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it sure is
Of course oil prices are rigged, oil prices are solely based on speculation!
i liked how there is a big fat exxon banner 20px above the headline "ARE OIL PRICES RIGGED??".
Not necessarily OPEC, there are a lot of people that are doing this. America is not on the gold standard but on the black gold standard. Our oil dependent economy loses every time the price goes up. The dollar is pegged to the price of oil.
Those are the things I got from that article, anyway.
LIFE IS RIGGED
We're gonna have to be mindful of alternate energy providers too once we get off the oil. Greed is too alluring to mankind.
the messed up thing to me is there are guys like the fictitious hedge, who are making money betting on the falling american dollar, basically. True patriots.
the dollar is not really pegged to oil, but when the price increases, transportation costs increase, and companies compensate by raising their prices to reflect the extra costs. they pass this on to consumers.
the big problem is that the dollar has been declining, so it buys less oil than it use to. compound that with speculation (which is really what the dollar is pegged to: emotion of investors) and that's where we are now.
- that is all I was really saying.mrdobolina
- the problem in the time mag article is liquidity among the speculators. they don't have to be able to cover their betsjohndiggity
- when they buy oil futures. so people are using this as a get rich quick scheme, like day trading.johndiggity
- also if we didn't have to import our oil, the rise and the fall of the dollar wouldn't impact the price nearly as much as it does.johndiggity
- de-regulate de-regulate de-regulatemrdobolina
- all the talk about drill here drill now doesnt tell you that oil will go into the world market.mrdobolina
- and not stay here. and it apparently isn't supply and demand.mrdobolina
- but it's better (for the us) to be exporting oil than importing it.johndiggity
- it doesn't matter as far as prices go.mrdobolina
the real problem is that soooooooooooooooo many people haven't figured out what they want to do with their lives thus they assume the easiest -- to make lots of money... thus they excuse the greed, as after all it's only a vehicle to their goal of getting rich = fullfiling their so-called purpose.