It was a little under two years ago when, when oil and gas prices were both surging, Obama decided to punish the evil speculators whose fault the rise of oil was when he announced he would "give the Commodity Futures Trading Commission authority to increase the amount of money that a trader must put up to back a trading position.
Kevin McElroy submits:
My wife and I just had a baby boy on May 8, so I'll be taking a short break. I've asked Andy Crowder, a seasoned technical analyst and options trader, to fill in while I'm away. He has a very unique view on the commodity markets and I'll think you'll find his viewpoint interesting and insightful.
Is Now the Time to Sell Oil?
Bernanke is hell bent on producing price inflation. He has succeeded, just not where he wants most. What Bernanke desperately wants is for housing prices to rise because that more than anything will help the banks and all the foreclosed properties they are sitting on.
The Bernanke Fed has certainly assisted the stock market, as intended, but that is not doing the average Joe much good in the face of soaring oil prices, soaring food prices, falling home prices, and zero% interest on savings.
Oil Shock Coming
Cullen Roche submits: Interesting findings from Goldman Sachs with regards to oil prices. This comes from a recent research report from their Commodities Research Team.In July of 2008 Goldman Sachs famously said the price of oil was not being distorted by speculators. After a 75% decline in prices they changed their tune and said speculators had in fact distorted prices. Their retraction said (emphasis added):
This post How Low Will Oil Go – And What Can You Do? appeared first on Daily Reckoning.
Last week, the price of oil broke below $60 per barrel, representing a $40+ discount since June.
The oil market has been under siege for six months. It’s been a bloodbath. And the blood is running in the streets more than ever today. From service providers to producers this downturn has been painful.
Joseph P. Kennedy II, former Congressional Representative from Massachusetts, and founder, chairman, and president of Citizens Energy Corporation, has a proposal to make energy affordable for all. All we have to do, Kennedy claims, is "bar pure oil speculators entirely from commodity exchanges in the United States."
IT HAS been almost two weeks since the International Energy Agency (IEA) announced it would release 60m barrels of oil from its member governments’ reserves, apparently in response to “ongoing disruption of oil supplies from Libya”. How is that working out?