Monday, May 26, 2008

Speculators and big oil companies are being trotted out as scapegoats

US Dollar Crisis Not Oil Crisis

"The reality is that after years of reckless consumption and dollar debasement, Americans are now being priced out of markets over which they formerly held unchallenged title. As more affluent foreigners consume more of the resources and products they previously supplied to us, Americans are being forced to cut back. The rising dollar-based price of gasoline is simply an illustration of this global trend. "

Posted by sold 2 rent 1 @ 11:02 AM (1013 views)
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10 thoughts on “Speculators and big oil companies are being trotted out as scapegoats

  • sold 2 rent 1 says:

    The same applies to the UK and all western countries with massive debts. We aint seen nothing yet. Prepare to be very poor.

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  • OK, the US dollar has been sliding against other currencies – for example, in the last year it’s slipped from 7.6 Chinese Yuan to $1 to 6.93. But that’s only 8.2%. Brent Crude on the ICE Futures exchange has gone up 1.26% so far *today*. This is rampant speculation and the UK government, who have jurisdiction as it’s based in London, can and must supply the pin to burst this bubble, and they must do it soon.

    I’m starting a petition on the Number 10 website asking the government to intervene – I’m waiting for them to approve it – and will post here when it’s gone up. I think this will be more effective all round than just a fuel duty cut – the high oil price is having a knock-on effect on all energy consumption including untaxed ‘red’ diesel and all petrochemical production, and is therefore crippling everyone. A few speculators cannot be allowed to hold everyone else to ransom like this.

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  • But do supply, demand and the weak dollar explain the speed at which oil prices have risen lately?

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  • Happy Mondays says:

    I seem to be meeting of late many people who are very angry with the situation, who are already venting anger at what they see as the cause of this, immigrants is one and the government is another, but not many seem to be able to look beyond all that, which does scare the hell out of me, because as things deteriate i think we shall have mob mentallity and the mass witch hunts as we are seeing in south africa!

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  • planning4acrash says:

    No, but the weak dollar is mainly down to debt GDP ratio’s, which have worsened as a result of too many dollars being printed. Many of the dollars have been going into oil. So, you need to factor in speculation and concerns about oil supply. But, don’t be confused, speculation and dollar depreciation are two sides of the same coin. Speculation to hedge against dollar depreciation and inflation, and, speculation that causes dollar depreciation. If you be a conspiracist, you would say that global financiers have generated the high money supply so that they can buy up all the gold and oil, thieving value from the populace. Given that the Federal Reserve have indeed printed the money, and given that they are owned by the very banks that are profiting, this is the most likely cause.

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  • planning4 – good answer. Speculation plays a big part but it is itself caused by the factors you mention. You don’t have to be a conspiracist to think that about the Fed or the US administration. Why be a mafia boss when you can hijack the US presidency instead?

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  • sold 2 rent 1 says:

    Nicely summed up P4AC.

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  • rocket robbie says:

    I work for a international transport company and the price of diesel is killing the industry. Each week we see what was established companies either going bust or simply packing up. From the outside the problem seems simple, just charge the customers extra but bacause of the pressure from eastern european hauliers this is not always possible.

    Its worrying and i just hope & pray the oil bubble bursts or we will be in trouble as well.

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  • @8. rocket robbie – fuel protests in the capital tomorrow with a delagation handing in a letter to number 10 lets see if Crash Gordon & Co get the message?

    In the meantime our PrimeMinister has dramatically leapt into action after the Crewe election result…………….. from todays Mail – Prime Minister Gordon Brown wrote to footballer John Terry to sympathise with him after his penalty miss cost Chelsea the European Champions League title, it emerged today.Mr Brown – who was himself to go down to defeat in the Crewe and Nantwich by-election the following day – wrote to tell the England international he was “an inspiration” and “a natural leader”, adding that it was in troubled times that true leaders showed their courage and character by fighting back and going on to victory.

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  • it_is_going_with_a_bang says:

    9.

    Well Gordon’s an idiot then because JT going forward to take a penalty in his physical state was just plain stupid. Much the same mentality as Gordon Brown thinking he’s the best man for the job when he clearly isn’t.

    A Downing Street spokesman said only: “We don’t comment on private correspondence.”
    Oh really – so why did he write the letter in the first place then? Then ‘all of a sudden’ it’s in the Mail. So they really think people are quite that stupid?

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