Paul Meisel

Oil Price Manipulation: Taking from the Poor to Give to the Rich

I think the key point is that they are earning huge margins in what is supposed to be a commodity business. That is not supposed to be likely or even possible according to basic economics.

Maybe they are just brilliant traders and make a lot of money that way, and just scrape by selling their petroleum based products.

Banks typically are squeezed when the price of their raw material (money) is going up, and make money as it is going down. Exxon is making more as prices go up... you've got to hand it to them, they are brilliant at recovering cost!

Disclosure: I am long XOM. I don't have to agree with it to profit from it.

Oil Price Manipulation: Taking from the Poor to Give to the Rich

Good analysis, Phil..... but I am not entirely sure you are right when you say Congress can understand. Perhaps we should test you hypothesis by having many of us forward the e-mail to our favorite Congressman!