[gas0linealley]

You think that the speculators are “only” middlemen, and that their activities have no long term effect on the price of oil.

If that were true, then in the long term, speculators, as a group, would gain nothing, and lose nothing. Obviously the speculation has been going on for years, and has attracted many well-heeled players. Do you really believe they are in it purely for the sport?

As for my remark to Todd, he asked me where they store the oil. Please...let’s not presume our opponents are that stupid.

[xjcsa]

If that were true, then in the long term, speculators, as a group, would gain nothing, and lose nothing.

Is that also true of all commodity traders and stock brokers too? Have you really not thought this through at all? Speculators make their money by buying low and selling high; they can also speculate by short-selling high in anticipation of a downturn. They make money by anticipating the price curve; they lose money by guessing wrong. There's simply no mechanism by which they can influence the price of oil over any significant amount of time.

[Toddsterpatriot]

If that were true, then in the long term, speculators, as a group, would gain nothing, and lose nothing.

You got one right! Did you ask your mommy? Actually, in the long term, as a group, they'd lose money because of brokerage fees, exchange fees and other charges.

As for my remark to Todd, he asked me where they store the oil.

And you didn't answer. LOL!