Finally!

[Nick R]

I've been saying for over a year that there needs to be an investigation into the gas prices. Price gouging is all to familiar. Gas prices are record high, and oil companies post record profits. Speculation trading sucks. Go Justice Department.

 

[daves87rs]

Good luck with that. We've had a few around here..and no one has done a thing.

 

[montero1]

Rat guarding the snakes.

 

[HTSS_TR]

There were several investigations by Federal and various States the last 10 years about gas price, no evident of illegal activities by oil companies ever found.

 

[oilboy123]

Snuff out the evil little speculators....................

 

[motorguy222]

Oil speculators are the problem.

 

[tenderloin]

Diversion for political reason only. Trying to take the focus off lack of leadership everywhere else.

 

[SaturnIonVue]

Originally Posted By: motorguy222
Oil speculators are the problem.

Hang em high!

 

[Spyder7]

Originally Posted By: Nick R
I've been saying for over a year that there needs to be an investigation into the gas prices. Price gouging is all to familiar. Gas prices are record high, and oil companies post record profits. Speculation trading sucks. Go Justice Department.


I don't expect it to go anywhere, though. Oil speculators may be part (or all) of the problem, as the first replies point out, but even if so - what then? Since oil prices are tied to the commodities market, there is nothing to be done about speculation unless the Fed intervenes into the commodities market in some heavy handed manner, which seems about as likely as an apocalypse at midnight tomorrow.

If the gouging is occurring at the pump they can do something about that, but this doesn't seem to be the case.

Basically then they are left with some kind of drastic change to the commodities market - which is not going to happen - and the oil producers themselves plus good ole big oil. Talk about a stacked deck. Especially considering the oil producing nations are beyond their jurisdiction, while the fed versus big oil would be an amusing sideshow, but I'd expect it to be little more than that.

Good intentions perhaps (whatever the motive), but I wouldn't get my hopes up on it amounting to anything at the end.

-Spyder

 

[Colt45ws]

Originally Posted By: Spyder7
Originally Posted By: Nick R
I've been saying for over a year that there needs to be an investigation into the gas prices. Price gouging is all to familiar. Gas prices are record high, and oil companies post record profits. Speculation trading sucks. Go Justice Department.


I don't expect it to go anywhere, though. Oil speculators may be part (or all) of the problem, as the first replies point out, but even if so - what then? Since oil prices are tied to the commodities market, there is nothing to be done about speculation unless the Fed intervenes into the commodities market in some heavy handed manner, which seems about as likely as an apocalypse at midnight tomorrow.

If the gouging is occurring at the pump they can do something about that, but this doesn't seem to be the case.

Basically then they are left with some kind of drastic change to the commodities market - which is not going to happen - and the oil producers themselves plus good ole big oil. Talk about a stacked deck. Especially considering the oil producing nations are beyond their jurisdiction, while the fed versus big oil would be an amusing sideshow, but I'd expect it to be little more than that.

Good intentions perhaps (whatever the motive), but I wouldn't get my hopes up on it amounting to anything at the end.

-Spyder

+1 This will go no where. The commitee will never be mentioned again and they will prefer that you forgot the idea was even mentioned.

 

[Pablo]

So, what do we do after we end ALL forms of trading in oil and the price of oil keeps going up?

 

[chad8]

so who pays for the committee? just like the doe "protects" us from the evil empire.

The Department of Energy (located appropriately at 1000 Independance Ave) was instituted 8-04-1977

TO LESSEN OUR DEPENDENCE ON FOREIGN OIL. HEY, PRETTY EFFICIENT, HUH?

AND NOW IT'S 2011, 34 YEARS LATER, AND THE BUDGET FOR THIS NECESSARY DEPARTMENT IS AT $24.2 BILLION A YEAR, THEY HAVE 16,000 FEDERAL EMPLOYEES, AND APPROXIMATElY 100,000 CONTRACT EMPLOYEES.

Pretty good job eh.
Now they want the same people to "investigate" high oil prices.They make their living off high oil prices and are funded with taxes from oil. Sounds like another billion of debt to me.

 

[spasm3]

The problem in our dollar!!!! Outside of the usa it has lost buying power due to our debt!!!! Since we buy fuel , our dollar has little buying power, up goes fuel prices. Until we really stop spending the public tax dollar like drunken sailors, the problem WILL get worse.

 

[pbm]

Originally Posted By: tenderloin
Diversion for political reason only. Trying to take the focus off lack of leadership everywhere else.


Very well stated.

 

[Bluestream]

Originally Posted By: spasm3
The problem in our dollar!!!! Outside of the usa it has lost buying power due to our debt!!!! Since we buy fuel , our dollar has little buying power, up goes fuel prices. Until we really stop spending the public tax dollar like drunken sailors, the problem WILL get worse.


I think the low dollar is one part of the problem for sure. Speculators add $10-15 per barrel, and I don't think you should be allowed to buy oil futures contracts unless you plan to take delivery of the oil. But also supply and demand come into play. China alone is putting 15 million new cars on the road every year, and scrapping almost none. Just think, in a 4 year period 60 million new cars that need fuel.

My view is gas prices will never go back down. (maybe a bit in the next recession) so you may as well get rid of the gas guzzlers now... I have been expecting this day since 1973 when I first learned that oil supplies were finite.

 

[salv]

I live close to the border with Canada. Their dollar is up a few cents on ours (great for our local economy), but the Canadians come down here to buy gas because ours is CHEAPER! They are paying $4/liter. That is more than 3 times our prices. The funny thing is, most of our local gas stations get their gas from Canadian suppliers.

 

[Pop_Rivit]

Originally Posted By: Nick R
I've been saying for over a year that there needs to be an investigation into the gas prices.


You're young, naive and need to spend some time studying history. Every time fuel prices have spiked there's been an "investigation". The investigation never turns up any wrong doing, but it makes it look as though something is being done. The investigations make great media sound bites for people who don't know any better.

They do serve one purpose-they are very effective at wasting tax dollars.

 

[SteveSRT8]

Originally Posted By: Pop_Rivit
Originally Posted By: Nick R
I've been saying for over a year that there needs to be an investigation into the gas prices.


You're young, naive and need to spend some time studying history. Every time fuel prices have spiked there's been an "investigation". The investigation never turns up any wrong doing, but it makes it look as though something is being done. The investigations make great media sound bites for people who don't know any better.

They do serve one purpose-they are very effective at wasting tax dollars.


This is so true. We are carefully fed a diet of whatever the media wants us to eat!

 

[mpvue]

Originally Posted By: Nick R
I've been saying for over a year that there needs to be an investigation into the gas prices. Price gouging is all to familiar. Gas prices are record high, and oil companies post record profits. Speculation trading sucks. Go Justice Department.

every time gas prices go up people have a hissy fit; well, surprise! EVERYTHING has gone up! staple items that we all use everyday (sugar, butter, milk, eggs) have gone up %-wise WAY more than gas.

solutions:

1. buy exxon mobil stock
2. drive less
3. make cuts in your budget somewhere else

 

[eljefino]

Originally Posted By: spasm3
The problem in our dollar!!!! Outside of the usa it has lost buying power due to our debt!!!! Since we buy fuel , our dollar has little buying power, up goes fuel prices. Until we really stop spending the public tax dollar like drunken sailors, the problem WILL get worse.


You're confusing a budget deficit with a trade deficit. (We have both and they're both pretty awful.)

If we stopped hemhoraging dollars worldwide for oil, it wouldn't matter how strong it is, though it will grow stronger. Containers of Chinese iPods are a drop in the bucket in comparison.