Speculators are in the market buying oil and refined gas futures. Currently in the US demand is down, people are driving less, in cars that get better mpg, they shop on line, fewer inner city young own cars, my son has lots of college student friends who do not own cars but ride bikes, scooters, and rent a car for trips.
So why the high price of oil. Some of it is market worry over Israel hitting Iran with the disruption to follow. But we have a giant bubble, a glut of product with high prices, supply and demand is turned on it's head.
Investment bankers and hedge funds are the culprits again. 2/3 of the futures are held by investment bankers and hedge funds. Only 1/3 of future contracts are held by truck companies, bus lines, airlines, large construction companies. 2/3 of the contract holders have no use for the product & could not take delivery, but are in the market to take money out of your pocket. I wish the market woud freeze the trading and make these fuckers take delivery, they can't, so they would lose all their money, which by the way is not much since they buy/sell contracts on margin, meaning they may have a small % of the contracts value actually in a position to be snatched if they cannot cover or deliver. Another house of cards, another wall street mortgage bubble.
Air your tires up, don't drive anywhere you can walk jog or bike. You might find like some kids, you can get buy without a car except for the occasional trip and then you rent. Fuck the bankers, fuck the traders, fuck the oil companies.
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