G. L. Turner

The Global Oil Scam: 50 Times Bigger than Madoff

derrly,

Your follow up comment was very well stated, and describes the problem very well....hopefully some of these who are clinging to 'peak oil production' and speculators even each other out mantras will begin to see the light, as they pull their head out of the tar sands....

The Global Oil Scam: 50 Times Bigger than Madoff

Fabulous Article - I started writing our Senators and a Few Key House Reps in Jan. 2008 as I had already "smelled" a very foul smelling RAT -- and I was not even 'into business' during the last few years.

Simply put, when Bush Allowed - actually "PUSHED" the 2005 Oil Mergers through so rapidly, WHICH WERE TRULY VIOLATION OF ANTI-TRUST LAWS - I remarked that we would be soon screwed at the pump...and yes, we soon were! I also begin to tune-in to CNBC, I could sense, via the GS "analysts" reports' that the MAYA was gushing full stream. It has all been a big greed conspiracy between the groups mentioned in the article and the Bush Admin in order to pull it all off.

ryanclarke and M Anthony, I have read many of your comments...The supply problems are a good ways off, the whole picture, and especially in your minds, is a function of falling prey to all the rumors and hype, and "prices come true" as have been demanded and engineered by GS et al over the last couple of years...SO PLEASE WAKE UP T TEH REALITY THAT WE ARE A GOOD $16 OVERPRICED TODAY, WITH ONLY $4 OF THAT BEING THE DOLLAR...

And Mike Masters et al. did the number crunching to help verify the problem...and yes, the $147 spike and drain off up to that point was the main culprit of the great global Recession, and another will be right around the corner if this greed cartel is not busted up soon!

Please, people DO FAX your Pols, we need the pressure!!

The Proposal to Limit Commodity Positions Will Hurt Free Markets and Economic Growth

Zach - Your article is throwing off signals that you are in somebody's sandbox other than the American Consumer - like maybe Government Sachs's Club, or something...come on, man -

Your closing sentences are meant to be inflammatory and are not indicative of the truth: "The assumption that the government can accurately determine value or steer prices towards a “correct” range is absurd. While it is important to make sure that one player or group of players cannot buy up all of the supply and then hold resources hostage (known as “cornering” a market), the oil and natural gas market is large enough to make this virtually impossible."

This is not waht the regs are needed for - The Gov. Is not trying to determine the value, not is it trying to steer prices- rather it needs to ensure that the markets are working for the benefit of the producers/users...not the Financial Houses that DO NOT CARE if the economy/markets work properly or not, so long as they make huge profits...these guys are so dollar focused that they have 'lost their way'.

Further, the collaborative efforts of GS, JPM and a few others have been very instrumental in 'moving prices', and then shorting the markets they helped to gin-up, quite well, thank you. (Sheeple investors, beware-)

So, in writing what you have, it is not really based on reality...

That is like the those two Republican Fortune Tellers - Bush & Cheney - telling us that the Un-contested mergers of the former US Big Oil Companies in 2004 (8 consolidating down to 3), followed by their ENRGY ACT of 2005 was going to be good for competition and the American Consumer...

Yeah right - let's see, with the small exception of 3.5 months earlier this year, since mid-2005, gasoline has been almost double to triple what it was prior to the mergers, and will trend to at least 'double and more' going forward, ever since the mergers and EA. (RBOB is now an Index play too along with Oil..)

So, give us a break, Index Funds, "Analyst Reports" broadcasted across the CNBC landscape, and people who confuse properly functioning futures markets with regulated markets, dark markets, etc. - pollute the real functions that the economy needs from the commodity markets...

Not wanting to see the TRUTH doesn't mean it 'ain't so'!

Noticed the Oil Backup?

Tobi, You are right on point!

The Backwards Robin Hood Effect in Crude Oil Trading

Live it to Gov sachs and its band of brothers to hose the rest of us and often and as deeply as they can. They are making so much money with ignoring the rules that they don't care if they get fined. They just pay it a s a 'cost of doing business', book it , and move on...

If OBAMA doesn't carry through quickly and clean this regulatory lameness up, our recession will never get cured for these greedy pariah suck what little blood starts to flow, before the rest of us have a chance to energized.

Any good info like this article needs to be sent to Tysum Slocum at Public Citizens . org, who will help get it into the hands of key Senators.

GT