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Reply #37: Maybe I'm just simple minded [View All]

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pscot Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jul-09-08 08:51 PM
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37. Maybe I'm just simple minded
but it seems to me that the speculators are riding this wave rather than driving it. A market consists of a willing buyer and a willing seller. As long as we, the Indians, the Chinese and sundry others are willing to take delivery of a barrel of oil at $145, that's what it's worth. The notion that a barrel of oil has some ideal value based on cost of production, flies in the face of the most sacred tenet of capitalism, markets rule. If Congress tries to fix the price, a black market will arise to circumvent the fix. Nothing short of a world quota system, with all major users and producers participating, is going to address the problem, and we'll all be ice-dancing in Hell before that happens.
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  -Let's say for the sake of argument that half the price of oil is due to speculation GliderGuider  Jun-25-08 06:22 AM   #0 
  - You're ignoring a lot.  asthmaticeog   Jun-25-08 06:30 AM   #1 
  - shock therapy?  crikkett   Jun-25-08 06:48 AM   #6 
  - Yeah, like *that* is going to happen ...?  Nihil   Jun-25-08 06:50 AM   #8 
     - A) Don't fucking roll your eyes at me, as I happen to be right.  asthmaticeog   Jun-25-08 07:56 AM   #15 
        - You deserved it.  Nihil   Jun-25-08 10:42 AM   #22 
           - My pollyanna-ish optimism?  asthmaticeog   Jun-25-08 01:15 PM   #28 
  - Why do we have to drive Joe Commuter into poverty?  liberal N proud   Jun-25-08 06:35 AM   #2 
  - Because we have two energy outlooks in the US...  IrateCitizen   Jul-09-08 09:16 PM   #38 
  - I know someone who works for big oil who says the same thing...  polichick   Jun-25-08 06:36 AM   #3 
  - Kill the economy just to cut oil consumption?  liberal N proud   Jun-25-08 06:54 AM   #9 
     - That's not the point - the point is that we can't go on like this...  polichick   Jun-25-08 06:59 AM   #10 
        - But it is the result  liberal N proud   Jun-25-08 07:13 AM   #13 
           - Oh sure, but not with this administration...  polichick   Jun-25-08 09:23 AM   #16 
              - And people are suffering greatly  liberal N proud   Jun-25-08 09:36 AM   #18 
                 - The price of universality  NoMoreMyths   Jun-25-08 10:04 AM   #20 
                 - We can all VOTE for someone who will deal with the speculation issue AND...  polichick   Jun-25-08 10:40 AM   #21 
  - should we also thank speculators for the stock and housing bubble?  stevebreeze   Jun-25-08 06:37 AM   #4 
  - good idea - everyone else is taking commissions off transactions  crikkett   Jun-25-08 06:50 AM   #7 
  - Bullshit, the speculatros are NOT doing a humanity service, just like the loan sharks  still_one   Jun-25-08 06:45 AM   #5 
  - Of course speculators aren't doing humanity a service ON PURPOSE...  polichick   Jun-25-08 07:07 AM   #11 
  - I AM Joe Commuter...  sshan2525   Jun-25-08 07:10 AM   #12 
     - How about moving the family closer to work? We may do that...  polichick   Jun-25-08 09:28 AM   #17 
        - Won't help us.....  sshan2525   Jun-25-08 02:31 PM   #29 
  - Not really. The external cost of dangerous fossil fuels should be collected  NNadir   Jun-25-08 07:27 AM   #14 
  - I think the message got through this time.  kristopher   Jun-25-08 09:59 AM   #19 
  - Yep, yep, yep!  polichick   Jun-25-08 10:52 AM   #23 
  - On your three points  GliderGuider   Jun-25-08 10:59 AM   #24 
     - We have to stop the speculation AND decrease demand.  polichick   Jun-25-08 12:43 PM   #26 
  - What happens if oil drops to $70?  Nederland   Jun-25-08 11:18 AM   #25 
  - Hi Nederland!  IrateCitizen   Jul-09-08 09:18 PM   #39 
  - I say we need to keep prices high and profits down.  tinrobot   Jun-25-08 01:04 PM   #27 
  - Time to start planning cities  cedric   Jun-25-08 03:36 PM   #30 
  - I agree with Glider that people are not going to change  losthills   Jun-25-08 05:13 PM   #31 
  - Blaming the price of oil on speculators is like blaming the war in Iraq on the troops.  robertpaulsen   Jun-26-08 02:29 PM   #32 
  - Hey GliderGuider, have you seen Jerome a Paris' latest on this?  robertpaulsen   Jun-27-08 01:48 PM   #33 
  - Thanks for the pointer. That's a truly excellent piece.  GliderGuider   Jun-27-08 02:16 PM   #34 
  - No idle kick, Dave Cohen has a good analysis of the situation.  robertpaulsen   Jul-09-08 02:41 PM   #35 
  - Thank you. Very good read. nt  kristopher   Jul-09-08 03:42 PM   #36 
  - Maybe I'm just simple minded  pscot   Jul-09-08 08:51 PM   #37 
  - The premise of this thread is Speculators are having an affect  happyslug   Jul-09-08 09:56 PM   #41 
  - Better reread that econ book  kristopher   Jul-09-08 10:55 PM   #42 
  - I Quote the Declaration of Independence:  happyslug   Jul-09-08 09:49 PM   #40 

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