Re: OT Sold It!!!!!!!!!!!!

Tbone, you need to read this:

http://news.yahoo.com/s/ap/20080524/ap_on_bi_ge/money_in_the_tank;_ylt=Ap8CwbVKe5VKDOLOWbZp7r6s0NUE

Take note of the paragraphs  that say:

>>Prices are a function of the open market, the result of futures
contracts 
>>being traded on the New York Mercantile Exchange, or Nymex, and other 
>>exchanges around the world.

Buying the current July crude oil futures contract means you're buying oil

that will be delivered by the end of July. But most investors who trade 
futures have no intention of ever accepting the underlying oil: Like stock

investors who frequently buy and sell their holdings, they're simply
betting 
that prices will rise or fall.

Of late, on the Nymex, oil futures have been rising.

Why? Blame the falling dollar. Oil is priced in U.S. dollars, and the
weaker 
the dollar gets, the more attractive dollar-denominated oil contracts are
to 
foreign investors - or any investor looking for a safe haven in the 
turbulent stock market.

The rush of buyers keeps pu****ng oil futures to a series of new records,
and 
the rest of the energy complex, including gasoline futures, has followed. 
That pushes up the price of gas that goes into your tank. <<

Or will you now claim that AP News is flawed and has no accuracy to their 
stories?
-- 
Max

"Everyone is entitled to his own opinion, he is not entitled to his own 
facts."  Sen. Daniel Patrick Moynihan of New York



"TBone" <NoWay@[EMAIL PROTECTED]
> wrote in message 
news:48387522$0$31719$4c368faf@[EMAIL PROTECTED]
> "Max Dodge" <max340@[EMAIL PROTECTED]
> wrote in message 
> news:qWJZj.69$ZM.40@[EMAIL PROTECTED]
>>> Sadly, much of the problem is not comming from speculation.
>>
>> Proof?
>
>
> Speculators do not normally start trends, they follow them and there 
> simply not enough of them to cause the price to rise like this.  The
real 
> problem is in demand.  Do to our idiotic globalization, we have awakened
a 
> few sleeping giants such as India and China.  Now many of the people in 
> these countries can afford and want things such as cars and they require

> fuel. Then when you add in the fact that these two countries as well as
a 
> few others subsidize the cost of fuel, the soaring cost of oil has no 
> effect on the citizens of these countries and the demand continues.  If
it 
> were primarily caused by pure speculation, the last rise in oil supplies

> should have sent the price of oil down but instead, it not only held, it

> went up. Now the word on the street is that many of these countries will

> end their subsidies of fuel prices very soon as well as China after the 
> Olympics which will hopefully return the price of oil to a more
managable 
> level.  That is until the moronic population of the US gets another bug
up 
> there ass and begins buying oversized gas guzzeling beasts again and
since 
> we have already done this very thing twice before, I see no reason why
it 
> will not happen again.
>
> -- 
> If at first you don't succeed,  you're not cut out for skydiving
>
>