EXXON CEO says oil price is high due to speculation

Discussion in 'Economics' started by misterno, May 17, 2011.

  1. Somebody said to me that India economy runs on diesel fuel because trucks in India use diesel. Many cars and jeeps are diesel powered. I think 50% Auto-rickshaws are compressed natural gas powered (not sure).

    What is the major fuel source for world automobiles/vehicles (China and other countries)? I think rich and developed countries run on petrol.

    If India and other countries start using petrol as major fuel source, just imagine the price of Crude oil.

    I think Indian oil companies are pampered and they do not produce oil as per massive requirements of their country. So India's dependence on international fuel further increases the price of Crude oil (not sure). Indian oil companies should be pressurized to increase production/supply or face actions.
  2. Oil price has nothing to do with demand and supply

    OK, cushing is full to the top with oil plus USD is losing value

    That is why oil is expensive

    Ban the futures and options in oil trading and oil will be $10 overnight
  3. of course Exxon says that, they want to have the monopoly for themselves of buying and selling oil

  4. And ban speculators( like Goldman & Sachs and other firms) from storing crude offshore on leased tankers to manipulate supply. Downright criminal !!
  5. Finally, you are making sense.
  6. Visaria


    Let's ban all trade in everything. Then prices will be $1 for everything .:p
  7. I think without speculators there woud be no fixed oil price worldwide.

    Some will sell oil at $200 per barrel, some at $400 per barrel, some at $600 per barrel, some at $800 per barrel, some at $1000 per barrel. Correct me if I am wrong?
  8. Hey Bearice,

    Diesel fuel is made from Crude Oil. (Very Sure) Unless its biodiesel, which no one uses on any large scale.

  9. What they really want is that the public doesn't blame them and try to impose restrictions on their trade while they take advantage of the high prices. That way they can make billions and he can make millions in bonuses.

    Is like 2005 all over again, except replace "BRIC" with "speculators."

    In their annual report they will be happy to tout how they took advantage of high oil prices to generate record profits.

    Everything these guys say is a spin job.
    #10     May 17, 2011