I will try not to get my hopes up, but it would be a miracle!

You always hear that the reason gas is so high is because of supply and demand. But most don’t know that much of it has only to do with traders speculating at possible future events that MAY happen. If the president mentions the POSSIBILITY of going to war traders freak out and start selling their stocks in oil like crazy pushing the cost per barrell through the roof.

But now, congress is considering passing a bill that “limits speculation in the futures market”. It’s about time they got their asses in gear!

Market Watch

WASHINGTON (MarketWatch) — The price of retail gasoline could fall by half, to around $2 a gallon, within 30 days of passage of a law to limit speculation in energy-futures markets, four energy analysts told Congress on Monday.
Testifying to the House Energy and Commerce Committee, Michael Masters of Masters Capital Management said that the price of oil would quickly drop closer to its marginal cost of around $65 to $75 a barrel, about half the current $135.
Fadel Gheit of Oppenheimer & Co., Edward Krapels of Energy Security Analysis and Roger Diwan of PFC Energy Consultants agreed with Masters’ assessment at a hearing on proposed legislation to limit speculation in futures markets.
Krapels said that it wouldn’t even take 30 days to drive prices lower, as fund managers quickly liquidated their positions in futures markets.
“Record oil prices are inflated by speculation and not justified by market fundamentals,” according to Gheit. “Based on supply and demand fundamentals, crude-oil prices should not be above $60 per barrel.”
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