Gas could fall to $2 if Congress acts, analysts say »
Posted By Aidenag 1 year, 5 months ago in Business & FinanceThe price of retail gasoline could fall by half, to around $2 a gallon, within 30 days of passage of a law to limit speculation in energy-futures markets, four energy analysts told Congress on Monday.
Read Full Story at marketwatch.com »
343 Views Share Story 57 Comments Report
Submitted By:
Aidenag
Photographer by day, news junkie by night. My main areas of interest are politics and the environment.
Other Related Articles:
Why not submit a story?
RSS Join the Discussion
+ Add CommentShowing 208 of 217 Comments (view all)
-
Neutral
Spadecaller1 year, 5 months ago
This comment is below the standard viewing threshold View It »
FTA:
"Record oil prices are inflated by speculation and not justified by market fundamentals," according to Gheit. "Based on supply and demand fundamentals, crude-oil prices should not be above $60 per barrel."
I couldn't agree more. The top 1% of the wealthiest people in America own nearly 98 % of all the stock in energy companies. Among those are also people like Bush and Cheney who earn money directly from the increased revenues from currently inflated prices. Having speculators drive the cost beyond its justified market values is the result of insiders and greed. It's about time that Americans wake up and put an end to this grand rip-off.
Reply-
libsRfunnyComment removed: Hard Banned14 Replies
-
Neutral
DropkickaLib1 year, 5 months ago
-
Neutral
donald511 year, 5 months ago
This comment is below the standard viewing threshold View It »
Spade, right on! Dumya is laughing all the way to the bank for himself and his big oil buddies! Such is life in a repug world that threw out all federal regulation (the former repug "Do nothing" congress, that is) and anti-monopoly laws, then Dumya's signing statements said to let business do whatever it wants... devil be damned to the American people.
Only LibsR could be so evil as to let the rest of America be scamed and raped by the Bushies!
Reply -
Neutral
injest1 year, 5 months ago
This comment is below the standard viewing threshold View It »
"The top 1% of the wealthiest people in America own nearly 98 % of all the stock in energy companies"
wow really?
Part of My 401K is in energy and I'm not in the top 1%.
BTW you do know that 97.682% of all statistics are "made up"?
Reply -
Neutral
mark-stevens1 year, 5 months ago
This comment is below the standard viewing threshold View It »
In five years all of Japan's cars will run on water (hydrogen. This will give Japan will a better economy than the U.S. who will still be paying for the Iraq war, and cheap $3.00 a gallon gas, and back to driving SUV's. We are such a smart country!!
Reply
-
-
Neutral
Spadecaller1 year, 5 months ago
This comment is below the standard viewing threshold View It »
FTA:
"Record oil prices are inflated by speculation and not justified by market fundamentals," according to Gheit. "Based on supply and demand fundamentals, crude-oil prices should not be above $60 per barrel."
I couldn't agree more. The top 1% of the wealthiest people in America own nearly 98 % of all the stock in energy companies. Among those are also people like Bush and Cheney who earn money directly from the increased revenues from currently inflated prices. Having speculators drive the cost beyond its justified market values is the result of insiders and greed. It's about time that Americans wake up and put an end to this grand rip-off.
Reply -
Neutral
Spadecaller1 year, 5 months ago
This comment is below the standard viewing threshold View It »
FTA:
"Record oil prices are inflated by speculation and not justified by market fundamentals," according to Gheit. "Based on supply and demand fundamentals, crude-oil prices should not be above $60 per barrel."
I couldn't agree more. The top 1% of the wealthiest people in America own nearly 98 % of all the stock in energy companies. Among those are also people like Bush and Cheney who earn money directly from the increased revenues from currently inflated prices. Having speculators drive the cost beyond its justified market values is the result of insiders and greed. It's about time that Americans wake up and put an end to this grand rip-off.
Reply-
Neutral
engineer1 year, 5 months ago
-
-
-
-
Neutral
1-2-Oscar1 year, 5 months ago
This comment is below the standard viewing threshold View It »
The obvious problem is that the oil market is not strictly under American control. Congress can prohibit speculative trading BY Americans, and it can regulate trading of petroleum produced in the US, but it can do nothing more to influence global markets than that. In fact, even those measures will be difficult to enforce. An imaginary Middle Iowa Petroleum Futures Hedge Fund can be barred from speculating, but congress can hardly prevent MIPFHF from setting up a wholly-owned subsidiary in Hong Kong to do the trsding for them. We also note that, when it comes to making money, patriotism has little influence.
This bill SOUNDS like a simple way to solve the problem, but complex problems rarely lend themselves to simple solutions. the only way to really lower the price of oil is to quit buying so damned much of it. If world demand fell by even 5%, the speculators would choke on their own losses.
Reply-
Neutral
bigurn1 year, 5 months ago
This comment is below the standard viewing threshold View It »
Very perceptive response, and absolutely spot on. We keep looking inward at oil prices, and making demands about what others can or should do. We forget that we are a customer in this industry.
You're right: if you want prices to drop, don't use as much. We did a form of this in the 80s.
Reply -
Neutral
donald511 year, 5 months ago
This comment is below the standard viewing threshold View It »
It can reinstitute the energy anti-monopoly laws that the repug Congress threw out, so that big oil doesn't also control all the other energy means in your market! Look at all the big oil commercials lying to you on TV as they've been allowed to buy alternatives. But look how little they put into making those alternatives viable (200 million in R&D from a company that made 40 billion plus profit last year validates my point).
Oscar, amazing, I'm not outright negging your comments anymore! And, I've stopped lumping you with libsR, ning, sick anick, alpha, PC, Tang and jimdozy hereon.
Reply
-
-
JohnQPublicComment removed: Retracted by user11 Replies
-
Neutral
jordan111 year, 5 months ago
This comment is below the standard viewing threshold View It »
This might help to understand more how speculation works for the benefit of a few, in a Q & A forum. Perhaps one loophole to close is that speculation in futures isn't regulated here.
http://www.mcclatchydc.com/homepage/story/41360...
Reply -
Neutral
texangelwings1 year, 5 months ago
This comment is below the standard viewing threshold View It »
If someone doesn't do something soon, there will be a lot of starving people! A gallon of milk in Hawaii was over $8.00 yesterday. Here in North Texas, there are already 27,000 more people this year, who are going to the food banks.
Thanks Mark!
Reply-
Neutral
AnteUp1 year, 5 months ago
This comment is below the standard viewing threshold View It »
texangelwings ~
Are you kidding? Heck, I bought up on birdseed over
the weekend thinking about ethanol and the flooding
in the MidWest - sounds like things are going to be
critical on much more that birdseed! $8.00???
Plus - more good news this morning. It was announced
that Dow Chemical was going to raise their prices by
as much as 25%. That would be on plastics, etc.
Lifestyles are going to change due to this "slow down".
Reply -
-
-
-
-
newbie0420Comment removed: Hard Banned5 Replies
-
-
-
Neutral
donald511 year, 5 months ago
This comment is below the standard viewing threshold View It »
...yes, the Calif Dems tried to get the Repug Congress to include an amendment in the Bush Energy Bill for the Federal board to look at why Californians were charged 400% by the likes of Enron - but the Repug majority threw it out! It was all on CSPAN, all the documented atrocities of the former Repug Congress - enough to have convinced me that Repugs are in fact terrorists in America!
Sensenbrenner's atrocious chairmenship of he Patriot Act Renewal testimony!
Orin Hatch's threats to imprison a women who dared to provide background on a Bush judge nominee (in this case Pryor from AL)
The Medicare Prescription bill almost 2 feet in height, given to the Dems on a Friday morning and they were told they couldn't go home until it passed. A bill that mandates that seniors can't negotiate lower prices - how un-american!
Hastert declaring a 4 day work week in the House since the big lobbyists were writing the laws of the land.
Reply
-
-
Neutral
canadianrancher571 year, 5 months ago
This comment is below the standard viewing threshold View It »
Although I hate the high prices of gas and diesel as much as anyone on this site I have mixed feelings on too much regulation in the futures markets. The speculator has an important part to play in the markets and to completely remove speculators can also cause problems. I think that with the oil market there are a lack of restrictions on the number of contracts that may be held (I could be wrong on this). One of my fears is if we regulate the energy markets right now because of high prices will we do the same if grain prices or meat prices rise to what is considered a high price. When we compain of those who are making money from speculating in the energy markets it is not always something to blame just the rich as maybe your next door neighbor has a monthly contribution going into an energy fund which invest in these futures.
Reply-
Neutral
DropkickaLib1 year, 5 months ago
This comment is below the standard viewing threshold View It »
It is my understanding that only about 40% of oil speculation was due to institutional investors in 2000 and I think they account for about 70% of the market now. The scale of institutional investment by various funds, including retirement funds, is much greater now.
Reply
-
-
Neutral
canadianrancher571 year, 5 months ago
This comment is below the standard viewing threshold View It »
ONe of the biggest problems with the oil industry is that it has become such a big money industry that new competition is not possible. I support a free market system but my next comment will likely land me in the centre of the socialist camp but it is something that should be considered.
I don't like the idea of nationalizing the oil industry but the government should set up an oil company that competes with the multinationals, they should be in this industry right from the drilling right through the refining and distribution and should be done with the idea of breaking even. The funds for this should not be raised from taxes but by a public offering of shares since aren't we all complaining of the big companies . There might not be much of a return on your investment but maybe fuel prices might come down.
Reply-
-
Neutral
miklkit1 year, 5 months ago
This comment is below the standard viewing threshold View It »
There was an independent oil company in the California valley. Prices out there were 13-15 cents a gallon cheaper than the Bay Area. The owner finally sold out a few years ago. Now gas costs the same there as here. Any competition is good for us.
Reply
-
-
Neutral
ObamaRama71 year, 5 months ago
This comment is below the standard viewing threshold View It »
This is such crap it's unbelievable.
http://www.digitalfuntown.com/
Reply -
Neutral
Cityslicker1 year, 5 months ago
This comment is below the standard viewing threshold View It »
With thousands out of work and more layoffs in the future , FedEx and UPS hurting , Airlines falling like flies , Big 3 Auto makers closing plants , and all because of high Oil prices .
Al Gore and his Bah-elivers will be angry if Oil and Gas prices go down , they can't push Ethanol and Hybrids as much .
$.12 (cents) in Venezuela , $.38 (cents) in Iran , and Iraq has more Oil than Saudi Arabia so no shortage of Oil .
Maybe the scam will soon be over !!!
Reply-
Neutral
Beau78901 year, 5 months ago
This comment is below the standard viewing threshold View It »
You DO realize it takes millions of years for oil to be created from organic material, right? That means it will eventually run out, no matter how much you think there is right now.
Hybrids can at least extend the length of time we can use oil. But face it--the only real long-term solution is renewable sources--energy we can create.
Reply -
Neutral
antibrainwasher1 year, 5 months ago
This comment is below the standard viewing threshold View It »
Its completely immature and irresponsible to reduce global warming, the most serious problem humanity faces right now, to some smearing ad hominem attack.
Grow up, and try acting like you give a crap about the children who will inherit the planet.
YOu can NOT just keep burning more and more oil, made from coal or whatever. We have to burn LESS fossil fuel. The current level is NOT sustainable.
Reply -
Neutral
jordan111 year, 5 months ago
This comment is below the standard viewing threshold View It »
Al Gore and his Bah-elivers will be angry if Oil and Gas prices go down , they can't push Ethanol and Hybrids as much .>>>>>
Thinking like yours is why we're in this mess. We should have been AGGRESSIVELY looking for alternative energy decades ago. I'm fed up with the put down's of the people we SHOULD have been, and should be now, listening to. If we don't grow up and act responsibly, we're going to end up in deep doo doo.
Reply
-
-
-
Neutral
Harbeas1 year, 5 months ago
This comment is below the standard viewing threshold View It »
I have been espousing this for ages. There is no legitimate reason for the high oil prices other than the speculaters and wall street messing with the supply and demand economics. supply and demand has nothing to do with whats happening to the price of oil. write, call, e-mail your congressman/woman and demand that they put a stop to this.
Reply-
Neutral
jordan111 year, 5 months ago
This comment is below the standard viewing threshold View It »
On 6-18-08 the Federal Highway Administration announced that Americans are driving less. Of course other indicators were showing that before this most recent announcement. Tell me, do you ever research before you make a comment, or do you just say things, hoping they'll stick?
Reply -
Neutral
jordan111 year, 5 months ago
This comment is below the standard viewing threshold View It »
Americans have reduced their fuel use. The Saudi's have increased production more than once. This has nothing to do with supply & demand, because the supply went up and use went down. You're right. Speculators. Unregulated speculators are driving the price up, and getting very rich. Fuel is a necessity. No necessity should be on the free market with rat bags around who will use that to their advantage, and the disadvantage of an entire society.
Reply -
Neutral
donald511 year, 5 months ago
This comment is below the standard viewing threshold View It »
Repugs won't listen to you... they have been complicit in this effort to profit at the expense of most Americans all along!
Look How Faux Fox Facts backs Dumya! Faux Fox Facts unleashed because Reagan vetoed the Truth in Telecommunications Act... The Repugs have just refined Nixon's plans for more power and satisfaction of their corporate and individual greed!
Reply
-
-
-
-
Neutral
Tcaros1 year, 5 months ago
This comment is below the standard viewing threshold View It »
Everytime you watch CSPAN you see the same sorry looking Republicans from Texas. Those gangly bstards are Bush's buddies. They all come to the podium with nothing other than lies and deciet on thier lips.
The problem is we have economic terrorism being perpetrated by this administration. That's the truth that no one seems to step forward and equivocate.
Reply-
Neutral
donald511 year, 5 months ago
This comment is below the standard viewing threshold View It »
Naw, you see Jeffrey Beauregard Sessions, III, too! He's the nasal voiced, timid looking fool who always tries to say good things on the senate judiciary on all of Dumya's judge nominations! Jeff was submitted by Reagan to be a judge too, but never made it to the floor since he admitted has bigotry to the Committee! He's often in the presence of that lying Cornyn from Texas too!
Alabama, the place where only repug political commercials are on TV telling us we need more of the failed policies of Dumya... insuring a McBush victory in this bible belt state!
Reply
-
-
-
Neutral
donald511 year, 5 months ago
This comment is below the standard viewing threshold View It »
People should be upset that a president can so easily expend American lives for greed! It has to be greed as the reason for the Iraq war has changed so many times, and Cheney classified those Energy meeting minutes to hide the greed!
Reply
-
-
Neutral
bill29361 year, 5 months ago
This comment is below the standard viewing threshold View It »
I would be warry of Congress doing anything about gas prices. Note that in the run up to the 2006 elections, the democrats promised that if the American people gave them control of Congress they would do something about the high price of gas back then. They did, they drove it higher!!!
Reply-
Neutral
donald511 year, 5 months ago
This comment is below the standard viewing threshold View It »
Bill, no example of how they drove it higher? We have losts of examples now, more coming out every day. of how the Repug Congress and Dumya created this mess. like all the other federal failures under Dumya!
Don't worry though Bill, the Repugs in the senate will not let this get through (like stem cell research and 10 million poor kids getting some health coverage). Even if it gets to Dumya, he'll veto it and his veto will be backed by the senate obstructionist Repugs! The best Bush veto was his veto of the first defense bill this year because it would have allowed our Sadam tortured soldiers to sue Iraq; but, he allows foreign companies to sue for reparations!
Reply
-
-
-
-
Neutral
Tango571 year, 5 months ago
This comment is below the standard viewing threshold View It »
The motivation to lower gas prices is taxing obsene profits,which by all means should pass congress. Albeit, since gas prices are a threat to the economy, government has a legal obligation to seize and control the prices in the same manner as airlines, utilities, etc..Another Enron in the making by needless price spikes? You bet...
Reply -
More News
Daily Finance
India's Prime Minister is bullish on the greenback and the U.S. economy
Galleon's Raj Rajaratnam gears up for a legal showdown
Seven reasons to expect a slow-growth U.S. economy ahead
FDIC Chair Sheila Bair has it right: It's time to change bankers' incentives
Now entering Tiburon. Please get your license plates ready for their close-up
Add a Comment
Sign In With Your Propeller Account
Please keep your comments relevant to this story.
To create a live link, simply type the URL (including http://) or email address and we will make it a live link for you. You can put up to 3 URLs in your comments. Line breaks and paragraphs are automatically converted — no need to use <p> or <br /> tags.