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Originally Posted by metaldeth_shredder
there are "Certain things" speculators SHOULD NOT be able to speculate on,
OIL is one of those things,
anything that has an affect on national security interests should not be speculated on,
the reality is that right now speculators affect the price of oil, and therefore influence the current price.
most importantly I stand by my quote, and reemphasize it
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Either one believes in the commodity markets or they do not. Currently people and institutions from all over the world can speculate, or purchase futures in lots of things. I don't personally see how oil is any different from food or electricity?? As long as this is the way world markets work, I'd say the USA needs to deal with this until the world's nations agree to something else.
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you are contradicting yourself OMOF
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Speculators do not affect national security.
then you say,
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At the most they only affect prices.
sounds like a contradiction to me, especially if you understand the implications
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since prices are affected by speculators, then consequently the fact that they do influence prices affects National Security
quote by OMOF:
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I don't really understand how prices of something affects 'national security'??
If the product is still available, no matter the cost, nothing has really changed other than the costs--which have been climbing for decades.
I'll buy into the idea that speculative buying might affect the prices, but I don't buy that this is a big deal. I believe it to be a small deal compared to the supply and demand issue.
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quote by OMOF:
And why single out only oil?
I never singled oil out, read my post
I said oil was ONE of those things
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I know you said 'one' of those things but my question is why single out oil? Why not just say many things are considered essential, or to use your terms of national security, and that oil is no different than other commodities?
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I completely agree wth you that the primary factor is that this is a Supply and Demand issue in a Global market, and unfortunately will be for some time.
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I cannot take credit for what most knowledgeable people are saying about supply and demand. Most people just don't get this...they would prefer to focus on the conspiracies and loopholes, etc. blaming everyone else but themselves. No one will change my position on this...the US is dependent on oil, our consumption has been out of control, the world consumption has been increasing, and all the while supply has been static.
HERE IS THE KEY ISSUE AND ONE THAT WILL NOT GO AWAY SOON...IF EVER: Long ago, when US consumption exceeded US production, and the US government and all it's citizens started their voracious appetite for 'foreign oil' to fill the demands, ever since that moment, our very way of life, the price of oil/gasoline, and inflation has been controlled by OPEC and others based on the world price of oil. The US and it's greedy citizens put themselves in a precarious position, becoming more and more dependent on foreign oil, and now we are 'just beginning' to pay the price for our over-indulgence and ignorance...