Oil fell at $126 a barrel today due to concerns of oil tankers not being unloaded along the golf coast according to the U.S. Dept of Energy Information Administration. Also, the dollar gained significantly in the market beating the yen in the Asian Markets.
Meanwhile, the Commodities Futures Trading Commission admitted that it has conducted an investigation into the oil market trading industry for nearly six months. Price manipulation is the focal point of the investigation and further transparency of the markets are being initiated. PUMP N’GO doesn’t doubt price manipulation in the markets as such activity exists already in the Stock Market. This activity makes the rich investors and traders cash in the benefits while the consumer hits pay dirt with high gas prices.
Maybe oil should not be traded in a commodities market. By doing so, we can feel much better that oil would be dealt with by traditional trading(country to country) thus possibly reducing the price of gas on consumers wallets. What do you think?
http://money.aol.com/news/articles/_a/oil-prices-fall-to-near-126-a-barrel/n20080530014209990008
June 4, 2008 at 12:09 pm
I watch the news and wonder, while the talk is about the cost of crude oil, the weak dollar and fear cuasing problems – I think many people are out of touch with the reality of everyday life.
Gas prices are higher due to greed. Greed from opec, oil companies, speculators, business owners and so forth. yes, I believe things will get better – why, becuase the greedy will burn this sector out and move to the next new money making thing……
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