Here we go again. More BS to keep the prices as high as they can keep them. If the government would freeze or stop futures trading of oil, then the price would fall to below 40 dollars a barrel or less in a week. This very same scenario happened to silver 20 some years ago in a scheme that drove the price up to 50 dollars an ounce before the government stopped it. This is all a "bogus speculation scheme and greed" and the American public is paying the price for it. Its time for the American public to pick a few high profile companies and boycott them. Because if a major company sales fell 80% in a month, because of oil protests, they would be calling their senators and getting this natural gas and oil BS under control.

There are futures traders who just look for any reason to pump up the price of oil whether it be legit or not. Lately, bogus reasons (manipulation) have again surfaced and have had an impact to drive up the price of crude. I wonder if this is what Mr. Bubbles (Greenspan) meant when he said market forces should decide and set the price of oil? The traders think Greenspan just gave them the green light to make the prices of crude futures to go higher.

It wouldn't surprise me if there wasn't an element of political mischief in this too. Those knowing full well as oil prices and natural gas prices go up, Bush's poll numbers go down. And I say that with a little educated knowledge. And there is not any shortage of crude, period! Even Rush Limbaugh said that too. I'd freeze that market before Sunday morning. Even for a temporary 30 days and get a good look at who is invested in these futures and company stocks.

It just simply amazes me. I ask myself, how could the price of oil be allowed to hit these record highs in a time of war? Just unbelievable. And right after a direct assault on our economic infrastructure by the 9/11 terrorist and their sponsors, the price of crude oil, gasoline, and natural gas is allowed to climb unabated over a three and a half year period all the while going virtually and seemingly unnoticed by anyone. Unbelieveable.

I wonder how much the U.S. economy can actually "weather" before it finally cracks?

6/03/2005

                 Lack of Production? Lack of Refining? Or Just Plain Profiteering

TW 4/25/2005

And the answer is: Profiteering

Bloomberg.Com Oil Falls on Signs of Increased OPEC Output, Inventory Growth

Surging Profits
BP Plc, the world's second-largest publicly traded oil company, posted a 29 percent jump in first-quarter profit to a record because of higher energy prices. Net income rose to $5.49 billion, or 25.6 cents a share, from $4.26 billion, or 19.3 cents, in the year-earlier period, excluding gains in the value of its oil inventories.

London-based BP is the first of the world's largest oil companies to report earnings for the period, when New York crude oil averaged $50.03 a barrel. Chief Executive John Browne in an interview said economic growth is ``pretty good'' around the world, with few signs of a slowdown in demand.

U.S. crude oil stockpiles probably rose 650,000 barrels last week from 318.9 million barrels the previous week, according to the median of forecasts by 14 analysts before the Energy Department report. Eight analysts expected an increase and six a decline. Supplies in the week ended April 15 were 4.8 percent higher than the five-year average for the week.
source link: Oil Falls on Signs of Increased OPEC Output, Inventory Growth  4/26/2005

Stunning Record Profits By The World's Largest Publicly Traded Oil Company Exxon Mobil

Exxon Mobil Posts 44 Percent Jump in 1Q Profit, Revenue on Crude, Natural Gas Prices

IRVING, Texas (AP) -- Exxon Mobil Corp., the world's largest publicly traded oil company, said Thursday that first-quarter earnings soared 44 percent from last year, due mainly to strong crude and natural gas prices. The company said it will boost its share repurchase rate by $1 billion in the second quarter. source link: Exxon Mobil Posts Profit on Crude Prices  4/28/2005