Keukasmallies Posted April 21, 2011 Share Posted April 21, 2011 The President has directed the Attorney General to launch an investigation into speculators, perpetrators of fraud, and other forces powering the increase in gas prices. Must be the Vice President was taking another nap.... Link to comment Share on other sites More sharing options...
Chef Jim Posted April 21, 2011 Share Posted April 21, 2011 The President has directed the Attorney General to launch an investigation into speculators, perpetrators of fraud, and other forces powering the increase in gas prices. Must be the Vice President was taking another nap.... Is he really looking at the gas prices or oil prices or is this just a joke? Link to comment Share on other sites More sharing options...
TPS Posted April 21, 2011 Share Posted April 21, 2011 speculators Is he really looking at the gas prices or oil prices or is this just a joke? Link to comment Share on other sites More sharing options...
DC Tom Posted April 22, 2011 Share Posted April 22, 2011 That's a productive use of government resources. Link to comment Share on other sites More sharing options...
KD in CA Posted April 22, 2011 Share Posted April 22, 2011 (edited) speculators So is that your rationale for why Europe has been paying prices higher than this for decades? Edited April 22, 2011 by KD in CT Link to comment Share on other sites More sharing options...
Booster4324 Posted April 22, 2011 Share Posted April 22, 2011 So is that your rationale for why Europe has been paying prices higher than this for decades? Isn't the majority of that taxes? Link to comment Share on other sites More sharing options...
drinkTHEkoolaid Posted April 22, 2011 Share Posted April 22, 2011 this guy really doesn't have a clue. Link to comment Share on other sites More sharing options...
TPS Posted April 22, 2011 Share Posted April 22, 2011 So is that your rationale for why Europe has been paying prices higher than this for decades? Was this question for me? I was simply posting a link about the OP, but I'd be happy to answer it... Link to comment Share on other sites More sharing options...
Doc Posted April 22, 2011 Share Posted April 22, 2011 Good. Link to comment Share on other sites More sharing options...
TPS Posted April 22, 2011 Share Posted April 22, 2011 Good. Doc, It's really not speculation as in something pernicious, it's the fact that they have turned the futures markets into something that allows anyone to bet on commodities via ETFs. Anyone can now buy an ETF which trades like a stock, but the value of which is based on futures contracts--paper, based on another piece of paper, based on the possibility of taking delivery... The futures markets no longer function like they were meant to because they are now overwhelmed by these so-called "investors," which is pushing prices up. This is why the airlines are complaining. I can't see Wall Street losing this one though... Link to comment Share on other sites More sharing options...
Wacka Posted April 22, 2011 Share Posted April 22, 2011 Rising gas prices= lack of new wells in US (democrats)+ rising inflation (due to Obamas runaway spending)+ oppressive state taxes on gas. Link to comment Share on other sites More sharing options...
Doc Posted April 22, 2011 Share Posted April 22, 2011 (edited) Doc, It's really not speculation as in something pernicious, it's the fact that they have turned the futures markets into something that allows anyone to bet on commodities via ETFs. Anyone can now buy an ETF which trades like a stock, but the value of which is based on futures contracts--paper, based on another piece of paper, based on the possibility of taking delivery... The futures markets no longer function like they were meant to because they are now overwhelmed by these so-called "investors," which is pushing prices up. This is why the airlines are complaining. I can't see Wall Street losing this one though... I agree with all of what you said. But even if it's a waste of money looking into it because Wall Street won't lose, I'd rather it be done than saying "oh well." There is no reason gas prices should be $4 a gallon when there is NO shortage of oil, and on the contrary, OPEC will be cutting back on production. Edited April 22, 2011 by Doc Link to comment Share on other sites More sharing options...
meazza Posted April 22, 2011 Share Posted April 22, 2011 Doc, It's really not speculation as in something pernicious, it's the fact that they have turned the futures markets into something that allows anyone to bet on commodities via ETFs. Anyone can now buy an ETF which trades like a stock, but the value of which is based on futures contracts--paper, based on another piece of paper, based on the possibility of taking delivery... The futures markets no longer function like they were meant to because they are now overwhelmed by these so-called "investors," which is pushing prices up. This is why the airlines are complaining. I can't see Wall Street losing this one though... Speculators only temporarily drive up the price unless there are sufficient economic factors that sustain the prices at those supposedly inflated levels. Link to comment Share on other sites More sharing options...
/dev/null Posted April 22, 2011 Share Posted April 22, 2011 perpetrators of fraud Are they going to investigate The Benbernank? Link to comment Share on other sites More sharing options...
whateverdude Posted April 22, 2011 Share Posted April 22, 2011 Rising gas prices= lack of new wells in US (democrats)+ rising inflation (due to Obamas runaway spending)+ oppressive state taxes on gas. plus devaluing dollar. Link to comment Share on other sites More sharing options...
DC Tom Posted April 22, 2011 Share Posted April 22, 2011 When are they investigating rising food prices? Link to comment Share on other sites More sharing options...
pBills Posted April 22, 2011 Share Posted April 22, 2011 So what should be done to lower gas prices? Is it drill baby drill, because that will have no effect for a long time. Link to comment Share on other sites More sharing options...
DC Tom Posted April 22, 2011 Share Posted April 22, 2011 So what should be done to lower gas prices? Cut gasoline taxes. Link to comment Share on other sites More sharing options...
pBills Posted April 22, 2011 Share Posted April 22, 2011 (edited) Cut gasoline taxes. That's it? So then what do you say to States who say they need that revenue? That would still only bring it down to what $3.30 - $3.50. Not good enough. Edited April 22, 2011 by pBills Link to comment Share on other sites More sharing options...
DC Tom Posted April 22, 2011 Share Posted April 22, 2011 That's it? So then what do you say to States who say they need that revenue? That would still only bring it down to what $3.30 - $3.50. Not good enough. More like $3.00-$3.25. But really, if you want to be "fair" about it and punish the people who are gouging the consumer most... But seriously...you're assuming prices need to be lower, which is quite frankly a breathtakingly asinine assumption for anyone who wants to promote a change over to cleaner but more expensive energy technology that can't even compete with current "inflated" oil and gas prices. People want gas prices to be lower...but increase taxes on it to fund alternative energy that can't compete with cheap gas...but your increased taxes can't increase the prices of gas? How the !@#$ is that supposed to work? Link to comment Share on other sites More sharing options...
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