NationStates Jolt Archive

A Washington state group of petroleum product dealers is asking its members to call Congress and demand regulation of oil futures markets.

The group, known as Washington Oil Marketers, says the price of oil could be cut by $25 to $30 a barrel if Congress would demand that traders be identified as if they prohibited insider trading in oil futures.

In North Bend, where the group met Thursday, the price of regular gas was about $4.44 a gallon - a price so high that gas station owner Bryan Wyrsch says he is selling about 1,000 fewer gallons of gas every day.

...

His group now believes oil-producing countries are secretly bidding on their own oil to keep prices high.

He wants Congress to act now.

Continue Here (http://www.komonews.com/news/21844279.html)

so a group of gas station attendants think OPEC is up to no good ??

forgive me if i am skeptical.

so a group of gas station attendants think OPEC is up to no good ??

forgive me if i am skeptical.I would not put it past OPEC at all, simply look at their past pratices of changing the prices of all as they see fit. Look at the 1970's oil embargo if you do not believe me.

I would not put it past OPEC at all, simply look at their past pratices of changing the prices of all as they see fit. Look at the 1970's oil embargo if you do not believe me.

that was mostly a delayed reaction to the declining dollar. the dollar had been weak for a few years but they kept selling at the same price. This was because they didn't understand economics at all. when they finally caught on prices soared. they also timed it with one of the Israel wars to hopefully get what they want out of things.

http://img253.imageshack.us/img253/6073/oilgl1.jpg

also whats congress going to do? place an embargo on oil? :p

Eerkes says trading is regulated on Wall Street and insider traders face jail sentences.

so his real plan is to arrest a good chunk of wall street

Obviously he meant trading is "poorly" regulated. Which is how we get to $40 jumps over night on changes supposedly based on "supply and demand."

Uhu... that'd be nice, but I don't think that the people speculating, who do, after all, control the entire economy of the entire world, would take to that too kindly.

Could really do with more refineries being built. The issue with supply is not one of crude, it's of distilled oil products (I believe Kerosene is in need at the moment, can't rightly say, though).

*edits*

Oh and $4.44 for a gallon of petrol?

Think $10 here in the UK. And people still buy it despite the cost.

Oh and $4.44 for a gallon of petrol?

Think $10 here in the UK. And people still buy it despite the cost.

They kind of have to. Cars don't run on apple juice.

...which is regulated, oddly enough. :p

Well, somebody is taking delivery at that price. So, unless there are tonnes of people who have recently decided to start storing oil for fun and profit, I don't think that the issue is really one of speculation.

And what kind of group meets in NORTH BEND? It's a small town in the Cascade foothills, two hours from Seattle.

They kind of have to. Cars don't run on apple juice.

...which is regulated, oddly enough. :p
I was unaware that apple speculation was so rife that it called for regulations :p

I was unaware that apple speculation was so rife that it called for regulations :p

Oh, apples attract all manner of vermin. :p

so his real plan is to arrest a good chunk of wall street


You almost say that as if it were a bad thing.:D

And what kind of group meets in NORTH BEND? It's a small town in the Cascade foothills, two hours from Seattle.

as already pointed out they are gas station attendants.

I believe we should simply use my copyrighted idea of a human power autogyro.

In North Bend, where the group met Thursday, the price of regular gas was about $4.44 a gallon - a price so high that gas station owner Bryan Wyrsch says he is selling about 1,000 fewer gallons of gas every day.

*plays violin of sarcastic sympathy*

time for action now? Nah until people are actually willing to change their habits its not really time for change. Things should of changes long ago but i think people are happier complaining about higher prices on their way to oblivion