Congress Controlling Oil Speculation

[BNaylor]

Man, it is about time with this do nothing Congress. Better than nothing I guess. Hopefully something will come of it.

Oil speculation: What Congress wants
Lawmakers are threatening to get tough on traders and have introduced 9 different bills. But it's unclear if they'll succeed.

NEW YORK -- Close loopholes on foreign oil trading. Limit hedge funds from pouring money into the market. End oil speculation altogether.

Congress is vowing to take actions that it believes will reverse runaway crude and gasoline prices. Oil rose above $136 a barrel on Monday - more than double what it cost a year ago - and gas hovered around $4.07 a gallon.

http://money.cnn.com/2008/06/24/news...ion=2008062413

['97ventureowner]

Something has to be done. It kills me that you hear in the media that,"Oil prices are expected to reach $150 by July ( or something to that nature - fill in your own blanks,) and magically as if wished, those prices DO get to that level. It's like they are "suggesting" the price should be at a certain point at a certain period of time. Maybe we need these "analysts" to start 'predicting' the prices to go in the OTHER direction so it can happen .

[Hungrycat7]

That would be nice! Unfortunately I just read that oil has hit $140 a barell. Yet another record! When will it end? Read another artile about an OPEC representitive expecting for the price to level off around $170/barrell.

[redimp2000]

As soon as the speculators specualte on a price, it gives the oil industry permission to make it true.

Just my opinion.

[BNaylor]

Thats why an end must be put to the speculation. Too bad our European buddies won't do the same. But I can see why. They use oil taxes as high as 50-60% of the cost per gallon to fill up their coffers or as part of the national treasury. Sad!

[Hungrycat7]

How did it get so out of control so fast? Did anyone think prices would be THIS high THIS early in time?

[redimp2000]

Europe has traditionally (maybe not the best word) paid higher prices than we have here in the U.S. When we were paying around $1.50 a gallon they were paying slightly less than that per LITER! Meaning, about 5 times what we have been paying in the U.S. So, as we pay over $4 per gallon, they are paying around $8 - $9 per gallon (ok, I know, that doesn't add up to 5 times what we are paying. Still...). On the other hand, Europe has an incredibly better mass transit system (busses, rail cars) than the U.S.

Americans are LAZY!!!! We would rather drive our own cars than we would take a bus or train. I have been around the world while I was in the Navy. Every country that I have visited had a better mass transit system than the U.S. Their gas has ALWAYS been higher than ours.

Hey, America, quit being so LAZY!!!!! Get on your bike, walk, take a bus.

[kublah]

Originally Posted by redimp2000

On the other hand, Europe has an incredibly better mass transit system (busses, rail cars) than the U.S.

Hey, America, quit being so LAZY!!!!! Get on your bike, walk, take a bus.

How are we supposed to take public transportation that we don't have? You admit it sucks, but Americans are lazy for not wanting to use it? I'd like to be able to take an efficient means of public transportation to work, but it doesn't run during the times I go to the office. Walking or riding a bike is completely out of the question for people who live far away from their jobs and don't have a few extra hours to burn every day.

We may pay less for gas than Europeans do, but we surely use a lot more per person. I'd like to see how much money the average driver from different countries spends on gas as a percentage of their total income per year. I bet even with the difference in prices the US driver would still be right up at the top just because of the extra mileage our infrastructure and lifestyles demand.

What is the American dream going to be if it's not a house in the suburbs and a car in the driveway for every person that lives there? It's not about laziness, it's about unwillingness to completely change our goals and ideals just because some jerkoff oil sharks found a way to make more money at our collective expense.

[BNaylor]

I see some excellent points but as we all know there are a lot of variables. But keep it coming. We have urban/suburban sprawl way beyond what the Europeans have or could ever comprehend not to mention population over 300 million people not counting illegals. Regardless, we in the U.S. have to fight this collectively. United we stand divided we fall. Write or log-on to your Congressman/woman's web site and voice your opinion.

If you got rid of that outrageous tax Euro countries impose they would be paying around what we pay. Another issue is conservation. They are pros at it and have been doing it for decades including superior public transportation. However, take note that conservation hasn't helped them out one bit. Their gas prices skyrocketed just like ours.

Of course, they are all blaming the U.S., China, Russia and India for that now.