Thursday, Jul 24, 2008
surely this is people just making money??? lol
CNN: Government uncovers oil price manipulation
You just couldnt make it up.... could you?
next we will be told the last 10 years was just a dream.. and wake up to find Jordon is PM
Posted by mark @ 04:42 PM (399 views) Add Comment
9 Comments
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1. japanese uncle said...
'Jordon' is nice. Jordan in Japanese means 'joke'. Haha.
2. layers said...
Hmm, Scape and goat anyone? Wonder why they were targeted when Goldman are allowed not only own (or at least probably a major portion) one of the oil trading exchanges, but to also provide guidance? No conflict of f***g interest there then. Can't find the article that mentions this yet, but it was recent as Goldman were shouting that oil's going to $200.
3. Whostolemyendowment said...
"You take the blue pill and the story ends. You wake in your bed and believe whatever you want to believe. You take the red pill and you stay in Wonderland and I show you how deep the rabbit-hole goes. Remember -- all I am offering is the truth, nothing more."
4. Whostolemyendowment said...
Yes, but if Jordan is PM, then that F'wit she's married to also gets to be in number 10 - you can imagine all the redecoratin' blink.....innit!
5. alan said...
I'm surprised the US hasn't outsourced their armed forces or law enforcement.
Just think of the money they could save.....There might be a downside to that too......
6. Whostolemyendowment said...
Mr A....US of A already does this if only partially - gets countries like the UK to help fight their wars (coalition of the willing!!!)...and low paid imigrants to man its boards. How many US soldiers are from the Phillipines, Porto Rico, Panama, etc?
http://www.boston.com/news/nation/articles/2006/12/26/military_considers_recruiting_foreigners/
7. whiteknight said...
what a bunch of ar*eholes
8. paul said...
'Jordon' is nice. Jordan in Japanese means 'joke'. Haha.
Oyaji-gyagu. Samu-.
Oil price manipulation? Worry about house price manipulation you dolts!
9. Kruador said...
"Others, such as the International Energy Agency, have also said speculators are not to blame. They've pointed to other non-traded commodities that have risen in price even faster than oil, and to the fact that there is no evidence of a bubble, such as excess oil sitting around in storage."
The oil futures market doesn't trade oil. It trades paper. The connection to oil is very loose, as the terms of purchase permit the futures to be traded for cash at the closing day's index price rather than exchange for physical oil. Companies who actually trade oil with each other negotiate contracts, but do so in terms of the index price. They largely don't care much what the price is, because they're just going to stiff someone else with it. Even worse is transfers between divisions of the same company, where it's only nominal profit and loss.
However, the price has now started to fall, kicked off I think by the announcement of a drop in miles travelled in the US of 1%. Suddenly the rubbish about supply and demand that was supposedly supporting the price - 'market fundamentals' - has been shown to be a sham, and the price has already fallen $23 from peak (15.6%). You may have noticed that the price at the pump for petrol has dropped 4-5p in the last few days.
@paul: we are worried about oil price manipulation, because the price of oil directly affects so many other products, both in manufacture, in raw materials (directly and in shipping other raw materials) and in transporting those goods to our homes. The price of food is partly bidding up on the commodities market, and partly that the inputs are largely oil (in machinery) and natural gas (in artificial fertilisers).