Wednesday, May 21, 2008
Outcry Over Oil Prices
CNNMoney.com: Oil exec: Prices driven by 'fundamentals'
NEW YORK (CNNMoney.com) -- Amid increasing public outcry over record-shattering oil and gas prices, senators on Wednesday hauled industry executives in to testify about the recent runup.
NEW YORK (CNNMoney.com) -- Amid increasing public outcry over record-shattering oil and gas prices, senators on Wednesday hauled industry executives in to testify about the recent runup.
Let us not forget over 2/3rds of the pump price is tax.
Posted by plato @ 06:10 PM (451 views) Add Comment
16 Comments
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1. little professor said...
So good he posted it twice.
2. little professor said...
So good he posted it twice.
3. plato said...
Not me lp --------- something up with webmaster. got anything relevant to add?
4. amjidk said...
if 2 thirds of it is tax, GB must be making a fair bit extra as prices increase!!
5. harold said...
"senators on Wednesday hauled industry executives in to testify about the recent runup"
Er, shouldn't that be the other way round, i.e., industry executives should be hauling in senators, as it is they (the senators) who are responsible. Who, for eample, is it that sanctions the printing of excess of $s by the Fed: the senators or the industry execs?
Typical misinformation from the MSM.
6. Rental John said...
Currently my local diesel price is about £1.25. Of which 83p is tax (fuel tax plus VAT).....this is down right theft!!!!
Why are we taxed on the the tax....a double whammy if ever there was one.
See also - www.petrolprices.com/fuel-tax.html
7. Greco said...
I would like to see our President come up with a plan that would reverse the price of oil - Support a strong dollar by backing it not using it to bring down the deficit , which he has created through his administration . His Dad did the same when he was in office - It's the economy stupid !
8. Kruador said...
I can't remember where I saw this now, but I recall seeing an article that said that the price of long-term oil contracts negotiated solely between producer and consumer (e.g. refinery) was set based on the current oil futures market price. The trouble is, the amount of actual oil bought on the oil futures market is miniscule compared to the long-term contracts. There's currently a great deal of speculation on this market. While the New York commodities exchange is regulated, NY traders are allowed to also trade electronically on the unregulated London ICE Futures exchange. Owning a futures contract doesn't even require you to actually buy any oil when that option expires! Instead you can cash it in.
"ICE's Brent Crude futures contract is key for establishing the most important international oil price benchmark in the world. The Brent Blend complex consists of three related markets - dated or physical Brent, forward Brent and ICE futures, and is used as a basis for pricing two thirds of the world's internationally traded crude oil.
"It is a deliverable contract based on Exchange of Futures for Physical mechanism (EFP) delivery with an option to cash settle. The flexible nature of ICE Brent Crude futures enables companies to take delivery of physical crude supplies if they wish, through EFP or alternatively and more commonly, open positions can be cash settled after expiry against a physical price index."
-- https://www.theice.com/crude.jhtml
The price of fuel at the filling station is *not* driven by fundamentals. It's a bubble, and it's one that's hurting everyone's lives. Our government must act and regulate this exchange.
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