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Old 01-03-2008, 11:06 AM   #1
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Who Sets The Price of Oil?

This guy.

If you want someone to blame about the high cost of gasoline, blame this guy. He isthe reason we will be paying more for a gallon of gas in a few weeks.

Big oil doesn't set the price for their products, swinging d$cks in suits on the floors of the national exchanges are the reason and it looks like they do it simply to boast about it.

This guy is rasing the price we pay for bragging rights.

http://news.bbc.co.uk/2/hi/business/7169543.stm

"Single trader behind oil record

The man behind the record rise in oil prices to $100 a barrel was a lone trader, seeking bragging rights and a minute of fame, market watchers say.

A single trader bid up the price by buying a modest lot and then sold it immediately at a loss, they said.

The New York Mercantile Exchange confirmed that US crude oil futures traded just once in triple figures.

But prices have since remained below that historic level and market analysts questioned the validity of the trade.

Vanity trade

Stephen Schork, a former floor trader on the New York Mercantile Exchange and the editor of an oil market newsletter, said one floor trader bought 1,000 barrels, the smallest amount permitted, and sold it immediately for $99.40 at a $600 loss.

"They absolutely overpaid," he told Radio Four's Today Programme.

"He paid $600 for the right to tell his grandchildren that he was the first in the world to buy $100 oil."

Most trading in energy futures has shifted away from the trading floor and takes place on electronic platforms.

The NYMEX, along with the Chicago Mercantile Exchange is one of the last bastions of "open outcry", where traders use frantic hand signals to trade securities.

In London, open outcry trading still takes place on the London Metal Exchange, where aluminium, copper and zinc are traded.

The supporters of electronic trading claim that it is faster, cheaper, more efficient for users, and less prone to manipulation by market makers.

The dwindling liquidity on the NYMEX trading floor has led to considerable speculation that the exchange will soon shut down the trading floor to cut costs."
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Old 01-03-2008, 11:08 AM   #2
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hi oil prices are good!
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Old 01-03-2008, 11:08 AM   #3
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Old 01-03-2008, 11:09 AM   #4
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Old 01-03-2008, 11:13 AM   #5
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I agree, business is good.

Someone should send this article to Iowa today.
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Old 01-03-2008, 11:52 AM   #6
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Quote:
Originally Posted by hornet View Post
finally someone has come forward an admitted that oil companies really have nothing to do with the price...were making record profits because of RECORD amounts of work and a steadily increasing demand....not because were bamboozling the consumer.
The public mostly doesn't get it......all they see is the headlines and what they pay at the pump.
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Old 01-03-2008, 12:00 PM   #7
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Old 01-03-2008, 12:12 PM   #8
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OPEC = Organization of the Petroleum Exporting Countries; Adjusting their oil output to help ensure a balance between supply and demand... by adjusting the supply vs the demand they control a huge chunk of the price
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Old 01-03-2008, 12:14 PM   #9
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"Most" people think all you have to do is drill a hole in the ground and out gushes gasoline
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Old 01-03-2008, 12:16 PM   #10
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I like high oil/gas prices. F those suburbs and people living 30+ miles away from their work.
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Old 01-03-2008, 12:16 PM   #11
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Last edited by Whorenet; 01-03-2008 at 12:18 PM.
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Old 01-03-2008, 12:17 PM   #12
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Quote:
Originally Posted by BrutusTx View Post
The public mostly doesn't get it......all they see is the headlines and what they pay at the pump.
the public is also the one passing ME @ 70 mph in their SUV's on the BW.

they whine about it but don't change their own habits.
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Old 01-03-2008, 12:18 PM   #13
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Quote:
Originally Posted by hornet View Post
hahahahahahahaha-no really,----nhahahahahahahahahahahahahahahahahaha
hahahahahahahahahahahahahahahhahahahahahahhahahaha hahahahahahhahahahahahahhahahahahahahahahahahahaha hahahahahahahahahahahahahahahahahahahahahahahahaha hahahahahahahahahahahahahahahahahahahahahahah

thats about all i have to say on this part....


I work in the O&G biz....
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Old 01-03-2008, 12:18 PM   #14
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alot of us do
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Old 01-03-2008, 12:19 PM   #15
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Old 01-03-2008, 12:24 PM   #16
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^ that was my point, i'm doing 70 and they blow by me.

i drive/ride 24mi to work now, thats normal for me. this and my last job are/were the same dist.

though i plan to move ALOT closer to work, not for the mileage, just the convenience.
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Old 01-03-2008, 01:45 PM   #17
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Quote:
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its oil or medical in Houston

I'm workin for the medical peeps
Or Finance. Or engineering. Or just about any other industry, but a load of oil or medical.

or IT.
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Old 01-03-2008, 02:26 PM   #18
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This oil boom is great for me in the automation and controls business. I support it even further by driving 90 miles round trip every day.
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Old 01-03-2008, 03:08 PM   #19
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I drive about 14 miles roundtrip and that's too dam far. I want to ride my Specialized to work.
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Old 01-03-2008, 03:34 PM   #20
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