whether speculators are driving up prices in energy commodity markets through manipulative or deceptive practices.” In other words, they want to know whether speculators are inflicting pain on American motorists in order to get rich quickly.
At one time, the oil producers in OPEC could have dealt swiftly and effectively with such speculators. More than once in the past, OPEC leaders have increased production to put more oil on the market, thus foiling those who would, in popular parlance, have attempted to “corner the market.” But earlier this year — blaming speculators to some extent — OPEC refused to increase production.
Are high oil prices a result of supplies being manipulated? We don’t know. But Bush should consider the Reed-Levin request, in order to look into the matter and provide Americans with answers.
Even if speculators are driving up oil prices, they may be doing nothing illegal. There are no laws against buying low and selling high, after all. Still, learning just what has caused the drastic increase in prices could help Americans guard against even greater problems in the future.
Member Comments
View Comments: | 1-25 |26-33 | Post a comment
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JamesD
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05-18-08 8:09 PM
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I don't think there's any question that the big five oil companies - ExxonMobil, ChevronTexaco, ConocoPhillips, BP, and Shell - have manipulated the market and engaged in anti-competitive practices designed to put smaller, independent refiners out of business. Clearly, the oil industry is regulating itself right now and that's leading to the American public getting bled dry. Clamping down on speculators, and strictly enforcing anti-trust laws, should be a high priority for any lawmaker who cares about protecting the public from corporate exploitation.
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FREEDOM
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05-16-08 8:45 PM
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exactly There will be alot less travel they raised the thruway tolls also
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Guinta
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05-16-08 7:39 PM
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I'm resigned to cancel my trip up to my farm in Oppenheim this summer because of gas prices. A member of another forum I'm a member of reports that gas hit 4 bucks on Long Island. I'm sick about not being able to get up there. I guess raising gas prices is one way to tie down the once mobile American population. I sort of feel a little like a prisoner now. A little less free.
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FREEDOM
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05-16-08 1:42 PM
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GUINYA the man appointed to the treasury from goldman sachs,last name is Paulson and your right another puppet.
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FREEDOM
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05-16-08 11:19 AM
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downtownmerchant your welcome here is another book you might like to read The end of america by Naomi Wolf
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downtownmerchant
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05-16-08 11:06 AM
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freedom - thanks, i will read some on that topic. it kinda reminds me of a fictional account of such a group in a novel by taylor caldwell "the captains and the kings" that i read many years ago.
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FREEDOM
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05-15-08 10:47 PM
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Bilderbergs pick our president if you notice the Bushes and clinton have been in the white house for the last 28 years Vp bush under reagan who was just tyhe front man for bush then his own presidency. then came cliton now little bush next will be hillary. makes one dizzy how can this be election fraud and media manipulation For instance they never ask ron paul any questions and when they did they cut him off,by the way Ron Paul; is still in the republican race trying to get a platform at the convention he also has a new book called revolution a manifesto. he talk about this corruption and alot more
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Guinta
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05-15-08 9:59 PM
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I made a joke about the Bilderbergers in another thread and was humorously suprised you brought them up.It was true that Bill Clinton met with the Bilderburger group during their meeting in Rome while he was campaigning for the presidency. That memory rather suddenly steeled me against Hillary Clinton. Recently there was an appointment to (I think) the Treasury Department. The Appointee was touted as being an executive of Goldman Sachs. Goldman Sachs has a number of seats in the Bilderbergers' group. I wonder who the guy reports to first.
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FREEDOM
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05-15-08 8:56 PM
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One more source watch public access channel 16 thursday's at 1230pm
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FREEDOM
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05-15-08 8:27 PM
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called the prosecution of George w Bush for murder. cant wait to read that one. I know some one will call me crazy but the truth the truth
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FREEDOM
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05-15-08 8:24 PM
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or Brittany shaving her head. THere is alot more if you interested you can find more info. at INFOWARS com or net or anything written by Jim Tucker who has been tracking this group for years There is also a new book coming out by David Rothkopf who worked in the clinton admin. called SUPERCLASS the global power elite and the world they are making.There is alot of info. about them on internet There is another book coming out byVincent Belglosi {sp}
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FREEDOM
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05-15-08 8:15 PM
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downtownmerchant first of all Im not left or right Im just an american citizen. The Bilderberg"s are a group of super rich that are determined to achieve a world goverment "The new world order" as the Bushes like to talk about.They control most of our goverment officials including both Bushes and both clintons.They manipulate our elections because they control our news media Rupport Murdock who owns most of the media newspapers and television is a member of the group.I want to make this short.They have already made the European union now they are after a North American union but they are afraid of the middle class.If they can destroy the middle class they they would be able to complete thier agenda,and the united states will lose it's sovrienty,constitution and bill of rights. They already have agreements in place with canada and Mexico that the public doesnt know about because the news media doesnt report it. Instead you get Anna nicfhol smiths death for a month, con't
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wrestler79
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05-15-08 7:43 PM
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Wow the left wingers are reaching. "Environmentalists are funded by the oil companies" no more than a drive by shooting, otherwise state your source.
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downtownmerchant
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05-15-08 5:31 PM
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to freedom... im not being snotty...i just am confused about part of the post (i find it interesting). why would this group of elitists (bilderbergs) want to eliminate or hurt the middle class? doesnt that hamper their ability to make even more money off that class? what are their motives behind their actions...i just assumed it was money.
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slider
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05-15-08 3:13 PM
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I just thought of why the government cannot investigate this issue. It is because they are more interested in investigating the NE Patriots over Spygate. Amazing!!!!!
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slider
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05-15-08 2:02 PM
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Very interesting. I also wonder why we do not get more oil from Canada. They have something like the 4th largest reserve. We (believe it or not) have something like the 12th largest, we just dont pump it. Makes no sense.
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Guinta
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05-15-08 1:50 PM
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I just remembered that the last time I was out in Oklahoma a few months ago (I go there several times a year with my job) I heard an advertisement on the radio from a local oil company that was paying for information about oil wells that had been capped. Many American wells were capped because with oil flooding the market, prices and profits were too low. Capped wells were not centrally mapped. Now the Big Oil wants to upcap and tap, if only they can find all those wells. Interesting, eh?
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slider
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05-15-08 1:24 PM
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I believe the biggest reasons for the oil prices are supply/demand and the US dollar. In regards to supply/demand, China is buying oil at a rate that even makes the US look good, and they are continuing to grow. Opec could help this by increasing output, but they will not do that. They have not decreased it, which is good, but not doing much to help out. The other and probably biggest issue is the value of the US dollar. All oil is sold using 1 currency, which is the US dollar. The dollar continues to get weaker and weaker and as a result, the price of oil grows in order to accomodate this decrease in value. That being said, the government has done nothing to help these issues. Opening oil fields that we have her would help, but congress keeps shutting those bills down. Lots of blame to go around!
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FREEDOM
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05-15-08 11:53 AM
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con't During thier 2006 meeting in ottawa,Bilderberg agreed to push for 105 a barrel before the end of 2008. They have passed thier expectations.The BIldeberg group have sworn to bring about whatJose Barroso Pres. of european commission and a bildeberg member referes to as the post-industrial revolution which translates as a global economic crash another great depression and the eviscertion of the middle class by means of a drastic hike in the cost of living.
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FREEDOM
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05-15-08 11:42 AM
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A report by Goldman Sachs group Inc.earlier this month forecast that oil; prices will reach 150-200 a barrel within 2 yaers a figure in line with the ultra elite Bilderbergs plan to squeeze the middle class and lower the living standards of westeners.The ultra secrative Bilgerberg group a consortium of power brokers from banking,business,polotics,academia and oil met in Munich in may 2005 when crude oil prices were around 40 a barrel.During the confrenceHenery Kissinger told attendees that elite had resolved to ensure that oil prices would double over the next 12 to 24 months which is what happened. con't
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SNOWGRINCH
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05-15-08 10:13 AM
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Bush… the oil man!…George w Bush started his own oil and gas company in 1978, Arbusto Energy (arbusto means Bush in Spanish). In 1983, Bush’s company was rescued from failure when Spectrum 7 Energy Corporation, bought it. Bush was named CEO. Harken Energy Corporation acquired Spectrum 7 in 1986, after Spectrum had lost $400,000. Bush became a director and was hired as a "consultant" to Harken. Harken was failing until Saudi real estate and financial investors rescued the business. In 1990, Bush sold his remaining stock options and left the oil business. ~ After running several oil companies into the ground, no wonder the price of gas in the USA is almost $4.
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Guinta
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05-15-08 7:50 AM
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I get a kick about people call bUSH an oil man. I lived in Texas when bUSH's daddy was VP and number one son tanked that 'oil' business he was partners in. The Arbusto Company went belly up right after bUSH sold all his stock in it at a nice high price. All the sorry-donkey investors that gave him and his oily friends their money were selling their corvettes and Rolexes on the highway in Houston to try to make their mortgage payments. I-45 looked like a used car lot for awhile. Neighborhoods emptied out as investors ran for cover. If bUSH is a conservative, then 'conservative' actually means 'stock market criminal'. Oh yeah, since I'm a former Texas Air National Guardsman myself, I can also say this: If bUSH is a 'conservative', then 'conservative' means 'AWOL'.
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FREEDOM
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05-14-08 11:28 PM
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They dont even update the ones they have.They own our goverment officials and they do not pass legislation to make them upgrade the facilities they already have or build new ones. most of the refineries are out dated Profit profit,profit thats all that matters.
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2ndAmendement
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05-14-08 10:27 PM
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Freedom why can't big oil build anymore refineries?
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FREEDOM
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05-14-08 9:38 PM
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The enviormentalist are funded by the oil companies if you dont believe that look it up.
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