Oil prices: Wall Street's game - Montgomery Gas Prices

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GasBuddy News Article

Oil prices: Wall Street's game Friday, May 16, 2008
CNN Money -- NEW YORK (CNNMoney.com) -- There's no question about it, a new breed of speculator is pouring money into the oil market and helping drive prices to record levels. What's less certain is if this new money is essential to a healthy market. Many blame record prices on Wall Street investors new to the oil market, saying they're bidding up gas prices to artificially high levels - and soaking drivers. As oil nears $130 a barrel, some say $10 to $70 of that price is due to Wall Street speculation.
Visit CNN Money for full article

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JT Moderator	Message Posted: 5/16/2008 9:48:25 AM	Ignore JT Report Abuse
	Friday, May 16, 2008 CNN Money -- NEW YORK (CNNMoney.com) -- There's no question about it, a new breed of speculator is pouring money into the oil market and helping drive prices to record levels. What's less certain is if this new money is essential to a healthy market. Many blame record prices on Wall Street investors new to the oil market, saying they're bidding up gas prices to artificially high levels - and soaking drivers. As oil nears $130 a barrel, some say $10 to $70 of that price is due to Wall Street speculation. Visit CNN Money for full article

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Rick52 All-Star Author Milwaukee Posts:999 Points:19,325 Joined:Mar 2005	Message Posted: 5/23/2008 7:32:50 AM	Ignore Rick52 Report Abuse
	Does anyone know or live near a Speculator?? I would like you to go to him and SMACK him along side the head.. Tell he or she it's from me.. ! ! ! !
GMax24G All-Star Author Charleston Posts:743 Points:83,650 Joined:Jan 2008	Message Posted: 5/23/2008 5:15:15 AM	Ignore GMax24G Report Abuse
	Of course it is mostly supply and demand but these speculators are adding a bit to the price, especially lately. The rise in oil prices is outpacing the rise in demand and if you look at the commodities growth its quadrupled.
jmuse Veteran Author Long Island Posts:343 Points:74,050 Joined:May 2008	Message Posted: 5/18/2008 12:08:00 PM	Ignore jmuse Report Abuse
	Speculators alone can not rule the market. Eventually it comes back to fundamentals(supply & demand)
POLELANE Champion Author Ohio Posts:1,222 Points:120,475 Joined:Mar 2008	Message Posted: 5/18/2008 10:59:06 AM	Ignore POLELANE Report Abuse
	you play, you just might pay
remmi870 Sophomore Author Columbus Posts:116 Points:16,185 Joined:May 2008	Message Posted: 5/17/2008 6:14:01 PM	Ignore remmi870 Report Abuse
	The fact that middle america is loosing their homes and all the mortgage companies are goin under, everyone is pouring money into a shure thing, the commodities market. Everything like steel, utilities, corn, produce, grain, even shipping companies, all run off of oil, and so naturaly if you dump money into the oil market, it will skyrocket.
POLELANE Champion Author Ohio Posts:1,222 Points:120,475 Joined:Mar 2008	Message Posted: 5/17/2008 11:37:41 AM	Ignore POLELANE Report Abuse
	they haven't been booked, yet
armstrmb Champion Author Houston Posts:1,550 Points:365,035 Joined:Jun 2007	Message Posted: 5/17/2008 9:49:50 AM	Ignore armstrmb Report Abuse
	If the speculators have organized into a mid-size investment company, I wonder if the government will bail them out again.
BH24 Champion Author Arkansas Posts:1,309 Points:564,490 Joined:May 2005	Message Posted: 5/17/2008 9:45:01 AM	Ignore BH24 Report Abuse
	The day will come when Wall Street's gaggle of "speculators" will find themselves holding contracts that will wipe them out. That'll be when some sort of solution to the energy problem is finally uncovered. Not only will that bring lower prices at the pumps, but it will also furnish a tough lesson for speculators who tend to artificially drive prices upward.
mars48 Champion Author New Hampshire Posts:5,050 Points:982,285 Joined:Oct 2005	Message Posted: 5/17/2008 9:43:36 AM	Ignore mars48 Report Abuse
	When a person wants IRA money early, the IRS takes 10% up front and final settlement is when you figure it out on your tax return. What if the IRS took 10% of the sale price of commodity trading?
kanmandoo All-Star Author Detroit Posts:743 Points:797,690 Joined:Jun 2005	Message Posted: 5/17/2008 9:43:16 AM	Ignore kanmandoo Report Abuse
	It's not supply and demand any more.
SpruceGuse2 Champion Author Michigan Posts:1,126 Points:745,375 Joined:Mar 2006	Message Posted: 5/17/2008 9:40:25 AM	Ignore SpruceGuse2 Report Abuse
	It's all due to Wall Street speculation and always was..........the rich getting richer on our woes.
GMax24G All-Star Author Charleston Posts:743 Points:83,650 Joined:Jan 2008	Message Posted: 5/17/2008 9:32:46 AM	Ignore GMax24G Report Abuse
	Umm Hmmm, the rich get richer and the poor get poorer and pretty soon there will not be anymore middle class.
spartangas Rookie Author Lansing Posts:93 Points:52,840 Joined:Dec 2006	Message Posted: 5/17/2008 9:29:26 AM	Ignore spartangas Report Abuse
	Sure not a game for the rest of us.
TwoEyes Champion Author New Haven Posts:1,045 Points:1,047,390 Joined:May 2005	Message Posted: 5/17/2008 9:21:32 AM	Ignore TwoEyes Report Abuse
	close NYMEX
MonkeyBoy All-Star Author Twin Cities Posts:618 Points:815,020 Joined:Feb 2003	Message Posted: 5/17/2008 9:21:17 AM	Ignore MonkeyBoy Report Abuse
	Their game and we're the pawns.
TRAIN RIDER All-Star Author San Bernardino Posts:621 Points:1,057,510 Joined:Oct 2004	Message Posted: 5/17/2008 9:21:11 AM	Ignore TRAIN RIDER Report Abuse
	GET THE SPECTULATORS OUT.
Stateline Champion Author Indiana Posts:1,790 Points:562,930 Joined:Oct 2006	Message Posted: 5/17/2008 9:14:51 AM	Ignore Stateline Report Abuse
	Don't allow margin buying
The_WB Champion Author Detroit Posts:3,154 Points:367,850 Joined:Apr 2007	Message Posted: 5/17/2008 9:10:35 AM	Ignore The_WB Report Abuse
	More like $70.00!
mwhals Champion Author Charleston Posts:4,140 Points:703,140 Joined:Jun 2006	Message Posted: 5/17/2008 9:03:21 AM	Ignore mwhals Report Abuse
	For weeks, I have been saying that the high prices are mostly caused by Wall Street. This is the true example of the rich getting richer and the poor getting poorer.
AC-302 Champion Author Los Angeles Posts:7,062 Points:1,198,675 Joined:Aug 2004	Message Posted: 5/17/2008 9:01:59 AM	Ignore AC-302 Report Abuse
	Yeah, speculators are part of the problem, but what can you do about it? If there were a substitute product, then you could switch to that. But since there isn't, the price is "what the market will bear".
Lengas Champion Author Gary Posts:3,925 Points:999,720 Joined:Nov 2004	Message Posted: 5/17/2008 9:01:05 AM	Ignore Lengas Report Abuse
	The speculators should be sent to the middle east and join their friends for life.
MnSwede Champion Author Twin Cities Posts:1,656 Points:472,730 Joined:Oct 2005	Message Posted: 5/17/2008 8:55:21 AM	Ignore MnSwede Report Abuse
	Everyone would jump at the chance to increase their return on investment. This is driven by the commodities market not the stock market.
Somis1 Champion Author Ventura Posts:4,278 Points:958,050 Joined:Jul 2005	Message Posted: 5/17/2008 8:50:39 AM	Ignore Somis1 Report Abuse
	This is supposed to be news?
rvnvet70 Champion Author Michigan Posts:1,262 Points:876,425 Joined:Sep 2005	Message Posted: 5/17/2008 8:49:44 AM	Ignore rvnvet70 Report Abuse
	We said that a long time ago, but nobody listens.
spunky4443 All-Star Author Washington Posts:559 Points:339,150 Joined:May 2005	Message Posted: 5/17/2008 8:47:03 AM	Ignore spunky4443 Report Abuse
	I mentioned this is a previous message.
DerHahn Champion Author Illinois Posts:1,527 Points:384,170 Joined:May 2004	Message Posted: 5/17/2008 8:41:45 AM	Ignore DerHahn Report Abuse
	you think your morning commute is bad here in north america? well i found this info this morning for people who commute in london. they are charged £8 a day(about $16) for contributing to traffic congestion. found this looking the UK Toyota site. London commuters driving a Toyota Prius in and out of the city centre are exempt from a daily £8 congestion charge once registered with Transport for London (TfL) for one off £10 registration fee. can you imagine this being done here in america?
CheapoBob All-Star Author Alabama Posts:870 Points:854,510 Joined:Apr 2005	Message Posted: 5/17/2008 8:38:58 AM	Ignore CheapoBob Report Abuse
	I hope their bubble bursts soon
priceml Sophomore Author Fresno Posts:218 Points:332,540 Joined:May 2006	Message Posted: 5/17/2008 8:36:44 AM	Ignore priceml Report Abuse
	The rich get richer
Whitewolf1960 Veteran Author Albany Posts:294 Points:19,600 Joined:Apr 2008	Message Posted: 5/17/2008 8:33:09 AM	Ignore Whitewolf1960 Report Abuse
	I agree with cucamping.... get oil OFF wall street, and shoot all the speculators! ( JK on the shooting.... ) but the speculators ARE the source of the problem - they need a new line of REAL work!
papou Champion Author Tampa Posts:2,382 Points:375,520 Joined:Jul 2005	Message Posted: 5/17/2008 8:32:03 AM	Ignore papou Report Abuse
	I hope they lose their A--
tags610 Champion Author Lincoln Posts:1,743 Points:402,325 Joined:Nov 2005	Message Posted: 5/17/2008 8:31:37 AM	Ignore tags610 Report Abuse
	More of the same old story with no action.
cucamping Champion Author Omaha Posts:3,132 Points:695,735 Joined:Jun 2006	Message Posted: 5/17/2008 8:27:59 AM	Ignore cucamping Report Abuse
	I agree, get oil off wallstreet.
EagleEye16 All-Star Author Nova Scotia Posts:729 Points:116,270 Joined:Jun 2007	Message Posted: 5/17/2008 8:27:44 AM	Ignore EagleEye16 Report Abuse
	This type of scum sucking ranks right up there with the banana republic dictators who hoard up supplies provided by foreign aid for disaster victims.
ladyjj All-Star Author Tennessee Posts:531 Points:44,245 Joined:Apr 2008	Message Posted: 5/17/2008 8:26:40 AM	Ignore ladyjj Report Abuse
	The Speculators better watch out cause like everything else that has done this it all come to an end and then where will you be right down here on the low part of the ladder with all us working poor! Take oil off the stock Market Stop this greed before it is too late!
UTOrangeMan Champion Author Atlanta Posts:1,386 Points:111,675 Joined:Mar 2008	Message Posted: 5/17/2008 8:26:24 AM	Ignore UTOrangeMan Report Abuse
	Lynching is illegal isn't it?
RC_RACER All-Star Author Tacoma Posts:637 Points:163,625 Joined:Jun 2004	Message Posted: 5/17/2008 8:23:06 AM	Ignore RC_RACER Report Abuse
	still as before, boils down to greed, on anyones back that gets in the way.
don985 Champion Author Denver Posts:1,145 Points:597,565 Joined:Jul 2006	Message Posted: 5/17/2008 8:21:15 AM	Ignore don985 Report Abuse
	Get oil off wall street....
JimL1 All-Star Author Phoenix Posts:964 Points:217,425 Joined:Jul 2003	Message Posted: 5/17/2008 8:20:47 AM	Ignore JimL1 Report Abuse
	Gasfrugal, when everyone blamed the other guy, years ago we used to call that a pissing contest, i.e., nothing is accomplished.
ursidae3 Veteran Author Orlando Posts:436 Points:281,310 Joined:Sep 2005	Message Posted: 5/17/2008 8:18:03 AM	Ignore ursidae3 Report Abuse
	everyone has their hands in the pot
gasfrugal Champion Author New York Posts:35,045 Points:1,596,505 Joined:Sep 2003	Message Posted: 5/17/2008 8:17:22 AM	Ignore gasfrugal Report Abuse
	Lets see, the oil magnets take a mega cut, the big oil companies make record profits (and say don't blame us), the wall street speculators jump in and trade futures and take a cut, the refiners get a cut, the taxman is getting a windfall in states that sales tax gas. like NY, and the motorist is left with the BILL... and everyone is pointing the finger at the next guy and so many think the election is gonna change all this? Think again.
Matts_Pap All-Star Author Pennsylvania Posts:692 Points:115,095 Joined:Feb 2008	Message Posted: 5/17/2008 8:13:31 AM	Ignore Matts_Pap Report Abuse
	Conclusion; Nobody has an answer, not even the AAA.
DerHahn Champion Author Illinois Posts:1,527 Points:384,170 Joined:May 2004	Message Posted: 5/17/2008 8:12:23 AM	Ignore DerHahn Report Abuse
	time to riot on wall st.
BoerneWatch Champion Author San Antonio Posts:5,569 Points:712,410 Joined:Oct 2005	Message Posted: 5/17/2008 8:11:50 AM	Ignore BoerneWatch Report Abuse
	Obviously, the reporter did not interview speculators who were recruited over the past few years by Wall Street firms. I had been told of how much I could make speculating. What I felt like was that they only wanted me to support their big clients who had a lot more to lose. I also believe that I would have been part of the problem like the thousands who are in the market now. Their respective days will come when nothing but one news story after comes out telling about the ever growing glut of oil.
DooDaa Champion Author Massachusetts Posts:3,203 Points:721,455 Joined:Dec 2004	Message Posted: 5/17/2008 8:11:05 AM	Ignore DooDaa Report Abuse
	Okay
Capt2007 Veteran Author Victoria Posts:260 Points:188,350 Joined:Oct 2007	Message Posted: 5/17/2008 8:10:01 AM	Ignore Capt2007 Report Abuse
	Took a while to figure that one out
CheddarWedge All-Star Author Texas Posts:816 Points:111,340 Joined:Feb 2008	Message Posted: 5/17/2008 8:09:22 AM	Ignore CheddarWedge Report Abuse
	I'm not big on regulation, but dang, the common man can not compete when a few hurt the many.
cv Champion Author Raleigh Posts:6,361 Points:1,526,365 Joined:Oct 2003	Message Posted: 5/17/2008 8:08:15 AM	Ignore cv Report Abuse
	The old saying is: "What goes up must come down".......well?
alphascan Veteran Author Twin Cities Posts:403 Points:231,865 Joined:Jul 2001	Message Posted: 5/17/2008 8:05:05 AM	Ignore alphascan Report Abuse
	Al Gore is putting all his Nobel Peace Prize money into oil in order to drive up the price so we can't drive.
Mazdaman7Q Champion Author South Carolina Posts:3,183 Points:675,175 Joined:Jun 2006	Message Posted: 5/17/2008 8:03:42 AM	Ignore Mazdaman7Q Report Abuse
	Paying almost double of what it's worth!! How long will we allow this to continue???
pecos Champion Author Columbus Posts:1,067 Points:695,585 Joined:Jul 2005	Message Posted: 5/17/2008 8:02:59 AM	Ignore pecos Report Abuse
	Speculators and investors making millions on the backs of the average joe that doesn't have squat.