EXXON CEO says oil price is high due to speculation

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

  1. That is not what we said

    Ban the speculation by banning futures and options

    Spot trading can stay
     
    #11     May 17, 2011
  2. 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
     
    #12     May 17, 2011
  3. #13     May 17, 2011
  4. newwurldmn

    newwurldmn

    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.
     
    #14     May 17, 2011
  5. I had to check the date. They said the same thing, back in '08 or whenever oil went over $100.
     
    #15     May 17, 2011
  6. S2007S

    S2007S


    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!!!!
     
    #16     May 17, 2011
  7. What about the individuals in China hoarding cotton in their apartments.
     
    #17     May 17, 2011
  8. 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......
     
    #18     May 18, 2011
  9. mckite123

    mckite123

    LOL. He wants to blame the speculators because he thinks that he is not a speculator.

    Fundamentals drive the market, not the speculators.
     
    #19     May 18, 2011
  10. 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).
     
    #20     May 18, 2011