Oil Speculators

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President OBAMA must have scared the fuck out of the Oil Speculators cause 2 weeks ago when I got gas it was 3.88, last week it was 3.68 and THIS WEEK it is 3.48. In less than 2 weeks gas has dropped 40¢, giving credence to the intelligentsia that say 75¢ to $1 of the price of gas is the Oil Speculators .

If OBAMA did that , then I say GIVE 'EM HELL BARRY !!!!



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gee, I wonder who could possibly have the power to control, and also benefit from the most, if the price of gas was steered as high as possible during an election, where the same $peculator$ hate the incumbent to the very core of his DNA?

LOL Please. Oil speculators have very little to do with the price of gas. If you look at a price chart of gas prices vs oil prices, you can see the price of oil isn't always the cause of higher gasoline prices. There are more prominent factors such as the current de-valuing of the US dollar, and the cost of refining that are driving up prices. Speculators don't play that big of a role. The last time gas prices were this high oil was trading around $140 a barrel. Gas Price Historical Price Charts - GasBuddy.com Right now it's around $103 but gas is the same price it was when oil was $140 a barrel. This proves there's a lot more to it than just speculators and oil prices. Remember, speculators bid up the price of oil, not the price of gasoline. There is a very big difference. Obama has nothing to do with this

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Of course, Obama only has something to do with it if it is a bad thing, right?

No, the president can't really do much about gas prices...congress is in charge of the regulations...

The chart I linked to proves what I'm saying. You guys on the other hand, have no evidence to back up your claims that Obama is responsible. If that truly were the case (which it's not), then he also gets the credit for the increase...goes both ways

Gee, gas prices haven't come down that drastically here in Cali. It seems they are quick to rise and take forever to go down. Good if you're talking about dick but not so great at the pump.

It's not based on supply and demand so answer me this - How is the price of gas set?

It's set to the highest price they can get away with without sparking open revolution and chaos in the streets. It's why we see so many of these touchy feely feel good about gas companies they're really angels, commercials on TV. We'd all torch the gas stations if we knew exactly how much we were being fleeced by them. Record profits amid economic collapse of the United States. The worst environmental disaster brought by one of them and their lobbyists and congressmen who are in bed with them stealing billions in unneeded subsidies further entrenching our unsustainable dependence on foreign oil.
Nope, the oil companies are in it for themselves. Don't believe their commercials. Time to get rid of their shenanigans and work towards energy independence from foreign oil. Time to get rid of all the congressmen who are in bed with them also. And all the misinformation they spew to confuse the issue to their financial advantage. Why can't they simply answer how the price of gas is set? They can't answer it because the price is not set by the laws of capitalist supply and demand.

Not true. If gas prices were "set to as high as they could get away with" it'd be a race to the top. Who's they? Oil companies don't determine the price of gas. Gas stations compete based on who has the lowest price. They have a set margin and determine the price based on the price they paid for delivery. Since there is a delay in shipment, it takes a bit for prices to fall when other factors such as the cost of oil and taxes have decreased. Why would I spend $3.65 when I can get it for $3.55 down the street? Gas stations operate on a very small profit margin; they don't make hardly anything off of a gallon of gas. Price gouging is monitored at the local level. Deflation of our currency is what you're looking for...consumer good prices are rising at a much higher rate. This leads to a lower valued dollar, ie you have to spend more to get the same amount. Supply and demand does play a role, especially when talking gasoline because prices are based on future expectations. Generally, demand is higher in the summer, although demand for gasoline isn't as elastic as some people think. I promise you all the gas stations in your state aren't colluding to set the price. That wouldn't make much sense from a business standpoint. If caught, they lose their license...

Oil companies don't determine the price of gas? ROFL. I'd be interested in what your definition of price gauging is with record profits amid a drastically dwindling demand for gasoline here when the supply stays the same. Hmmmmm. Understandably the price of gas is jacked up buy loads of taxes but these are a constant. The only variable is the cost of the actual gas. Oh and BTW, gas prices don't change with each paid delivery to the gas station, the price of gas can change daily regardless of what they paid for on delivery or any delays in shipment. If one gas station raises their prices they all do within a few cents of each other in their market area.

When there are only 3-4 large oil companies left in the US how can they not be colluding even on an informal level. The competition has been eliminated further degrading the efficacy and effectiveness of capitalism on the system.

Oil companies don't set the price of gas. Do some research, there is plenty of information regarding what factors affect gas prices. You're implying BP says to QuickTrip, "Today, you charge $3.67 for a gallon." That isn't how it works. Here's something to start with: What Determines Gas Prices?

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You do realise they can speculate down just as easily as up the prices. Its the same profit either way

prices rise when they print more money. Pity because if that werent true government would be making everyone richer instead of poorer


If a conspiracy is needed for explanation, speak to OPEC maybe

http://i.imgur.com/8xTIc.jpg

Right ? wrong, pay for your gas with 1964 usa currency and the price will be as cheap as 1964. Pay in 2012 usa currency and you suffer the fact they printed so much its driven the price up.

1964 usa currency was made of Silver; 2012 its all paper
He can help bring prices down, the problem is they cant print money then. Politics and government deficit spending and all his crap policies to overspend wont work then but the gas prices will come down to 1964 prices. Which do you prefer

Oil is a global market, demand is lower in USA; the supply is higher then ever. However the supply of money is even higher so as its $3.60 or dollars/oil=cost its this sea-saw that forces the prices higher.

Demand globally is rising, USA is 300m out of 6000m. The next logical step is to say well its our oil, cut the borders off which is part of what they did in 1930's that turned out so bad.
Fact is if government prints off new money, it lets foreigners buy up the USA oil as much as they like; obviously China is going to use all that debt they hold to buy up what they need and there is 15tn of debt which swamps any cuts in USA demand domestically with higher prices

http://i.investopedia.com/inv/articl...-breakdown.gif

Thank you for answering the question with a link.

Obviously you didn't read it because according to your link 68% of the cost of gasoline goes to the crude oil suppler, ie the oil company.

The oil cartel OPEC regulates the price of oil by controlling the supply and all others follow suit. Speculators have a secondary affect on the price. Oil is traded via the US dollar and so the value also fluctuates with the value of the dollar to other currencies.

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There is a cost to producing the oil. Sometimes its really cheap like Arab oil can be less then 5 dollars a barrel, other areas can be 10x more expensive to extract

Natural gas can be used as fuel, its four times cheaper then oil and USA has enough to power everything but it would need alot of converting done first. 80c gas is possible..

Well aware. Finance degree. Experience with futures...


That's basically what I said. De-valuing of our currency...

Yes, OPEC does try to regulate the price of oil. The key word is try though. Even if they "agree" to decrease supply to keep oil prices elevated, like they did in 2009 if I remember right, it's pretty rare they actually accomplish much because there are always a few countries that try to capitalize on the agreed upon decrease and actually ramp up production thus nullifying the effect of the countries that are living up to the agreement.

Did you look at the chart I provided? Click show oil prices and change it to a 5 year timeline? If so, there's really nothing to argue here. It clearly shows there has been an offset in pricing regarding gasoline vs oil from 2007 - present. Daily fluctuations of oil prices affect the price, but not to the extent we see on the chart. There is clearly a bigger factor in play here. That factor is our currency as well as the cost of refining. New regulations recently imposed on refineries is making it more costly to run business, and the Federal Reserve's attempt at artificially keeping interest rates extremely low by purchasing is causing the value of the dollar (the reserve currency for most of the world) to decline. The value of our currency is the biggest game changer, it's been steadily losing it's value since 1913...

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According to Fox News, he is the one to blame for the increase in gas prices.