Oil Prices are rigged by speculators it has nothing to do with supply demand..!


	Oil Prices are rigged by speculators it has nothing to do with supply demand..!

TJColatrella

8-22-2008 12:21 PM

261 views

tags:

speculators, cftc, prof. greenberger, enron loophole, phil gramm, john mccain, bush, cheney, ice, ed wallace

TJColatrella says:

We must regulate once again the Futures market to really lower Oil prices the Republican drill here drill now is a total fraud..were lowering prices is concerned..!

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Thanks to margin in the futures market, you can trade ten times more oil
than you could otherwise afford. For only $9,000, you could control more
than $140,000 of oil at recent highs.
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All told, about one billion barrels of oil are traded daily through futures
contracts at the New York Mercantile Exchange (NYMEX). This volume
significantly overshadows the 80 million barrels of oil consumed each day
worldwide. Yet this large volume of trading is misleading. Most of the
trades are just noise: speculators going for quick profits, taking a
position, and closing it out immediately.
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