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Excessive speculation is pushing up oil prices

http://www.cleveland.com/open/index.ssf/2012/05/sherrod_brown_says_excessive_o.html -- When it costs more than $70 to fill up a tank with gas, average Americans are left wondering why.

Sen. Sherrod Brown says Wall Street oil speculation is partly to blame and recently called for the Commodity Futures Trading Commission to intervene.
"We’re seeing gas prices rise long before the peak summer driving season — and excessive oil speculation is a key source of these cost spikes," Brown said in a news release. "In fact, one recent report showed that out-of-control speculation adds 56 cents to every gallon of gasoline siphoned from the pump — and that’s outrageous."
Is there such a thing as excessive oil speculation? Does it really boost the pump price of gas by 56 cents?

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Submitted May 02, 2012 By: Pramodsharma

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Amplion Champion Author Oregon Posts:6,777 Points:1,867,010 Joined:Sep 2005	Message Posted: May 4, 2012 3:25:55 AM Ignore Amplion Report Abuse SHUT DOWN GOLDMAN SACHS
TRYWI All-Star Author Appleton Posts:898 Points:282,150 Joined:Jan 2012	Message Posted: May 4, 2012 2:42:47 AM Ignore TRYWI Report Abuse bad
52MPG Champion Author Dayton Posts:7,272 Points:1,743,655 Joined:Apr 2006	Message Posted: May 4, 2012 1:47:43 AM Ignore 52MPG Report Abuse I have no doubt speculation increases gas prices.
tnfran Champion Author Arizona Posts:4,388 Points:844,890 Joined:Dec 2010	Message Posted: May 3, 2012 5:49:22 PM Ignore tnfran Report Abuse I just checked the crude oil prices in Jan 09 : Support: $44.69 (Friday’s low) Resistance: $49.12 (Friday’s high) Support: $43.80 (low of 01/15/09) Resistance: $48.36 (high of 12/11/08) Support: $42.79 (low of 01/09/09) Resistance: $47.20 (high of 01/15/09) LESS than $50 a barrel ---- gasoline US ave. was about $1.85 Crude now around $115------ " " " $3.86 DOUBLE what it was then. Excessive speculation has added more than 56 cents to gas/diesel. BO said he would make sure energy costs would rise greatly. Sure have.
investmentdr Champion Author Cleveland Posts:4,039 Points:1,457,000 Joined:Sep 2008	Message Posted: May 3, 2012 10:48:41 AM Ignore investmentdr Report Abuse read the article; the headline is VERY misleading
crep1291 Champion Author Ottawa Posts:2,587 Points:481,455 Joined:Dec 2010	Message Posted: May 3, 2012 9:52:52 AM Ignore crep1291 Report Abuse Speculation isn't causing oil and gas prices to go up or down. It's only amplifying the effects of a rise or fall.
BBopp Champion Author Dayton Posts:6,849 Points:1,940,405 Joined:Dec 2006	Message Posted: May 3, 2012 4:56:14 AM Ignore BBopp Report Abuse If the speculators have free rein the will continue.
angel4me Champion Author San Jose Posts:2,814 Points:796,045 Joined:Dec 2010	Message Posted: May 3, 2012 4:16:27 AM Ignore angel4me Report Abuse here we go again
eomc17 Champion Author Tucson Posts:1,822 Points:134,145 Joined:Mar 2007	Message Posted: May 3, 2012 2:09:23 AM Ignore eomc17 Report Abuse And that two-faced Obama tells Congress to curb speculation but their hands are tied because the govt is "broke" and corrupt. Then the CFTC is supposed to have a law in place curbing speculation and setting position limits but have no money to enact or enforce such a law. One thing about Obama is that he tells us "we can't wait" for certain things and he will set up policies without congressional approval and other things he will dump off on others knowing he is not really interested in those things that he won't tackle himself. Then he takes credit for things he has nothing to do with, such as record oil production and natural gas production. Vote for Romney in November. I am not voting for Obama again because this socialist will destroy our economy and prices will skyrocket. Who wants European-Level gas prices? My sister in Germany pays over 8$ a gallon for gas. If you believe all the cr@p MSNBC says about Obama and Romney then you are narrow-minded. I watch multiple channels because American media is very heavily censored and biased that it gets sickening if I don't flip the channels sometimes. Speculation will never go away because Bush and Obama have provided Big Oil way too much power and influence in Washington, can buy politicians vote and support at a whim. Thanks, guys, for that legacy.
Rich1430 All-Star Author Indiana Posts:761 Points:259,590 Joined:Mar 2012	Message Posted: May 3, 2012 12:54:49 AM Ignore Rich1430 Report Abuse It's the fault of both goverments failure to pass energy budgets for the last three years and speculators in the stock market. The media and politicians have never told the truth about much of anything. They would not know what the truth was if it bit them.
Nicoalbum Champion Author Ottawa Posts:6,032 Points:1,190,975 Joined:Jan 2010	Message Posted: May 3, 2012 12:47:12 AM Ignore Nicoalbum Report Abuse Oil is not something that everyone can live without.
anascom Champion Author Hamilton Posts:1,593 Points:553,115 Joined:Feb 2011	Message Posted: May 3, 2012 12:26:37 AM Ignore anascom Report Abuse as usual !
1momsunshine Champion Author Ottawa Posts:5,500 Points:1,002,530 Joined:Mar 2010	Message Posted: May 3, 2012 12:13:29 AM Ignore 1momsunshine Report Abuse ok
1momsunshine Champion Author Ottawa Posts:5,500 Points:1,002,530 Joined:Mar 2010	Message Posted: May 3, 2012 12:12:56 AM Ignore 1momsunshine Report Abuse ok
WalRus49 Champion Author Boston Posts:4,085 Points:870,815 Joined:Nov 2010	Message Posted: May 3, 2012 12:08:41 AM Ignore WalRus49 Report Abuse More organized mayhem and pillage............
lesndave Champion Author Texas Posts:3,052 Points:703,330 Joined:May 2011	Message Posted: May 2, 2012 11:25:24 PM Ignore lesndave Report Abuse That's just what we need
alterman156 Champion Author New York Posts:7,495 Points:1,558,725 Joined:Dec 2008	Message Posted: May 2, 2012 11:10:55 PM Ignore alterman156 Report Abuse I would agree that speculation is helping to push up oil prices.
PDQBlues Champion Author San Diego Posts:7,084 Points:1,450,275 Joined:Jan 2009	Message Posted: May 2, 2012 8:59:06 PM Ignore PDQBlues Report Abuse Yes, we all know the 'evils' of speculators. So what are these politicians doing about it?
blupupher Champion Author Houston Posts:3,561 Points:749,995 Joined:Feb 2011	Message Posted: May 2, 2012 8:47:57 PM Ignore blupupher Report Abuse big surprise.
TomT2Lee Champion Author Cincinnati Posts:5,362 Points:1,599,705 Joined:Sep 2005	Message Posted: May 2, 2012 8:43:23 PM Ignore TomT2Lee Report Abuse Another US professional politician pointing the finger of blame away from their own criminal actions. The US government and the Federal Reserve are primarily responsible for creating the situation where the US dollar is worthless. They have managed to keep the con game going a little bit longer, but time is running out. It will lead to an unprecedented situation that will make $10 a gallon gas look cheap. So go on, keep believing the liars running the US.
heydano67 Champion Author California Posts:1,676 Points:359,485 Joined:Feb 2012	Message Posted: May 2, 2012 8:18:51 PM Ignore heydano67 Report Abuse How often can we state it, either prove it and fix it or leave it be.
qwerty17 Champion Author New Jersey Posts:3,660 Points:1,119,625 Joined:Oct 2009	Message Posted: May 2, 2012 8:16:06 PM Ignore qwerty17 Report Abuse speculate this.
bandannaman Champion Author New Jersey Posts:1,849 Points:365,610 Joined:Dec 2010	Message Posted: May 2, 2012 8:00:43 PM Ignore bandannaman Report Abuse Lack of leadership is a fault.
drpepperTX Champion Author Texas Posts:8,953 Points:754,120 Joined:Apr 2011	Message Posted: May 2, 2012 7:55:50 PM Ignore drpepperTX Report Abuse "President Obama is doing much more for the american people than President Bush did." ================== Love how you posted examples mad11cpt! LMAO, how???
mastermariner Champion Author Texas Posts:4,249 Points:495,675 Joined:Jun 2011	Message Posted: May 2, 2012 7:47:48 PM Ignore mastermariner Report Abuse Every one has to make a buck
Tehbob Champion Author California Posts:2,306 Points:459,555 Joined:Jan 2012	Message Posted: May 2, 2012 7:08:20 PM Ignore Tehbob Report Abuse here we go again?? The "it's Obama's fault" is so lame.
humblepie Champion Author Toledo Posts:34,304 Points:2,373,320 Joined:Mar 2006	Message Posted: May 2, 2012 7:07:35 PM Ignore humblepie Report Abuse sherrod brown is a total numbnut
alex395 Champion Author Louisville Posts:2,053 Points:276,895 Joined:Jan 2007	Message Posted: May 2, 2012 7:05:41 PM Ignore alex395 Report Abuse Obama's inaction is pushing up oil prices along with Energy Secretary Chu who wants them (he said it) at European levels of $8 to $9 a gallon. Stop hiding under the bed Obama.
jimgraham Champion Author Akron Posts:10,382 Points:1,981,910 Joined:Oct 2007	Message Posted: May 2, 2012 7:01:50 PM Ignore jimgraham Report Abuse More and more dollars (and other currencies) chasing the same - or even a greater - amount of oil can result in only one thing - INFLATION. That is just what the speculators are doing - inflating the price of oil. When the bubble bursts - it will take many of them down. And it will burst - as it has in the past.
DerHahn Champion Author Illinois Posts:13,727 Points:2,116,085 Joined:May 2004	Message Posted: May 2, 2012 6:57:25 PM Ignore DerHahn Report Abuse yet politicians keep blocking regulations against the speculators
gasokie Champion Author Oklahoma Posts:3,450 Points:1,327,140 Joined:May 2007	Message Posted: May 2, 2012 6:52:54 PM Ignore gasokie Report Abuse Ah the old speculation bug-a-boo again! Thought maybe people had decided to give that a rest for a while.
36_ACRES_4_SALE All-Star Author Appleton Posts:999 Points:338,815 Joined:Oct 2011	Message Posted: May 2, 2012 6:50:59 PM Ignore 36_ACRES_4_SALE Report Abuse Not good.
md11capt Champion Author Denver Posts:3,558 Points:711,630 Joined:Mar 2011	Message Posted: May 2, 2012 6:41:41 PM Ignore md11capt Report Abuse President Obama is doing much more for the american people than President Bush did.
dh0770 Champion Author Colorado Posts:6,987 Points:672,460 Joined:Jun 2011	Message Posted: May 2, 2012 6:40:09 PM Ignore dh0770 Report Abuse Duh...who doesn't know this?
07skydriver Champion Author Ohio Posts:3,270 Points:985,035 Joined:Feb 2009	Message Posted: May 2, 2012 6:38:17 PM Ignore 07skydriver Report Abuse Just stay home.
drpepperTX Champion Author Texas Posts:8,953 Points:754,120 Joined:Apr 2011	Message Posted: May 2, 2012 6:27:07 PM Ignore drpepperTX Report Abuse You just gotta laugh! An 'article' about an opinion that says nothing but links to a polit'lie' opinion piece. WOW! By the way, speculators can only speculate on Oblame-a's lack of an energy policy and world economies.
Pramodsharma Champion Author Richmond Posts:1,974 Points:388,140 Joined:Feb 2012	Message Posted: May 2, 2012 6:16:07 PM Ignore Pramodsharma Report Abuse Now is time we should act