Comments on: Three cheers for higher oil prices! http://cnnmoneytalkback.blogs.cnnmoney.cnn.com/2009/05/12/three-cheers-for-higher-oil-prices/ CNNMoney.com Talkback Tue, 24 Nov 2009 15:32:36 +0000 http://wordpress.com/ hourly 1 By: Susan, Phoenix, AZ http://cnnmoneytalkback.blogs.cnnmoney.cnn.com/2009/05/12/three-cheers-for-higher-oil-prices/#comment-45393 Susan, Phoenix, AZ Wed, 12 Aug 2009 19:25:31 +0000 http://cnnmoneytalkback.blogs.cnnmoney.cnn.com/?p=905#comment-45393 Oil prices are not swayed by the small oil futures traders. But they are swayed by the major Wall St players. And they make a hugh amount of money doing so. And so, by the way, do the major oil companies. The CFTC (Commodity Future Trading Commission) cannot regulate (monitor) this type of trading, since it was stripped of its powers to do so through lobbying by the oil companies in 2000. In May of 2008, Congress introduced a bill called the Consumer-First Energy Act that would have restored the CFTC oversite powers. This bill died in the Senate this year. I wonder why this happened? I would "speculate" and state that the Senators who voted no on this bill, regardless of pretense, are in somebody's pocket. Come on, people, this country is not run by the goverment. It is run by the major corporations across all industry sectors. Many people have known this for quite some time( past 70 years ) It is just more apparent now because greed got the better of them and technology became more sophisticated. The price increases we see in oil because of speculation could happen with any commodity. There just happens to be more money to be made in this type. We need price controls on the major commodities that keep this country moving and allow its citizens to survive Oil prices are not swayed by the small oil futures traders. But they are swayed by the major Wall St players. And they make a hugh amount of money doing so. And so, by the way, do the major oil companies.

The CFTC (Commodity Future Trading Commission) cannot regulate (monitor) this type of trading, since it was stripped of its powers to do so through lobbying by the oil companies in 2000. In May of 2008, Congress introduced a bill called the Consumer-First Energy Act that would have restored the CFTC oversite powers.

This bill died in the Senate this year. I wonder why this happened? I would “speculate” and state that the Senators who voted no on this bill, regardless of pretense, are in somebody’s pocket.

Come on, people, this country is not run by the goverment. It is run by the major corporations across all industry sectors.

Many people have known this for quite some time( past 70 years )

It is just more apparent now because greed got the better of them and technology became more sophisticated.

The price increases we see in oil because of speculation could happen with any commodity. There just happens to be more money to be made in this type.

We need price controls on the major commodities that keep this country moving and allow its citizens to survive

]]> By: Anonymous http://cnnmoneytalkback.blogs.cnnmoney.cnn.com/2009/05/12/three-cheers-for-higher-oil-prices/#comment-43539 Anonymous Thu, 28 May 2009 18:26:46 +0000 http://cnnmoneytalkback.blogs.cnnmoney.cnn.com/?p=905#comment-43539 You're a MORON! You’re a MORON!

]]> By: 62918 http://cnnmoneytalkback.blogs.cnnmoney.cnn.com/2009/05/12/three-cheers-for-higher-oil-prices/#comment-43374 62918 Fri, 15 May 2009 17:20:23 +0000 http://cnnmoneytalkback.blogs.cnnmoney.cnn.com/?p=905#comment-43374 Seems like the oil companies didn't learn thier lesson the first time, with stock piles of oil at an all time high, it must be a struggle to squeeze the last few cents out of consumers pockets, especially in this economy, or depression as it sure is not your regular resseion. If they are now spending money on the loosing oil stocks, let them loose some more. Time for the government to put price controls on them dogs too! Seems like the oil companies didn’t learn thier lesson the first time, with stock piles of oil at an all time high, it must be a struggle to squeeze the last few cents out of consumers pockets, especially in this economy, or depression as it sure is not your regular resseion. If they are now spending money on the loosing oil stocks, let them loose some more. Time for the government to put price controls on them dogs too!

]]> By: Mike, Redwood City, CA http://cnnmoneytalkback.blogs.cnnmoney.cnn.com/2009/05/12/three-cheers-for-higher-oil-prices/#comment-43345 Mike, Redwood City, CA Wed, 13 May 2009 15:38:28 +0000 http://cnnmoneytalkback.blogs.cnnmoney.cnn.com/?p=905#comment-43345 One more little tidbit: the way that you know it's manipulation of prices and speculation is when there is no shortage of supply ... and the prices still go up ! This is exactly what we had for the last 5 years, and we still have it now. Did anyone have trouble buying gasoline or diesel ? Nope: speculators. We need Congress to investigate and punish them. One more little tidbit: the way that you know it’s manipulation of prices and speculation is when there is no shortage of supply … and the prices still go up ! This is exactly what we had for the last 5 years, and we still have it now.

Did anyone have trouble buying gasoline or diesel ? Nope: speculators.

We need Congress to investigate and punish them.

]]> By: Glenn Doty, Columbia, SC http://cnnmoneytalkback.blogs.cnnmoney.cnn.com/2009/05/12/three-cheers-for-higher-oil-prices/#comment-43344 Glenn Doty, Columbia, SC Wed, 13 May 2009 15:21:00 +0000 http://cnnmoneytalkback.blogs.cnnmoney.cnn.com/?p=905#comment-43344 You seem to have forgotten about Peak Oil, which is sad because that is the most important factor. Yes oil prices collapsed when the economy did, because global demand for oil completely crashed. Therefore, supply and demand functions forced the price of oil threw the floor. But at 50.00/bbl there are many oil operations that are losing money, and there is virtually no incentive to drill new wells. The EIA had a report last week showing that the number of new oil wells being drilled had dropped by 56% since November, and that number is still trending down. Due to the incontravertable fact that the world has a limited supply of oil and is running out (Peak Oil), the current wells that are pumping are gradually going dry. It works out to roughly 3 million bbls/day reduction in supply every year through drying up wells... So if the world doesn't continue to drill enough to get another 3 million bbls/day each year then global supply drops. I just told you the number of new wells had been cut in half since November. When the economy recovers (certainly by mid 2010), the demand for oil will recover as well, but there won't be sufficient global supply to meet that demand anymore. By Dec 2010, $150/bbl oil will seem like a holiday. We need real solutions for energy that don't dry up. www.WindFuels.com You seem to have forgotten about Peak Oil, which is sad because that is the most important factor.

Yes oil prices collapsed when the economy did, because global demand for oil completely crashed. Therefore, supply and demand functions forced the price of oil threw the floor. But at 50.00/bbl there are many oil operations that are losing money, and there is virtually no incentive to drill new wells. The EIA had a report last week showing that the number of new oil wells being drilled had dropped by 56% since November, and that number is still trending down.

Due to the incontravertable fact that the world has a limited supply of oil and is running out (Peak Oil), the current wells that are pumping are gradually going dry. It works out to roughly 3 million bbls/day reduction in supply every year through drying up wells… So if the world doesn’t continue to drill enough to get another 3 million bbls/day each year then global supply drops.

I just told you the number of new wells had been cut in half since November.

When the economy recovers (certainly by mid 2010), the demand for oil will recover as well, but there won’t be sufficient global supply to meet that demand anymore.

By Dec 2010, $150/bbl oil will seem like a holiday.

We need real solutions for energy that don’t dry up.

http://www.WindFuels.com

]]> By: Harry, New Haven CT http://cnnmoneytalkback.blogs.cnnmoney.cnn.com/2009/05/12/three-cheers-for-higher-oil-prices/#comment-43343 Harry, New Haven CT Wed, 13 May 2009 14:04:13 +0000 http://cnnmoneytalkback.blogs.cnnmoney.cnn.com/?p=905#comment-43343 Wow, alot of emotion in these postings, I wish there was more analytical thought. Wether it's OPEC manipulating prices, speculators or increased demand, the price of oil WILL go up. How are we going to address this? Do we only react when gas reaches $4 a gallon? Oil is our nations "crack", unless we reduce our dependancy we'll always have to pay the dealers prices and this will take decades of dedicated rehab to accomplish. Wow, alot of emotion in these postings, I wish there was more analytical thought. Wether it’s OPEC manipulating prices, speculators or increased demand, the price of oil WILL go up. How are we going to address this? Do we only react when gas reaches $4 a gallon? Oil is our nations “crack”, unless we reduce our dependancy we’ll always have to pay the dealers prices and this will take decades of dedicated rehab to accomplish.

]]> By: Andrew, Wilmington NC http://cnnmoneytalkback.blogs.cnnmoney.cnn.com/2009/05/12/three-cheers-for-higher-oil-prices/#comment-43342 Andrew, Wilmington NC Wed, 13 May 2009 11:51:51 +0000 http://cnnmoneytalkback.blogs.cnnmoney.cnn.com/?p=905#comment-43342 I'm with Bryan from Columbus & Henry from Astoria: Let the prices rise, & hopefully that will steer us towards petro conservation & alternative fuels. I don't like to see the economy falter. As a compassionate Christian, though, I am also concerned about the islands & other low-lying areas disappearing underwater due to global warming & rising sea levels; air pollution; & desertification. My personal answer to higher oil prices: ride a bicycle almost everywhere, & eat mainly plants, which are healthier anyway. Americans are too caught up with eating meat, which to grow is highly energy intensive & highly polluting (methane into the air, bacteria into the groundwater). I’m with Bryan from Columbus & Henry from Astoria: Let the prices rise, & hopefully that will steer us towards petro conservation & alternative fuels.

I don’t like to see the economy falter. As a compassionate Christian, though, I am also concerned about the islands & other low-lying areas disappearing underwater due to global warming & rising sea levels; air pollution; & desertification.

My personal answer to higher oil prices: ride a bicycle almost everywhere, & eat mainly plants, which are healthier anyway. Americans are too caught up with eating meat, which to grow is highly energy intensive & highly polluting (methane into the air, bacteria into the groundwater).

]]> By: Mike , Port Clinton, Ohio http://cnnmoneytalkback.blogs.cnnmoney.cnn.com/2009/05/12/three-cheers-for-higher-oil-prices/#comment-43341 Mike , Port Clinton, Ohio Wed, 13 May 2009 03:12:13 +0000 http://cnnmoneytalkback.blogs.cnnmoney.cnn.com/?p=905#comment-43341 The American consumer is the engine that drives the WORLD economy. When we stop spending the entire world shudders.If big oil believes that the American consumer will once again pay $3-$4 a gallon for gasoline and there will be no economic repercussions, lets let them find out. How many more ice skating rinks and ski slopes in the desserts of the Middle East must we be asked to pay for. Speak with your wallet and the answer will be zero. The American consumer is the engine that drives the WORLD economy. When we stop spending the entire world shudders.If big oil believes that the American consumer will once again pay $3-$4 a gallon for gasoline and there will be no economic repercussions, lets let them find out. How many more ice skating rinks and ski slopes in the desserts of the Middle East must we be asked to pay for. Speak with your wallet and the answer will be zero.

]]> By: thomas,novato,ca http://cnnmoneytalkback.blogs.cnnmoney.cnn.com/2009/05/12/three-cheers-for-higher-oil-prices/#comment-43340 thomas,novato,ca Wed, 13 May 2009 01:47:58 +0000 http://cnnmoneytalkback.blogs.cnnmoney.cnn.com/?p=905#comment-43340 I already thought years ago that prices were going to be heading up. Last year did not surprise me much at all. This is a great opportunity for us to innovate and look at alternatives. We will get the most fuel efficient car we can find for our next car. This will accomplish several things including making the middle east a little less wealthy. I already thought years ago that prices were going to be heading up. Last year did not surprise me much at all. This is a great opportunity for us to innovate and look at alternatives. We will get the most fuel efficient car we can find for our next car. This will accomplish several things including making the middle east a little less wealthy.

]]> By: Scott Johnson Creek, WI http://cnnmoneytalkback.blogs.cnnmoney.cnn.com/2009/05/12/three-cheers-for-higher-oil-prices/#comment-43339 Scott Johnson Creek, WI Wed, 13 May 2009 01:30:55 +0000 http://cnnmoneytalkback.blogs.cnnmoney.cnn.com/?p=905#comment-43339 Three cheers?...rising demand?...you must be getting money from the oil companies. Its speculation again, I should say already, since there is not a single good reason for prices to have spiked 70%. Rising oil prices are like increasing taxes during a recession.....sucks the wind out of a recovery. Three cheers?…rising demand?…you must be getting money from the oil companies. Its speculation again, I should say already, since there is not a single good reason for prices to have spiked 70%. Rising oil prices are like increasing taxes during a recession…..sucks the wind out of a recovery.

]]> By: Bill, Leawood,KS http://cnnmoneytalkback.blogs.cnnmoney.cnn.com/2009/05/12/three-cheers-for-higher-oil-prices/#comment-43338 Bill, Leawood,KS Wed, 13 May 2009 01:18:40 +0000 http://cnnmoneytalkback.blogs.cnnmoney.cnn.com/?p=905#comment-43338 Three cheers? Are you one of the speculators who make a profit off the backs of people who actually use the commodity? Three cheers? Are you one of the speculators who make a profit off the backs of people who actually use the commodity?

]]> By: David Dallas ,Texas http://cnnmoneytalkback.blogs.cnnmoney.cnn.com/2009/05/12/three-cheers-for-higher-oil-prices/#comment-43335 David Dallas ,Texas Tue, 12 May 2009 21:52:10 +0000 http://cnnmoneytalkback.blogs.cnnmoney.cnn.com/?p=905#comment-43335 this oil rising price $60.00 a barrell is stupid, the recovery in three months is bull . and all this is well stuff we turned the corner is nonsense. all this price fixing and collusine between oil companies and price fixing at the pumps .the banks and stock markets and oil will all bottom out and tank. watch ,wait ,and see .citi group gave 400 million to name mets field citi field and they need more government money to stay a float. while the ceo says, the 400 million is not bailout money .where did it the 400 million come from ?? 60 days ago citi bank was broke and dead . now this !! we u.s. tax payers are to bail you out again. we want our 400 million back . and you and all the managers are fired, get your things and hit the door, all of you . we own 80 % of citi group bank us tax payers they need to be fired now.. they will try to say every thing is OK ,OK, OK!! BUT WATCH IT TANK and you will wake up and the stock market will bottom out, and no jobs .and oil will 50 cents a barrel and no takers these lies ,to pump up these markets needs to stop there are tankers off the coast anchored there just waiting for oil the price to go up .every available tank and vessel is full of oil there is so much of it .you will see . theres no demand no shortage and nobottom yet we will see this oil rising price $60.00 a barrell is stupid, the recovery in three months is bull . and all this is well stuff we turned the corner is nonsense. all this price fixing and collusine between oil companies and price fixing at the pumps .the banks and stock markets and oil will all bottom out and tank. watch ,wait ,and see .citi group gave 400 million to name mets field citi field and they need more government money to stay a float. while the ceo says, the 400 million is not bailout money .where did it the 400 million come from ?? 60 days ago citi bank was broke and dead . now this !! we u.s. tax payers are to bail you out again. we want our 400 million back . and you and all the managers are fired, get your things and hit the door, all of you . we own 80 % of citi group bank us tax payers
they need to be fired now.. they will try to say every thing is OK ,OK, OK!! BUT WATCH IT TANK and you will wake up and the stock market will bottom out, and no jobs .and oil will 50 cents a barrel and no takers these lies ,to pump up these markets needs to stop there are tankers off the coast anchored there just waiting for oil the price to go up .every available tank and vessel is full of oil there is so much of it .you will see . theres no demand no shortage and nobottom yet we will see

]]> By: Dave L. Williamstown, MA http://cnnmoneytalkback.blogs.cnnmoney.cnn.com/2009/05/12/three-cheers-for-higher-oil-prices/#comment-43334 Dave L. Williamstown, MA Tue, 12 May 2009 21:49:51 +0000 http://cnnmoneytalkback.blogs.cnnmoney.cnn.com/?p=905#comment-43334 High oil prices helped to contribute to the global recession by drawing away money that would have been spent on consumer goods. Upward trends on a weakened economy will only cause the recession to drag out. High oil prices helped to contribute to the global recession by drawing away money that would have been spent on consumer goods. Upward trends on a weakened economy will only cause the recession to drag out.

]]> By: GC http://cnnmoneytalkback.blogs.cnnmoney.cnn.com/2009/05/12/three-cheers-for-higher-oil-prices/#comment-43333 GC Tue, 12 May 2009 21:47:51 +0000 http://cnnmoneytalkback.blogs.cnnmoney.cnn.com/?p=905#comment-43333 @Jess, West Palm Beach, FL: May 12, 2009 3:53 pm. The NYSE doesn't trade in oil. You're thinking of the Merc (NY or Chicago) @Jess, West Palm Beach, FL: May 12, 2009 3:53 pm. The NYSE doesn’t trade in oil. You’re thinking of the Merc (NY or Chicago)

]]> By: Oslo http://cnnmoneytalkback.blogs.cnnmoney.cnn.com/2009/05/12/three-cheers-for-higher-oil-prices/#comment-43332 Oslo Tue, 12 May 2009 21:47:44 +0000 http://cnnmoneytalkback.blogs.cnnmoney.cnn.com/?p=905#comment-43332 I'm surprised that Peak Oil hasn't been mentioned so I just have to say it. The supply of the stuff is faltering. I’m surprised that Peak Oil hasn’t been mentioned so I just have to say it. The supply of the stuff is faltering.

]]> By: Bryan, Columbus OHIO http://cnnmoneytalkback.blogs.cnnmoney.cnn.com/2009/05/12/three-cheers-for-higher-oil-prices/#comment-43331 Bryan, Columbus OHIO Tue, 12 May 2009 21:43:19 +0000 http://cnnmoneytalkback.blogs.cnnmoney.cnn.com/?p=905#comment-43331 I would actually like to see the prices increase beyond the $4.xx per gallon rate. Perhaps $10/gallon would generate enough public outcry to get alternatives flowing and maybe, just maybe, would make some of us give up these silly urban assault vehicles we love so much. I would actually like to see the prices increase beyond the $4.xx per gallon rate. Perhaps $10/gallon would generate enough public outcry to get alternatives flowing and maybe, just maybe, would make some of us give up these silly urban assault vehicles we love so much.

]]> By: Gilbert M., Katy, Tx http://cnnmoneytalkback.blogs.cnnmoney.cnn.com/2009/05/12/three-cheers-for-higher-oil-prices/#comment-43330 Gilbert M., Katy, Tx Tue, 12 May 2009 21:26:12 +0000 http://cnnmoneytalkback.blogs.cnnmoney.cnn.com/?p=905#comment-43330 "Three Cheers"? Tell that to the folks that are out jobs, losing their homes and need tranportation to find new jobs! “Three Cheers”? Tell that to the folks that are out jobs, losing their homes and need tranportation to find new jobs!

]]> By: Russ, Baton Rouge Louisiana http://cnnmoneytalkback.blogs.cnnmoney.cnn.com/2009/05/12/three-cheers-for-higher-oil-prices/#comment-43329 Russ, Baton Rouge Louisiana Tue, 12 May 2009 21:02:37 +0000 http://cnnmoneytalkback.blogs.cnnmoney.cnn.com/?p=905#comment-43329 Not worried at all. I drive a Prius not a gas-hog SUV !!! Not worried at all. I drive a Prius not a gas-hog SUV !!!

]]> By: Henry, Astoria NY http://cnnmoneytalkback.blogs.cnnmoney.cnn.com/2009/05/12/three-cheers-for-higher-oil-prices/#comment-43327 Henry, Astoria NY Tue, 12 May 2009 20:52:32 +0000 http://cnnmoneytalkback.blogs.cnnmoney.cnn.com/?p=905#comment-43327 Let the price go over $100 a barrel! Then maybe America will wake up get off the addiction and move to alternative fuels! Let the price go over $100 a barrel! Then maybe America will wake up get off the addiction and move to alternative fuels!

]]> By: Harry, Wilmington, NC http://cnnmoneytalkback.blogs.cnnmoney.cnn.com/2009/05/12/three-cheers-for-higher-oil-prices/#comment-43326 Harry, Wilmington, NC Tue, 12 May 2009 20:41:12 +0000 http://cnnmoneytalkback.blogs.cnnmoney.cnn.com/?p=905#comment-43326 The guy that wrote this reminds me that you don't have to know a darn thing about economics and markets to put something in print. First, the rise in oil prices has been manipulated more by OPEC reducing supply to scalp us again than it has been by rising demand. Plus, I am certain the speculators are at their old tricks again bolstering prices too. But, beyond that, and even if I am totally wrong, there is another MAJOR reason why oil prices rising is NEVER, EVER a positive thing for the economy. And that is because it affects the price of every product and service that is available. The brilliant economists continue to say that the mortgage and housing fiasco and bubble were the prime cause of all the economic woes lately. However, that was only a portion of the cause of this correction. Yes, in my opinion this is a major CORRECTION. Their was far too much speculation on everything by people wanting to make too much money too quickly. Real estate, stocks, oil, and commodities were all driven to unsustainable prices and the bottom fell out. Fortunately, nobody is required to buy stocks or real estate when the prices are too high. But oil and commodities are another story. Oil and the other energies becoming overpriced again will again hit the prices of every product with another double whammy. Therefore, oil prices being artificially increased by speculation and OPEC, right in the middle of a much-needed recovery period, is nothing but 100% bad news. All it will do is prolong any recovery that may be trying to naturally occur. If OPEC wasn't so greedy now, they would understand that if they kept supply constant, and let global economy naturally grow, they would be rewarded with a more steady rise in price and demand that would result in a better long term sustainable source of revenue. This is my opinion and I'm sticking to it. The guy that wrote this reminds me that you don’t have to know a darn thing about economics and markets to put something in print. First, the rise in oil prices has been manipulated more by OPEC reducing supply to scalp us again than it has been by rising demand. Plus, I am certain the speculators are at their old tricks again bolstering prices too. But, beyond that, and even if I am totally wrong, there is another MAJOR reason why oil prices rising is NEVER, EVER a positive thing for the economy. And that is because it affects the price of every product and service that is available. The brilliant economists continue to say that the mortgage and housing fiasco and bubble were the prime cause of all the economic woes lately. However, that was only a portion of the cause of this correction. Yes, in my opinion this is a major CORRECTION. Their was far too much speculation on everything by people wanting to make too much money too quickly. Real estate, stocks, oil, and commodities were all driven to unsustainable prices and the bottom fell out. Fortunately, nobody is required to buy stocks or real estate when the prices are too high. But oil and commodities are another story. Oil and the other energies becoming overpriced again will again hit the prices of every product with another double whammy. Therefore, oil prices being artificially increased by speculation and OPEC, right in the middle of a much-needed recovery period, is nothing but 100% bad news. All it will do is prolong any recovery that may be trying to naturally occur. If OPEC wasn’t so greedy now, they would understand that if they kept supply constant, and let global economy naturally grow, they would be rewarded with a more steady rise in price and demand that would result in a better long term sustainable source of revenue. This is my opinion and I’m sticking to it.

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