Letters to the Editor

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OIL: System based on greed, smoke and mirrors

Letter by Rodger A. Hartley, Tacoma on May 16, 2011 at 10:00 am with 14 Comments »
May 16, 2011 1:53 pm

Re: “Investors key to soaring oil prices” (TNT, 5-15).

Well, duh! It doesn’t take a degree in economics to see how stock market investors are likely to be the ruin of our country and the world’s economy.

This smoke-and-mirrors, greed-based, something-for-nothing system has come to accept “futures trading” and “speculators flipping” as normal business practices. Unfortunately there is big money involved, so fixing it is unlikely.

Leave a comment Comments → 14
  1. sue1234 says:

    Roger, that is called GOPCULT ECON IDEOLOGY

  2. UnbiasedReporter says:

    Of course the falling value of the USD has nothing to do with it. But for some strange reason, when the USD goes up in value vs, other currencies the price of oil goes down – HMMMM

    And then supply and demand. Another strange thing – the demand for gas has fallen in the US and the price of oil goes down – HMMMM

  3. ItalianSpring says:

    Even if that were the case, who’s in charge right now.

  4. UnbiasedReporter, according to Bloomberg Correlation-Weighted Currency Indexes, the dollar has declined 7% this year and Consumer Reports states that the price of gas has risen 24.5%.

    On April 27, 2011, the United States Department of Energy (“DOE”) reported a 1.6 percent decline in domestic gasoline consumption since the beginning of the year, while the price of oil per barrel rose 16%.

    Oil price rose 4% Monday, May 11, after losing 15% the previous week. In your mind, are these changes due to consumer demand or the falling dollar?

  5. Either way…people will still rush to sit in line for 15 minutes at a big box store gas station..impatiently tapping their fingers on the steering wheel…pounding the steering wheel when another impatient bozo cuts in front of them..raising blood pressure and wasting valuable time that they could do something constructive with to save on average two or three bucks on a tankful….THEN they will run straight to a little hut in some parking lot to lay down SIX bucks for hot water filtered through beans! HAAAAAAAAAAAAA pretty strange economics to me

  6. GHTaxPayer says:

    For decades the LIBERALS have blocked us from drilling new oil wells and have forced us to send $200+ Billion to the middle east (who hate us) for our oil.
    Barack Obama has put a moratorium on any new leases, while offering $200 Million of taxpayer money to Venezuela so that they can drill for oil off their coast.
    WTF ????

    $4.00 gas
    11.7% unemployment
    $14 TRILLION national debt and climbing
    Record High Foreclosures
    Record High Food Stamps and Poverty
    All of Obama & Pelosi donors getting waivers on Obamacare

    Welcome to Obamaville. How’s that Hopey Changey thing working out for you ?????

  7. BlaineCGarver says:

    The new oil field discovery in N. Dakota has enough sweet crude to run America for hundreds of years…..and we continue to get screwed on the international market WHY?? You people with poor memories, let me remind you that years ago, when crude was the same price it is now, that gas was half the price or less……Let me also remind you that ‘Crats want high gas prices to force people into their idea of how and where people should live, work and play, I wish max doom on energy manipulaters….

  8. Wait, I thought ‘drill baby drill’ would solve everything?
    How could it not? It fits on a bumper sticker, it’s short enough even teahaddists can say it and remember it, it ‘chants’ real well, it means nothing but sounds like it means everything and stupid people fall for it.
    It’s the PERFECT rightwing solgan!

  9. ItalianSpring says:

    Drill here. Drill now. Drill baby drill.

  10. scooter6139 says:

    Question: When we drill domestically, where does the oil go? Straight to our(US) oil reserves or the the world market? Where is it sold?

  11. My point has been made.

    Scooter, where it goes is irrelevant, it’s sold on the open market, traded like any other commodity.
    That is why drilling has no effect on the price.

  12. larsman says:

    GHT- BTW, You do know that Venezuela is a member state of…OPEC.

    DCR- Not a bad perspective, remember 1974, even or odd?

    Sue 321 STILL imagines that only white GOP males are involved with commodity trading…..and no one else! (got any stock in H.J.Heinz?)

    Dot connecting, anyone?

  13. The golden rule. Those with the gold (black gold) make the rules.

  14. Rpots want high gas prices to force the oil companies to make more profits.

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