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(CBS News)   Obama moves to limit oil speculators to lower gas prices. Republican outraged he does what they say he is against   (cbsnews.com) divider line 242
    More: Hero, President Obama, market manipulation, Republican, natural gas prices, gas prices, Commodity Futures Trading Commission  
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4278 clicks; posted to Politics » on 17 Apr 2012 at 12:30 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-04-17 11:58:45 AM  
Link (new window)
 
2012-04-17 11:59:39 AM  
Speculation is what is driving the current price structure, not supply and demand.

Or rather it's supply and betting on it to keep the commodity paying out, and with a LOT of assistance to the folks who hold the supply...
 
2012-04-17 12:01:02 PM  
He's going to limit them by eliminating many of them? And by "eliminate" I mean, "shoot them in the head and bury them in a shallow grave?"
 
2012-04-17 12:05:14 PM  
FTFA: Republicans have been hammering Obama on his energy policies, recognizing manipulating the political cost of high gas prices on the president

but the King of Trolls has got it under control.
 
2012-04-17 12:06:49 PM  
This is an outrage!

/wait.. no it's not
 
2012-04-17 12:07:49 PM  
I'm almost to the point of not caring how they lower gas prices, just that the somehow manage to do it. They could sacrifice newborns to some obscure ancient deity, and if it lowered prices, I'd visit the White House to kiss the President's feet.
 
2012-04-17 12:12:00 PM  
Wow, Republicans turn against something they supported once Obama endorses it?

Shocking!!
 
2012-04-17 12:12:29 PM  
This may not be the best of ideas.

Oil is traded on the US market for one simple reason: fewer regulations.

If Oil Speculation was to move to a European country, we would be farked over many times because of the costs of currency exchange and foreign taxes.

IMO, oil speculators is the better of two evils with the pump being $3.50 a gallon, rather than it being priced $8 a gallon in Euro's
 
2012-04-17 12:20:58 PM  

Lionel Mandrake: Wow, Republicans turn against something they supported once Obama endorses it?

Shocking!!


I'm hoping he endorses Romney in a few months
 
2012-04-17 12:24:03 PM  
This is just another example of Obama bailing out his Wall Street cronies...wait that's not the right talking point.

This is just another example of Obama using socialism to hurt the working man..wait, that's not right either..

This is just another example of Obama's over-reach of his powers, and pissing on the Constitution. Ah there's the one.
 
2012-04-17 12:29:00 PM  

cman: This may not be the best of ideas.

Oil is traded on the US market for one simple reason: fewer regulations.

If Oil Speculation was to move to a European country, we would be farked over many times because of the costs of currency exchange and foreign taxes.

IMO, oil speculators is the better of two evils with the pump being $3.50 a gallon, rather than it being priced $8 a gallon in Euro's


You seem to have no idea how oil is actually traded and how gas prices relate to oil prices.
 
2012-04-17 12:29:29 PM  

MrBallou: FTFA: Republicans have been hammering Obama on his energy policies, recognizing manipulating the political cost of high gas prices on the president

but the King of Trolls has got it under control.


It's about time that people like the Koch brothers figured that out. They can do way more political damage to Obama through their energy price speculation than they can donating to Republican causes.

cman: This may not be the best of ideas. Oil is traded on the US market for one simple reason: fewer regulations.


I agree. I recall a fairly neutral study recently that ruled out speculation as the major driver in prices, so this regulatory action may be almost entirely political, which is a pretty shiatty reason for a regulation. But I'll continue to think that prices are too low, not too high, until the actual cost of consumption is included in the price of the product. I'm sick and tired of subsidizing other people's behaviour.

Cythraul: I'm almost to the point of not caring how they lower gas prices, just that the somehow manage to do it. They could sacrifice newborns to some obscure ancient deity, and if it lowered prices, I'd visit the White House to kiss the President's feet.


Gas is still too cheap. I don't see evidence of it influencing people's transportation decisions yet. But I'm a big fan of a taxation shift between gas and income taxes. Adjust gas taxes up and income taxes down to achieve the same revenue level. No new regulation required, since the mechanism for collecting each is already in place, it's just adjusting the dials.

Tax more of what you want less of - hydrocarbon consumption - And tax less of what you want more of- income. If you want to increase your income and lower your tax burden, consume less energy. It puts the incentives in the right place.
 
2012-04-17 12:33:23 PM  
socialistic intervention in the free market.
 
2012-04-17 12:34:12 PM  
Further proof that Obama hates the free market and capitalism. If the people didn't want to buy oil that's been speculated on, why, they'd just buy it from a non-speculated source. It's simple economics, libtards.
 
2012-04-17 12:35:03 PM  
I am listening to Rush at the moment. Choking on laughter. I don't understand why he's SO MAD!
 
2012-04-17 12:35:40 PM  
FTA: increase the amount of money that a trader must put up to back a trading position.

Great, so Obama wants people to use even more of their money to pay for gas.
 
2012-04-17 12:35:59 PM  
Our livelihoods are held captive by cocksucking bankers playing the market like a casino game.
 
2012-04-17 12:36:15 PM  
...strengthening federal supervision of oil markets and increasing penalties for market manipulation...

Ooh, he must have pulled this out of the "let's see, how can I piss off the GOP while underscoring their hypocrisy_gas prices" file.

That's a good file.

Now if they move to block him and they will if they haven't already they look like the guys who want gas prices high (which they do, of course, as they've spun those prices as an integral part of their anti-Obama narrative) and if they don't or are forced to backpedal due to public concern and election cycle realities they will piss off one of their biggest groups of donors.

Wow, sucks to be the GOP.
 
2012-04-17 12:37:18 PM  

LlamaGirl: I am listening to Rush at the moment. Choking on laughter. I don't understand why he's SO MAD!


Especially since an Obama win in November benefits his ratings.
 
2012-04-17 12:37:21 PM  

LlamaGirl: I am listening to Rush at the moment. Choking on laughter. I don't understand why he's SO MAD!


Because being a rich, white man in this country is really, really hard and filled with near-constant strife and struggle.And it's all because the poor and illegal immigrants are taking our money!
 
2012-04-17 12:39:24 PM  
Maybe if the media keeps repeating that gas prices are going down the poeple won't notice that they are not going down.

Gas prices will be harder to lower for Obama than the unemployment rate.
 
2012-04-17 12:40:23 PM  

Lando Lincoln: He's going to limit them by eliminating many of them? And by "eliminate" I mean, "shoot them in the head and bury them in a shallow grave?"


I believe he prefers their remains be dumped in the ocean.
 
2012-04-17 12:40:52 PM  

cman: This may not be the best of ideas.

Oil is traded on the US market for one simple reason: fewer regulations.

If Oil Speculation was to move to a European country, we would be farked over many times because of the costs of currency exchange and foreign taxes.

IMO, oil speculators is the better of two evils with the pump being $3.50 a gallon, rather than it being priced $8 a gallon in Euro's


Oh, Shut the fark up you partisan stooge. Derivatives markets were internationalized in 1998 when the thoroughly corrupted Gramm Family Business convinced congress to pretend that High Finance was inherently moral in all that it did.

I refer, of course, to the Republican congress' Commodities Futures Modernization Act.

Seriously, you moron, they trade in derivatives in London, Dubai and NY and they do it 24x7x365, with ZERO oversight, thanks to Phil and Wendy Gramm. And Bill Clinton who signed that godawful legislation.

But...RONPAUL!!!11!!!111111!!!!11ELEVENTY!
 
2012-04-17 12:41:51 PM  

Death to New Rome: Maybe if the media keeps repeating that gas prices are going down the poeple won't notice that they are not going down.

Gas prices will be harder to lower for Obama than the unemployment rate.


So they'll go down slowly then?
 
2012-04-17 12:42:09 PM  
Somebody forgot to build the Oil Futures Warehouse, where they store the oil that doesn't exist yet.
 
2012-04-17 12:44:31 PM  
Studies of the effects of speculation on oil markets indicate that it probably increases volatility, but doesn't have a major effect on average prices.

So Obama has found his voter ID corillary.

I don't care if there is no data showing this is happening but this resonates with the base so let's do it.
 
2012-04-17 12:45:51 PM  

cman: $8 a gallon in Euro's


You know there is a € sign so you don't have to type something that makes absolutely no sense. "8 dollar a gallon in euro's"? seriously?
 
2012-04-17 12:47:00 PM  
So we should start speculating that the price of oil to go down? Or would that be wrong?
 
2012-04-17 12:47:21 PM  

cman:
IMO, oil speculators is the better of two evils with the pump being $3.50 a gallon, rather than it being priced $8 a gallon in Euro's


Yet somehow the base price of gas, excluding locally applied taxes, is about the same across Europe as it is here...
 
2012-04-17 12:48:21 PM  
The White House plan is more likely to draw sharp election-year distinctions with Republicans than have an immediate effect on prices at the pump...Obama will spell out his $52 million proposal Tuesday...senior administration officials who put together the proposal said it aims to detect and deter illegal manipulation by energy speculators, the type of practices that many Democrats blame for the high cost of gasoline...they would not go as far as to say that market manipulation is responsible for rising gas prices...analysts say it is possible that such speculation has somewhat inflated the price of oil...Studies of the effects of speculation on oil markets indicate that it probably increases volatility, but doesn't have a major effect on average prices.

If this was soup, it would be thinner than water.
 
2012-04-17 12:48:25 PM  

Death to New Rome: Maybe if the media keeps repeating that gas prices are going down the poeple won't notice that they are not going down.

Gas prices will be harder to lower for Obama than the unemployment rate.


"Nice little oil company you got set up here, looks like the markets are treating you well...it'd be a real shame if a few F-22s had a training accident right into the building, or if some federal agents received an anonymous tip about drugs at your house"
 
2012-04-17 12:49:24 PM  

Carth: cman: $8 a gallon in Euro's

You know there is a € sign so you don't have to type something that makes absolutely no sense. "8 dollar a gallon in euro's"? seriously?


I mistyped there. I had written something else and rearranged the sentence forgetting to fix that error
 
2012-04-17 12:50:08 PM  
I'd like them to list Employment Futures on the exchange. I want to be able to bet on the direction that number goes.

The gov't can "own" shares of the U6 (that's the ~8.2% number, right?), or whatever unit "futures" are measured in, and we bet on the direction the number goes. The government wins, investors win, and no one creates any value - what's for the GOP not to love about that?
 
2012-04-17 12:50:32 PM  

Almet: Death to New Rome: Maybe if the media keeps repeating that gas prices are going down the poeple won't notice that they are not going down.

Gas prices will be harder to lower for Obama than the unemployment rate.

"Nice little oil company you got set up here, looks like the markets are treating you well...it'd be a real shame if a few F-22s had a training accident right into the building, or if some federal agents received an anonymous tip about drugs at your house"


Over zealous unmanned drone.
 
2012-04-17 12:50:34 PM  

cman: Carth: cman: $8 a gallon in Euro's

You know there is a € sign so you don't have to type something that makes absolutely no sense. "8 dollar a gallon in euro's"? seriously?

I mistyped there. I had written something else and rearranged the sentence forgetting to fix that error


How in the hell do you call that an error? That's an entire sentence.
 
2012-04-17 12:51:48 PM  

LlamaGirl: I am listening to Rush at the moment. Choking on laughter. I don't understand why he's SO MAD!


You meant clinically, right?
 
2012-04-17 12:52:17 PM  

Dr Dreidel: I'd like them to list Employment Futures on the exchange. I want to be able to bet on the direction that number goes.

The gov't can "own" shares of the U6 (that's the ~8.2% number, right?), or whatever unit "futures" are measured in, and we bet on the direction the number goes. The government wins, investors win, and no one creates any value - what's for the GOP not to love about that?


Isn't that what intrade is for?
 
2012-04-17 12:53:00 PM  

cman: Carth: cman: $8 a gallon in Euro's

You know there is a € sign so you don't have to type something that makes absolutely no sense. "8 dollar a gallon in euro's"? seriously?

I mistyped there. I had written something else and rearranged the sentence forgetting to fix that error


Eh, I guess I had two typos in my comment too.
 
2012-04-17 12:53:06 PM  

LlamaGirl: I am listening to Rush at the moment. Choking on laughter. I don't understand why he's SO MAD!


Because it would be extremely bad for america if gas prices went down under a black democrat president
 
2012-04-17 12:53:08 PM  

Almet: "Nice little oil company you got set up here, looks like the markets are treating you well...it'd be a real shame if a few F-22s had a training accident right into the building, or if some federal agents received an anonymous tip about drugs at your house"


They're F-35's nowadays
 
2012-04-17 12:53:09 PM  

LlamaGirl: I am listening to Rush at the moment. Choking on laughter. I don't understand why he's SO MAD!


Tougher immigration policies are making it harder for him to import dominican boys?
 
2012-04-17 12:53:16 PM  

Almet: "Nice little oil company you got set up here, looks like the markets are treating you well...it'd be a real shame if a few F-22s had a training accident right into the building, or if some federal agents received an anonymous tip about drugs at your house"


lol you wish! Obama's balls may be big, but they aint in his possession at this point.
 
2012-04-17 12:53:23 PM  
Jesus H. Christ, is there ONE GOD DAMN REPUBLICAN left with an ounce of dignity and decency? fark these clowns in the ass with a barbed dildo until they bleed to death.
 
2012-04-17 12:53:45 PM  
So, time to speculate on popcorn fir this election cycle yet?
 
2012-04-17 12:54:43 PM  

cman: This may not be the best of ideas.

Oil is traded on the US market for one simple reason: fewer regulations.

If Oil Speculation was to move to a European country, we would be farked over many times because of the costs of currency exchange and foreign taxes.

IMO, oil speculators is the better of two evils with the pump being $3.50 a gallon, rather than it being priced $8 a gallon in Euro's


You honestly think that restricting speculators, which is going to make oil cheaper for everyone not just the US, is going to drive people to the Euro? The same currency whose existence within 5 years is being actively questioned today? That Euro?

The dollar might be a bit ugly today, but shes still the hottest and easiest chick at the bar.
 
2012-04-17 12:55:07 PM  
Simple solution: Force commodity traders to take delivery of all goods they bought before being able to resell them.
 
2012-04-17 12:55:43 PM  
a six-fold increase in CFTC staff? cool. those jobs pay VERY well.
 
2012-04-17 12:55:46 PM  

coeyagi: Jesus H. Christ, is there ONE GOD DAMN REPUBLICAN left with an ounce of dignity and decency? fark these clowns in the ass with a barbed dildo until they bleed to death.


fap?
 
2012-04-17 12:56:25 PM  

Wicked Chinchilla: cman: This may not be the best of ideas.

Oil is traded on the US market for one simple reason: fewer regulations.

If Oil Speculation was to move to a European country, we would be farked over many times because of the costs of currency exchange and foreign taxes.

IMO, oil speculators is the better of two evils with the pump being $3.50 a gallon, rather than it being priced $8 a gallon in Euro's

You honestly think that restricting speculators, which is going to make oil cheaper for everyone not just the US, is going to drive people to the Euro? The same currency whose existence within 5 years is being actively questioned today? That Euro?

The dollar might be a bit ugly today, but shes still the hottest and easiest chick at the bar.


I didnt say that it would most def happen, I said it may happen.

Personally, if I were Obama, I would stay the hell away from this until the election is over. This is the kind of big move that if it turns to shiat he wont be sitting in the oval office come January.
 
2012-04-17 12:56:35 PM  

unyon: Gas is still too cheap. I don't see evidence of it influencing people's transportation decisions yet. But I'm a big fan of a taxation shift between gas and income taxes. Adjust gas taxes up and income taxes down to achieve the same revenue level. No new regulation required, since the mechanism for collecting each is already in place, it's just adjusting the dials.

Tax more of what you want less of - hydrocarbon consumption - And tax less of what you want more of- income. If you want to increase your income and lower your tax burden, consume less energy. It puts the incentives in the right place.




Yeah, ok Ann Romney. Thanks for your input. Gas isn't influencing people's transportation decisions? You must live in a bubble. I do alright and I've noticed that gas has gone from a monthly cost I have to live with to a potential burden that has to be monitored. If you think people aren't taking fewer trips to grandma's house or driving less than they otherwise would, you're out of touch...or pretending to be well off.
 
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