Maybe if the President allowed drilling in the continent on Mother Earth with the largest reserves of PROVEN hydrocarbon deposits on the planet. Lift the Gulf and West Coast drilling moratoriums, perhaps ? The forward curve will weigh down the spot prices. Always has.
This is not entirely true. Look at just a few news stories from summer 2009, when storing oil nearly became the next "big thing": JPMorgan Hires Supertanker for Storage Barclays books super tanker to store gas oil -trade Oil Traders Seek Another 10 Tankers, Frontline Says Oil Stored On Tankers Is Up 71% Since April
A veteran oil trader interviewed by CNBC this week offered his two cents in the debate in no uncertain terms: the new class of speculative investors in oil markets is the main cause of oil prices spikes since 2000. Dan Dicker has traded oil products at the New York Mercantile Exchange for 25 years, and âput investment banks firstâ on his list of those responsible for rising oil prices during his brief interview with CNBC. Investment banks, with billions of dollars of capital at their disposal, have become major participants in oil trading since the Commodity Futures Modernization Act of 2000 opened up the markets to them and other speculators. According to Dicker, the sheer volume of oil-based investment products purchased by investment banks leads directly to Americans paying more for gasoline and heating oil: The three largest investment banks trade in oil as well and make a couple of billion dollars each trading oil a year, which directly comes out of the pockets of consumers. Second on his blame list are individual investors in oil markets, who participate through index funds and commodity based exchange-traded funds (ETFs). Collectively, these speculative investors have the same effect on the oil market as investment banksâtheir combined investment wealth is theoretically large enough to move the prices of commodities like crude oil and heating oil. And because nearly all of these investment funds are buying up futures contracts and futures-derived products, essentially betting on higher prices, they nearly always move prices higher. As Dicker explained, âThese new participants are exclusively buying; no one is selling and everyone wants to hold.â http://www.heatingnews.org/heatingoilnews.php?IID=33
studies have estimated that if all offshore drilling bans were lifted the price of gas would only fall 3 cents by 2030. after what happened to the gulf is that worth the cost? http://climateprogress.org/2011/04/...gop-domestic-drilling-won’t-lower-gas-prices/
Funny...Oil has dropped 3 bucks since I said that. It wasn't an actual trade I put on, was only making a point on how little you know about how trading works. You are a failed trader...end of story. You come on here beyond jealous that myself and others on here are still going strong trading. You're act is sad. You try and talk like some bigshot PE guy...but in reality you cold call people from your loft trying to sell them piles of dirt in Texas that you think might have a gallon of oil under them. Your act is old dude...you were full of shit in your days at Schonfeld....and you continue on with it on this site. As far as a salesman...thats hilarious. While I don't work in a cubicle, a guy who makes cold calls from his apartment in his pajamas shouldn't knock anyone who sits in a cubicle...at least they have a real office to go to. At the end of the day EMR, your bs on here is obvious. It's like the old saying "Those who talk a ton of shit about themselves are the ones low self esteem and have nothing....are full of shit". You fit this pefrectly.
he seems to have mental anger issues too. i hope he remembered to pack his meds for the "investment meeting". lol
From "A progressive perspective on climate science, climate solutions, and climate politics. It is a project of the Center for American Progress Action Fund..." Hardly nonpartisan like they claim. As evidenced by "Climate Gate," this crowd is much more interested in pushing their agenda than doing objective research.
The price is higher no doubt because of improved access for investors. But that only implies that the original price was artificially low. The same is said for the GLD. Gold has rallied as strongly as it has primarily because individual investors can not invest in it. Before only wealthy people could afford gold bricks and safes to store them in. But I still believe that if investors are seeking to buy and hold oil it represents the fact that the commodity truly has a higher percieved value. The world is saying that oil is too cheap and instead of blaming traders for pointing this out we should be focusing on cheaper forms of energy. Why is that cheap oil is good. Is it possible that the right price for oil is higher it is kept artificially low by OPEC to prevent alternative forms of energy? Who knows?
He is a failed trader who can't handle that others are still doing very well. His anger is that he failed. I guarantee you if he fails in his "PE" world he will be on Elitepreivateequity.com telling everyone that no PE guys make money..... Yeah...I am sure it's a huge investment meeting with some of the big players in Colombia...LOL.....thats hilarious.