open the strategic reserve and sell the oil to US refiners at $42 per barrel. then sign a contract with the new iraqi government to replace it at $40 per barrel, the $2 being "war reparations". instantly, the speculative bubble in the oil price induced by the hedge funds will break, their positions will be taken out, and the price of oil will return to a level set by suppliers and consumers who actually produce/consume the product.
right now, the brokerage houses and hedge funds are using oil as the new "tech stocks" - that must be broken, or they will kill us all. its probably adding $10-12 a barrel right now, and will only go higher as money chases money.
Being self-employed, I'm all for an honest profit on a day's work,
but the speculative bastards who produce nothing are doing more damage to us right now than the f'n terrs !
Your solution sounded so good I sent a copy of it to our president. I hope you don't mind. I did not disclose your name or where it was taken from, just the content. I hope he will consider it as a means to keep the cost of gasoline down. Of course the best solution is to start drilling in Anwar. These environmental wackos seem to think the we will destroy, pollute, contaminate, disturb, traumatize, and eliminate the wildlife there, but they don't care that hardly anyone now or in the future will even visit the deepfreeze to enjoy them, and plus their junk science is as reliable as Nostradamus's predictions.
You are correct about the funds and big banks. I'd like to see their reaction when this market craters (I'm guessing end of March/first wk in April) and they've bought $55 crude in a $45 market.
right now, the brokerage houses and hedge funds are using oil as the new "tech stocks" - that must be broken, or they will kill us all. its probably adding $10-12 a barrel right now, and will only go higher as money chases money.
Bingo - Exactly right - It is the energy traders that are causing the current situation more than anything else - But as you listed there a several solutions to this problem -
After getting the energy traders back to being honest our next step needs to be concerned with refinery capacity -