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Blame oil traders who set prices based on stuff like this.

AP
Oil Prices Extend Gains Above $72 a Barrel
Thursday May 11, 7:48 am ET
By Gillian Wong, Associated Press Writer
Oil Prices Extend Gains Above $72 a Barrel on Renewed Supply Concerns
SINGAPORE (AP) -- Crude-oil futures rose Thursday after a refinery snag in Texas and the fatal shooting of an American oil worker in Nigeria renewed supply concerns despite U.S. government data that showed domestic gasoline stocks rose.
 

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[Q]captaingeorge originally wrote:
Blame oil traders who set prices based on stuff like this.

AP
Oil Prices Extend Gains Above $72 a Barrel
Thursday May 11, 7:48 am ET
By Gillian Wong, Associated Press Writer
Oil Prices Extend Gains Above $72 a Barrel on Renewed Supply Concerns
SINGAPORE (AP) -- Crude-oil futures rose Thursday after a refinery snag in Texas and the fatal shooting of an American oil worker in Nigeria renewed supply concerns despite U.S. government data that showed domestic gasoline stocks rose.
[/Q]

I have said this all along and it's about time something is done about it. Damn wind comes from a different direction and the traders use it to scare the market. It's really getting old.

[excited]
 

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[Q]Thoroughbred originally wrote:
[Q]captaingeorge originally wrote:
Blame oil traders who set prices based on stuff like this.

AP
Oil Prices Extend Gains Above $72 a Barrel
Thursday May 11, 7:48 am ET
By Gillian Wong, Associated Press Writer
Oil Prices Extend Gains Above $72 a Barrel on Renewed Supply Concerns
SINGAPORE (AP) -- Crude-oil futures rose Thursday after a refinery snag in Texas and the fatal shooting of an American oil worker in Nigeria renewed supply concerns despite U.S. government data that showed domestic gasoline stocks rose.
[/Q]

I have said this all along and it's about time something is done about it. Damn wind comes from a different direction and the traders use it to scare the market. It's really getting old.

[excited]
[/Q]

Yeah but the pols couldn't maintain us against them resentments
that drive the election cycle. So much easier to paint Big Oil
and evil corporations as bogeymen.

Bert

Bert
 

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I do not perceive corporations and/or big oil as boogeymen!
They have as primary missions:
1. To remain in business and
2. To make as much profit as possible for their stockholders.
It is a very common mistake to see "stockholders" as US citizens. Nothing could be further from the truth.
That any corporation can make greater profits by relocation to a foreign country then so be it. This is within the parameters of its mission.
That unregulated corporations will do all that is necessary to increase their profits is again within their mission statement. That the Standard Oil of N.J., the Savings and Loan debacle et al damage the US is irrelevant. It becomes relevant with regulation.
That corporations will take advantage of every loophole in the laws including buying Congressmen trips, prostitutes, meals, the use of corporate jets and providing jobs if the Congressman should lose the election is again within the mission statement.
As the old saw of the frog and the scorpion....the scorpion on stinging the frog even though it would cost him his life....I am simply acting natural for a scorpion.
 

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CaptainG is exactly right. The traders who bid on futures in oil are the ones setting the price. This is based on supply and demand. Of course, OPEC can increase production which will increase supply and lower prices, but that is highly unlikely. Too bad we can't do a real oil boycott day. Dag, do I sound less and less conservative with each post. HEEELLPPPP!
 
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