Here we go again, $4.00/gallon diesel?

^^^ I do! 2004 Kia Optima and soon a 1998 VW Cabrio (if I ever get the damn heater core in it.)

Still feeling the pain!
 
Every ten cents gasoline goes up the more I regret dropping almost $2000 on my dd cherokee. As a senior in high school who pays his own gas I'm suffering to a point where I only do 55 or wake up earlier to catch a thirty mile round trip for school with a friend. I have already cut out food and fun stuff to do on the weekend. I have mastered running on fumes especially since the good ol gas meter is broken. This summer's pay check will be used for fuel only :(
 
Again, you can't blame the speculators for that. Obama administration regulators have publicly stated on numerous occasions that their goal is to drive up the price of oil. Sounds like futures are the smart buy.
 
$4.02 down the streeet from my house now.
 
It cost me $112.60 to fill up my Ram late last week.
 
The article assumes I know what future and short contracts are and how they relate the price of crude per barrel and daily fluctuations. When I read the article all I see is some people who bought a bunch of oil for cheap and then played on the stock market. Surely the fact they bought the oil was public knowledge..so what exactly did they do wrong?

These guys are playing the game and getting rich. Can't say I blame them. I think it's the game that is broken not the players.. But then I also have no clue what I'm talking about.
 
Couple of things here: they only pushed the price up by a buck. They essentially made money by first buying futures that predicted the price would go up... then bought 2/3rds of the production out of Cushing. That created the impression of a shortage, causing the price to go up. They then sold their futures, making a bunch of money. They then bought shorts, then sold their positions at Cushing, creating a glut and making a bunch more money off the shorts.

But they made their money on the size of the shorts and futures they bought, not on any real increase in the price of crude. It was in volume.

I'd also say the investigation is politically motivated. Obama has been going on about how it's all the speculators' fault, and now the CFTC has found some speculators to pin the blame on.

But like I said above, they bought a massive position, but only pushed the price by a buck. The market tries to find the ideal price. The speculators are a key part of that equation.
 
So in other words it doesn't seem they really did anything illegal per se, but played the game very effectively. Again.. I think the whole system is broken. The fact that any single person or small group of people could drive up the cost of a resource that billions of people rely on, even if only a $1, seems ludicrous to me.
 
Yep, you pay more per gallon to wall street fat cats then to the feds.

This is a direct cause and the end result of deregulation in action.

There is no oil shortage, we have more then enough right now. There is no refining shortage. Prices are just high because wall street has found another legal way to steal money out of your pocket.

I don't care which side of the political fence you are on, if you want lower gas prices you are talking about government regulation to get there not more drilling.

I should mention I'm referring to regulation on speculation not on drilling. Regulation on producing or refineing oil would obviously raise the price.
 
Uh... yeah. No.

You should probably go look at a production/consumption chart or something.
 
Deisel last saturday in Denton,NC was $3.77 a gallon.
 
Diesel near my house in Wake Forest, NC is averaging around $4.00. I see 4.01 around the corner, 4.12, 4.09 and a couple just below 4.00.

With prices all over the place would make sense to start using something like this, especially for you guys with the larger tanks. http://gasbuddy.com/
 
Back
Top