Based on pure economic demand, it should be around $60-70 a barrel, admitted Rex Tillerson, the CEO of ExxonMobil (XOM_), in 2011. At that time, oil was in the same range of about $100 a barrel. Without speculators, obviously the price of oil would be much lower.

 

http://www.thestreet.com/story/12700193/1/peak-oil-burned-as-exxon-chevron-shell-see-100-a-barrel.html?puc=yahoo&cm_ven=YAHOO

I work in the oil and gas industry here in Wyoming. I've been I several big refineries and worked on the Ruby Pipeline when El Paso/Colorado interstate gas was building it. I've been here since 2008 and it had a slow down right before Obama got elected but shortly after took off and hasn't looked back. I'm busier now than I've ever been. Natural gas drilling and cracking here is crazy. They are now pumping CO2 back down in the wells and it's regenerating the wells and fields that were thought to be dry are running full tilt again.

I work in the oil and gas industry here in Wyoming. I've been I several big refineries and worked on the Ruby Pipeline when El Paso/Colorado interstate gas was building it. I've been here since 2008 and it had a slow down right before Obama got elected but shortly after took off and hasn't looked back. I'm busier now than I've ever been. Natural gas drilling and cracking here is crazy. They are now pumping CO2 back down in the wells and it's regenerating the wells and fields that were thought to be dry are running full tilt again.

 

Fracking* not cracking

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Who are you saying is greedy? The Oil Companies?

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Who are you saying is greedy? The Oil Companies?

 

All involved from spectators to OPEC. This is America the land where you can make billions not millions.

IMO Wall St Speculators are the main reason prices have risen, but I'm not sure what to do about it.

Eagle Ford Shale and horizontal drilling have Texas booming right now.

IMO Wall St Speculators are the main reason prices have risen, but I'm not sure what to do about it.

 

Not allow futures to be traded. Have the end supplier buy their futures. Won't happen, but it cuts out the middleman. How many energy traders are there???? 10s of thousands, yet millions overpay? Doesn't seem like a good ratio.

Like ive said countless times, buy a fuel efficient car and save up for a hybrid. Gas prices today are as cheap as we're ever gonna see them.

Like ive said countless times, buy a fuel efficient car and save up for a hybrid. Gas prices today are as cheap as we're ever gonna see them.

That was the conventional wisdom during the Carter administration. Conventional wisdom was wrong then, and it will prove wrong now if the right people gain control in 2016. Speculators only make money when their expectations match actual events. Obama and most liberal Democrats are working to drive energy prices higher by restricting our contribution to the global supply and they have been very successful. Instead of taking credit for doing exactly what Obama promised to do during his 2008 campaign, liberals are once again blaming greedy speculators for high gas prices.

 

During the late 1970s, Jimmy Carter and the liberals convinced most Americans that the world was running out of oil and that we faced a bleak future if we did not start conserving energy immediately. President Carter started wearing sweaters and we were told that we must do our part by turning down our thermostats to 65 degrees. With the federal government painting such a bleak future and doing nothing else to combat the Arab oil embargo, prices soared. Things changed in a hurry when a much more optimistic Ronald Reagan took charge and deregulated the oil industry. Nobody talks about speculators when they lose their collective shirt.

A correction to my post above is in order. The actual Arab oil embargo took place in 1973-74 but OPEC continued to manipulate oil prices and was very successful through the Carter administration by voluntarily restricting production among its members. Carter's response was conservation, Reagan chose to implement free market reforms to encourage more domestic production and to increase competition among producers.

That was the conventional wisdom during the Carter administration. Conventional wisdom was wrong then' date=' and it will prove wrong now if the right people gain control in 2016. Speculators only make money when their expectations match actual events. Obama and most liberal Democrats are working to drive energy prices higher by restricting our contribution to the global supply and they have been very successful. Instead of taking credit for doing exactly what Obama promised to do during his 2008 campaign, liberals are once again blaming greedy speculators for high gas prices. During the late 1970s, Jimmy Carter and the liberals convinced most Americans that the world was running out of oil and that we faced a bleak future if we did not start conserving energy immediately. President Carter started wearing sweaters and we were told that we must do our part by turning down our thermostats to 65 degrees. With the federal government painting such a bleak future and doing nothing else to combat the Arab oil embargo, prices soared. Things changed in a hurry when a much more optimistic Ronald Reagan took charge and deregulated the oil industry. Nobody talks about speculators when they lose their collective shirt.[/quote']

 

Oil prices and speculators ran wild during the Bush era also. Fact is big oil knows what they can get for their product and OPEC has already said the price for a barrel of oil is $100.

 

It's not a cheap addiction that we have. But oil is only going to go up in time. Buy a hybrid or electric so you can escape the greed.

Oil prices and speculators ran wild during the Bush era also. Fact is big oil knows what they can get for their product and OPEC has already said the price for a barrel of oil is $100.

 

It's not a cheap addiction that we have. But oil is only going to go up in time. Buy a hybrid or electric so you can escape the greed.

Speculators only make money when they are right. How do you think speculators fared when prices plummeted under Reagan in the 1980s?

 

Do you really believe that speculators buy oil futures to drive prices upward or do you think, as I do, that many speculators expect oil prices to continue increasing and invest in response to their expectations? The global oil market is huge, yet the wealthiest individuals in the world are not oil speculators. Please explain that fact if oil prices are as easily manipulated as you seem to believe.