Forum Post: Quit Oil Speculation and Trading
Posted 13 years ago on Oct. 12, 2011, 1:17 p.m. EST by sickofwallstreet
(1)
This content is user submitted and not an official statement
What needs to happen is repeal of trading crude oil futures on NYMEX that started in 1983. Allowing these Wall Street Investors and Speculators to invest and trade in Oil is what is primarily wrong with our Economy, besides Obama. The price of Oil is not based on Supply and Demand as those that benefit from its infamed prices would like you to believe, it is based on the Greed of Wall Street. Prime example, $75.00 a barrel last week and now $85.00 a barrel this week. I guess the excuse this time is the wind changed direction so that is why the run up. Just when Gas prices started to come down, now Wall Street is running them back up. Wall Street is so stupid. People will only spend money when they have extra money to spend, but when you keep stealing the money from our pockets at the cost of short-term gains for your Greedy wallets the economy will continue to flounder. In 2008 Wall Street ran up the price of Oil to $147 a barrel, and this was one of the primary reasons we went into a recession. When the price per barrel goes up, you will see Wall Street say that Oil is rallying, because they want to see it go up. Oil rallying does not help the 99%, and Oil rallying is not a good thing. Give us a break, and quit trading in Oil commodities.
Funny thing is, we claim the middle east owns our oil and all that... Truth is, we get most of our oil from Canada. We need to find better ways to refine Shale oil because we have a TON of that in our own country. I work in a refinery now, and the practices here seem sloppy. I worked for GM in the summer, and they talked about the "old GM" a lot and all their terrible practices that ran them under. Well, this oil company seems to have all those old practices, but there is so much money in oil that it doesn't matter...