Ban the futures and options in oil trading leave the spot trading as it is Why? Because there is so much you can store crude oil. Compared to what you can speculate in futures and options, that is peanuts. So the price will come down drastically
Oh my god, what a fool. Futures trading doesn't dictate the price of spot oil. Wow, and he's ceo. wow.
part of the reason is that he's ceo is that he can say it with a straight face and get people to believe him.
Been saying the same thing for years....however I thought taking speculation out of the market would only bring oil down to $30-$60 a barrel over night! Be careful many will disagree, I had a few people debating my posts about speculation and oil prices......many disagree, those are people you call fools!!!!
And theren lies the problem, who decides the spot price? The govts?, the oil companies?(hell no!), use some type of supply/demand formula(s) and let the ppl vote on the best option.? hmmmm. decisions, decisions......
LOL. He wants to blame the speculators because he thinks that he is not a speculator. Fundamentals drive the market, not the speculators.
I know it is unpopular to side with GS, but you are barking up the wrong tree here. To think that GS and a couple of tankers worth of oil are significantly driving up the price is delusional. There are much bigger forces at play here (i.e. OPEC).