Can any oil market experts confirm these factoids?

Discussion in 'Economics' started by Eliot Hosewater, Oct 13, 2006.

  1. - The "crack price" (difference between raw oil and refined product) is at historic lows, barely covering the cost of recovery.

    - DOE is not currently replacing SPR, even though it is below normal level

    - Goldman Sucks recently reduced weighting of gasoline in its commodity index from 7.3% to 2.5%, causing billions of dollars worth of gasoline futures to be sold

    - GS CEO Snow was recently appointed Treasury Secretary (well, we already know that one)

    Hmmm, pump prices are falling and Bush's approval rating is climbing slightly just before the election. How fortunate.
  2. Gasoline always falls after Labor Day. No surprises here. Next conspiracy please.
  3. Tuneman


    wow another liberal conspiracy theory.
  4. So you two are saying these factors are false, or ignoring them altogether?
  5. I've worked in and around the oil industry for 25 + years. A conspiracy other than at the local level is too difficult to even think about as too many people are involved in the supply chain.
    Some of them would no doubt blow the whistle if it were true.

    Also. oil is one of the most investigated businesses ever and only minor problems are found at their conclusion.

    Get over it, oil is THE global commodity and price is set by the market. To a lesser extent the derivitives, mainly heating oil, jet fuel and gasoline, are also global and the global market sets the price.

  6. Um, the other Snow.
  7. Unleaded Gasoline weighting in GSCI was 8.45% on July, 15,2005.

    Down to 2.31% on Sep. 29, 2006 and 0.00% as of Oct. 12, 2006.
  8. the oil market _cannot_ be manipulated to the degree you are implying, it is too large. no, not even the US govt can manipulate it with a war....

    now gold on the other hand..... :)
  9. LT701


    it's true

    ever notice the person out there changes the prices lower?

    they're never wearing white shoes
  10. A fashion conscious commodity manipulator. I love it.!!!
    #10     Oct 13, 2006