| IF OPEC AND EVERYONE AGREE THAT $65.00 TO $70.00 OIL IS A GOOD PRICE THEN WHY IS IT AT $80.00 EVERY OTHER WEEK. IF IT WAS AT SEVENTY PRICES WOULD DROP AT THE PUMP BY .35 CENTS PER GALLON AND THE AVERAGE WORKER WOULD SAVE HIMSELF WEEKLY. SO I GUESS WALL STREET SPECULATORS FEEL THEY DESERVE THE EXTRA .35 CENTS IN THERE POCKET AND THEY ARE USING OUR MONEY..?? COMMODITIES ARE THE ESSENTIALS OF INDUSTRY AND LIVING SO GET WALL STREET OUT OF OUR LIVES AND GIVE THE AVERAGE JOE A BREAK FOR AWHILE MAYBE WE COULD GO BACK TO WORK AND SAVE MONEY AGAIN. | | JOHN CORMIER
BERNARDSTON, MA
11/23/2009
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| Right now this very day the president and his advisers are talking about another stimulus plan. The first stimulus plan many people have forgotten went directly into the hands of the oil companies. How many remember the 140 dollar a barrel oil, and how ineffective the first stimulus was. If the american people continue to send people to washington over and over again and these people refuse to stop this theft and americans dont replace them, then the american people will get exactly what they deserve, and that goes not only for this problem but all the rest. Next year the entire house of representatives are up for re-election, and 1/3 of the senate. I can think of no other way to send a clearer message to washinton than to replace every last one of them. And to tell them exactly why they are being replaced. And to make it clear to those that are replacing them the same will happen to them if the deck remains stacked. If the american people cannot get off thier backside and go down and vote these people out of office then they have absolutely no right to complain to anyone. | | Steve Wainscott
West Palm Beach, Florida
11/23/2009
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| As an owner of a fuel station and a farmer and rancher I can tell you that it goes much deeper than with just fuel. How you can sell something that you don’t fully own is criminal. If I sold your house I would go to jail. In grains and cattle if the speculators had to own at least 50% of the commodity that they are trading it would at least change the strategies they now use. It is about corruption and legalized gambling. It started out as price protection for producers but that ended years ago. | | Mike Schultz
Brewster, KS
11/01/2009
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| When you take a deeper look at the recent rapid changes in oil price. This is not just an excessive speculation taking the control of the pricing discovery function of oil future market. Those BIG CORPORATIONS are also controlling the entire supply chain of US oil supply from CRUDE OIL SUPPLY to gas stations. Obviously, their hands are extending into all the pockets of American people. They are betting the hope of recovery for themselves, NOT for American people. | | Pat Ng
San Francisco, CA
10/29/2009
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| Yesterday the Energy Information Administration reported that both crude inventories and gasoline inventories rose once again. Crude went down like it is supposed to do. Look at it today. Because the GDP came in slightly higher than it was estimated crude is currently up 3.72%. Why? Because the SPECULATORS are SPECULATING that there MIGHT be a recovery next year. This has nothing to do with actual gasoline consumption or inventories. This little game that the speculators play is truly sickening. | | Ray Jeanfreau
Kenner, LA
10/29/2009
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| I may be wrong, but it is my understanding that speculators do not have to post any cash to buy oil. If that is the case, why not have a law that requires speculators to put down 50% cash money of the cost their purchase. I bet if they were using their cash money and not credit, it would reduce the amount of speculation and volatility. | | N. Brewer
New Hampshire
10/26/2009
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| Been an interested recipient of info from the group since I worked for the airlines, where I was laid off as a direct result of the effect that the price of oil had on profits. Have emailed my Senator, Claire McCaskill, who sent me a canned response about how speculation was under control, and the best way to control fuel costs was to develop more alternative fuels, etc. If this is the attitude of the majority of our elected representatives, good luck. The rich get richer, the poor get the shaft. There is no way to fix this. | | Dave
Missouri
10/26/2009
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| Article after article giving speculators an excuse to get rich on the public saying that the dollar is affecting crude prices. The only thing affecting crude prices is the greed of the speculators. There is no oversight so they can make crude whatever price they want. What can be done besides nothing at all on our part? | | Ray Jeanfreau
Kenner, LA
10/23/2009
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| Why can’t Stop Oil Speculation Now organize as a united national group and have a signed petition sent in to congress? The individual emails that people send to Congress are okay but there is strength in numbers. We just sit helpless as the greedy speculators get rich. There has to be something that can be done. Are we just lost little sheep? | | Ray Jeanfreau
Kenner, LA
10/23/2009
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| Goldman with its pump and dump play on commodities showed a nice $6MMM profit. With ex-goldman people in control of the government, do you really expect this to end ? Wait until the Goldman Cap and Trade gets going, and creates another bubble which will drag oil to the moon. | | Alex
PA
10/16/2009
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| A great bill has been presented by Rep. Wyden (the Stop Tax-breaks for Oil Speculators (STOP) Act, S1588) that would practically stop excessive oil speculation. It would make investors pay the same taxes as legitimate users of the futures markets like oil producers and buyers. Right now they only pay capital gains taxes while legitimate users pay higher income tax rates. If only Wyden would include food commodities as well… | | Dave
Washington, D.C.
10/16/2009
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| Is there anything that the consumer can do? Crude inventories are at their highest level in over two decades. Despite that the speculator has driven crude prices up dramatically since the beginning of the year for no reason other than to make a profit. Why does the government allow this? Isn’t the government supposed to stand up for its citizens. Crude speculation should be stopped immediately. | | Ray Jeanfreau
Metairie, LA
10/08/2009
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| Where was this when oil sold off? I didn’t see one post about stock speculation when the Dow exploded a few years back. Now, speculation and short in stocks are bad. Please write a petition informing the public and the government that we are tired of the government making record profits on oil! They have a profit margin 5 times bigger, if not more, than oil companies. No outrage there? The government has bankrupted the US, yet they still get raises and private planes. No outrage there? Please put your effort toward something that has much more influence over ordinary Americans, instead of giving more people an excuse to live as victims with no responsibility. | | Andrew Vitt
Chicago, IL
09/14/2009
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| The reason there will be no reform in the oil and gas speculation business is because there’s too much money to be made by the investors.
Who are the investors? Just ask your local elected official where his personal investments are. Now do you get the picture? | | Dale Brumbalow
Texas
09/11/2009
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| Oil prices are set by futures trading which are cash settled. Good futures contract design establishes a link between paper futures markets and underlying supply demand. The two markets are linked by making it possible to settle paper trades through physical deliveries. If no credible threat of physical delivery exists the paper market takes on a life of its own. All of the oil contracts are not structured to facilitate delivery. All that Goldman is doing when they forecast future prices is estimating net inflows of funds into futures. Setting position limits is treating the symptoms and will not cure the ailment. Until the contract structure issue is addressed it will continue to be possible for speculators to pump up the price of crude to their benefit and to the detriment of consumers in all countries - not just the USA!
| | Edward Wilson
Switzerland
08/21/2009
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| A fact that is being missed in many cases in regard to oil speculation relates to Index Hedge Funds. These funds must maintain a certain percentage investment in various commodities. As they invest in oil and drive the price up they get huge cash infusions. To maintain their index, they must continue to invest in corn, soybeans, wheat, etc. At one point in the last few months one of these funds owned over 200% of the US wheat crop!! Think about it…How can you OWN 200% of anything? It was all on paper. These funds drove other commodity prices to record levels, which resulted in bankruptcy and near bankruptcy for food producing companies, as well as family diary farms, swine farms etc.
We have got to get this under control. | | Jonathan Goodson
Atlanta, GA
08/21/2009
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| I sit and watch gas prices go up on average 2-5 cents a week all over town. Except at the VALERO station at Harry & West. When everyone goes up 2-5 cents He goes up 8-12 cents. When they lower prices, he will with in about 10 days.
Anyway. The bottom line is the government needs to force these bozos to sell for maybe 5-10 cents more that they paid. I know it is buiness and they need to make money too, but not billions. If you buy 10000 gallons at $1.50 a gallon, you best sell 10000 gallons at $1.55 to $1.65 a gallon not at $2.79 a gallon or $3.79 a gallon. | | MD401
Wichita, KS
08/20/2009
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| trucker have to go on strike companys will stop paying fuel surcharges, and they will be double hauling double fuel no income on the run…TRUCKER STRIKE NOW
| | Garrett
NJ
08/19/2009
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| if oil prices are allowed to to keep going up you are not going to read the stories of the few people that lost WE ARE ALL GOING TO LOSE and america is going to go down | | Garrett
NJ
08/19/2009
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| Recommendations:
I see the problem as retail “investors” being involved in an institutional market.
1) Keep all futures contracts in “big” volume sizes. E-mini’s cut the size of a contract in half or a quarter allowing smaller speculators to trade.
2) Disallow the aggregation of funds to purchase a futures contract. This will effectively eliminate ETFs and Commodity Index Funds.
The market should be left to large, professional traders. Then prices are determined by supply and demand and not retail money flow. | | LLJ
Canada
08/08/2009
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| I am so tired of oil prices being raised to cover corruption in some of the major oil companies and the B.I.A. Oil prices can’t be that high when the Mustang Oil Company recently sent me and my family a check for a whopping $3.11 (three-dollars and eleven cents!) for oil on Native American Alloted Land. Be serious, someone, or somebody is lying!! Oil can’t be that high!! Stop raising the price of oil to further the corruption that has been going on in this country for 100’s of years!! | | LaVerne Arther
Atlanta, GA
08/06/2009
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| I have been in the oil drilling business for over 40 years. I believe in oil speculation so we can renew our resourses and not depend on foreign oil. Thank you for this opportunity to express my opinion. I know first hand how much it costs to get oil out of the ground; especially in places like North Dakota, Wyoming and Montana. | | Robert Rose
08/04/2009
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| I’ve a geology degree and can say that oil should be around $20 and gasoline just above $1.00 per gal based on supply and demand. It used to be illegal to do this but congress under Bill Clinton deregulated it and look what these greedy people have done. Also, I wrote a paper on the Yucca Mtn project recently closed by Obama for Senator Reid. The far left is shutting down nuclear, oil, and coal. Wake up!!! | | George Ramsey
Wichita, KS
08/02/2009
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| Enough all ready with the gas prices going up, there was no reason for it last year and even less this year. Please keep them at this level or even lower as the average family cannot afford what went on last year and found it a real hardship. Also look at the “indecent” profits made by the oil companies. No excuses for that. | | Carol Morin
NH
07/30/2009
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| I heard someone singing “Drill Baby Drill!” on TV last summer when oil price was at $147 per barrel. Now, we have to sing “Limit Baby Limit!”
We have to limit those excessive speculation in the dark & unregulated oil future market before they start singing that song again. | | Patrick Ng
San Francisco, CA
07/30/2009
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| How much of the 2 Billion profit that Goldman Sachs made between March and June came from Oil Speculation.
http://www.nytimes.com/2009/07/13/business/13goldman.html?_r=2&partner=rss&emc=rss
http://www.huffingtonpost.com/2009/06/23/perfect-storm-arises-to-s_n_219614.html
The latter begins to sound like the plot of a James Bond film. Evil company manipulates the oil market, probably while shorting the industries that are dependent on oil prices. This has to stop. | | Sam
Seattle, WA
07/13/2009
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| Regulation would be great and it should be worked on. In the mean time we can lower the prices of gas ourselves by boycotting Exxon-Mobile. It is the largest company and makes the most profit. If everyone will boycott that company then they will have to lower their gas prices. When they lower their prices the other oil company’s will have to follow.
This will only work if we get lots of people doing it. Pass the word on twitter or email friends and ask them to spread the word also.
Don’t even buy so much as a stick of gum from an Exxon-Mobile station. It may take a while but we will lower gas prices.
| | John N. Garner
Denton, TX
06/26/2009
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| Man -This is so simple. YOU PASS A LAW THAT MAKES THE BUYER OF AN OIL CONTRACT TAKE DELIVERY OF THE PRODUCT THEY PURCHASED.GUESS WHAT? NO MORE IMAGINARY PRICES.NO MORE SPECULATORS.
YOU BUY IT YOU STORE IT. PERIOD END OF STORY
SIMPLE, SIMPLE, SIMPLE. | | Bart Walsh
Nashville, TN
12/10/2008
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| My son is a senior in high school this year and we are looking at colleges he might attend. I had saved for many years to be able to help him get through this very expensive part of his education.
When fuel prices spiked last year our family trucking business was hit hard. We couldn’t enact fuel surcharges fast enough to cover the rising costs and many shippers refused to pay. As a result I had to loan the company the $20,000 I had saved for my son. Now we are limited in our choices and some of the opportunities we might have has are simply gone.
So speculators and foreign dictators now have my son’s college savings. A solid energy policy that would have included domestic drilling could have saved that money by creating a more stable and plentiful supply. I have a lot of people to be angry with but my government is the one party that says it will look out for me. They are the biggest liars in the bunch. | | Steven Plunk
Medford, OR
11/21/2008
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| Speculation is not supply and demand economics it’s just plain and simple greed. While this group is dedicated to oil those speculators came from years in real estate and they were there from speculating on tech/web stock. Note that all these sectors crashed and caused the econmoic downturn of the first part of the 2000+ decade (with help from 9/11). Next they runied the real estate market - which took a while to take effect since much of it showed up in the 2nd wave as the loans ended up being the real problem. Then they went to oil and prices doubled only because they were there driving them up for all of us. Where will they go on their speculating journey now? Maybe into stocks - since that market is at a bottom? Maybe, but where they go trouble looms and we need to level the SHOCK they represent to our economic system. They can kill our whole economy if we don’t have some oversight on them. Taxing them will also help dig ourselves out of the messes they create. | | David Lange
Indiana
11/20/2008
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| I used to trade oil and gas futures. It is an industry that needs regulated. If a person or entity is not going to take delivery of the goods, they should not be allowed to buy a contract.
That solves the problem.
Effect on my family? Prices that are too high.
Also, there are more forces than just futures contracts involved. But you’ll have to ask those that control the world’s economy about that… | | Brad Beeman
Iowa
11/20/2008
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| I own a large Transportation company in Pittsburgh. With the increase in Gas it has taken a large downsizing for us.
We operate in many states with Independent operators and fuel has been our highest cost to date.
We have also lost large contracts due to increasing fuel surcharges, that is uncontrollable.
The impact has taken its toll on our company and restructuring has hard.
| | Jeff Cappetta
Pittsburgh, PA
11/20/2008
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| The cost of oil and the speculation that goes on around its purchase and delivery is just more of the same story of corporations running their own 'ponzi scheme' economy among themselves, while acting like banks and investment firms, while playing international markets against one another. This is great for them but horrible for the people who have to live in the economy they have deserted and WRECKED! | | Wilma Ralls
Rohnert Park, CA 94928
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| It is the constant regurgitation of the same excuses that we have been given over and over again for these oil price run-ups; Supply and demand, demand in China increasing, weather related issues, war in Nigeria or other countries, weaker dollar, etc and etc.
But a lot of these "fears" that the oil traders have mentioned to justify the spikes never come to pass. In fact, quite often the very next day the prices will fall and they will usually come up with an explanation; such as the inventories were higher than expected, or the hurricane didn't cause as much damage as they had predicted. But then about the time you digest this information, they turn around and jack the price up again because of investors buying up these huge stocks of oil and taking them off of the market. Then we hear about stories of the refineries reducing their refining operations due to weak demand. Of course this causes gas and diesel prices to go up as there is less inventory,.
Bottom line, there needs to be regulation in this market. We saw for ourselves what happened with the Enron disaster in 2001 when California had to implement rolling blackouts in the winter time because they had manipulated the markets and caused the price of electricity to soar. Let's face it. This market cannot be an unregulated market, nor can it be open for greedy Wall Street regulators to buy oil on paper, thus causing it to spike to where everyone gets gouged for their benefit. Let's act now, before the recession goes into a full blown depression! In my opinion consumer confidence will not come back until we see some stability in these markets. This yo-yo-ing of gas and diesel prices must stop. | | Jim Brown
Spokane, WA
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| Our Congress by not acting against speculation in oil, should be impeached. The media showed that 800 billion dollars in profit was transfered to the Middle East in one year time 2007/8, money which can be assumed has been used to a great extent to finance the killing of US Troops and kill inocent Civilians in Afganistan and in Irak.
In addition, the same speculators have driven more than 3.5 billion people to extreme powerty worldwide by driving the prices of food commodities to level which have never been seen before. | | Tore Wessel-Daae
San Bernardino, California
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| Ladies & Gentlemen,
Please be alert.
Oil price has been edged up lately.
"G" corporation says that oil price will be back to about $100 per barrel, like summer in 2008. Did CFTC notice that? CFTC has done too much talking, but no action at all. Financial speculators are playing oil price like a YOYO.
CFTC please do something now. | | Pat Ng
San Francisco
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