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How Speculators Are Driving Up Oil Prices

Consumer Affairs -- Consumer advocates have, in 2008 and lately, blamed Wall Street oil market traders for driving up crude prices, and with them the price of gasoline. Now, the consumer advocates have some unlikely company.

Wall Street giant Goldman Sachs said today that oil prices have risen too far, too fast and said the price simply isn't supported by market fundamentals. In an email to clients today, Goldman Sachs chief energy analyst David Greely said the recent run-up in prices looks to be ahead of itself.

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Submitted Apr 14, 2011 By: boutmuet

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glorioussnookie Champion Author Tennessee Posts:3,761 Points:699,370 Joined:Feb 2010	Message Posted: Apr 14, 2011 11:15:16 AM Ignore glorioussnookie Report Abuse 'JimTee & THEDodgeman' Hit the nail on the head about what the speculators are doing to our county and what should be done to them! God Bless!!!! TOL! = Tons of Love!!!!!! A positive saying we sure need in these trying times!!! Gloria
mmene Champion Author Houston Posts:4,347 Points:938,970 Joined:May 2008	Message Posted: Apr 14, 2011 11:09:50 AM Ignore mmene Report Abuse More likely Goldman Sachs has sold its long positions and switched to short and is now looking to cash in on the roller coaster.
stickyvalves Champion Author Iowa Posts:5,265 Points:1,555,770 Joined:Oct 2005	Message Posted: Apr 14, 2011 10:07:25 AM Ignore stickyvalves Report Abuse Goldman Sachs must be short.
WilW Champion Author Atlanta Posts:12,213 Points:2,670,930 Joined:Aug 2004	Message Posted: Apr 14, 2011 9:57:42 AM Ignore WilW Report Abuse Duh!
bikechuck Champion Author Indianapolis Posts:7,001 Points:2,061,170 Joined:Apr 2006	Message Posted: Apr 14, 2011 9:55:50 AM Ignore bikechuck Report Abuse Dogs!!!!!
THEDodgeman Champion Author Denver Posts:7,987 Points:1,945,565 Joined:Apr 2005	Message Posted: Apr 14, 2011 9:53:34 AM Ignore THEDodgeman Report Abuse I WOULD LIKE TO DRIVE SOMETHING UP THOSE SPECULATORS.
TheSicilian Champion Author Jacksonville Posts:5,369 Points:1,467,800 Joined:Feb 2009	Message Posted: Apr 14, 2011 9:50:06 AM Ignore TheSicilian Report Abuse really the rest of us have known this for a while now
Bubba44612 Champion Author Ohio Posts:7,386 Points:1,875,130 Joined:Aug 2005	Message Posted: Apr 14, 2011 9:49:51 AM Ignore Bubba44612 Report Abuse Someone must have talked to Goldman Sachs about screwing up the economy.
niceguytx Champion Author Houston Posts:13,690 Points:2,711,785 Joined:Sep 2005	Message Posted: Apr 14, 2011 9:45:34 AM Ignore niceguytx Report Abuse He is strategic, and there is little he can do tactically.
Sam195 Champion Author San Bernardino Posts:8,080 Points:1,573,125 Joined:Oct 2008	Message Posted: Apr 14, 2011 9:43:30 AM Ignore Sam195 Report Abuse This has been going on for years, and all the President can do is give speeches.
lleddirj Champion Author Michigan Posts:3,681 Points:1,155,555 Joined:May 2005	Message Posted: Apr 14, 2011 9:43:29 AM Ignore lleddirj Report Abuse Why is it that neither house of criminals (oops, I meant congress) has the b@lls to do anything?
KaiserM715 Sophomore Author Houston Posts:231 Points:602,570 Joined:Apr 2006	Message Posted: Apr 14, 2011 9:38:21 AM Ignore KaiserM715 Report Abuse "The crazy speculators have no clue what they are doing to themselves and the economy." Nor do they care...
JimTee Champion Author Tampa Posts:2,357 Points:1,514,300 Joined:Apr 2006	Message Posted: Apr 14, 2011 8:19:56 AM Ignore JimTee Report Abuse The crazy speculators have no clue what they are doing to themselves and the economy.
Jaguar25 Veteran Author Asheville Posts:305 Points:61,140 Joined:Mar 2011	Message Posted: Apr 14, 2011 7:45:34 AM Ignore Jaguar25 Report Abuse To bad the bottom can not drop out of gas prices like it did home real estate. If those folks get burned once they will not buy on spec again.
mrbenTX All-Star Author Corpus Christi Posts:818 Points:41,405 Joined:Mar 2011	Message Posted: Apr 14, 2011 7:13:50 AM Ignore mrbenTX Report Abuse SPECULATORS NEED TO BE REGULATED. OBAMA ADMINISTRATION CAN REGULATE THESE THIEVES, BUT THEY ARE HELPING OBAMA WITH HIS SOCIALIST AGENDA
FocusST2 Champion Author North Carolina Posts:8,133 Points:1,376,975 Joined:Jul 2009	Message Posted: Apr 14, 2011 7:07:52 AM Ignore FocusST2 Report Abuse Say it isn't so!
sec19fan Champion Author New Brunswick Posts:1,376 Points:355,410 Joined:Nov 2009	Message Posted: Apr 14, 2011 5:35:55 AM Ignore sec19fan Report Abuse Greedy buggers!
MetroSexual Champion Author New Hampshire Posts:3,004 Points:316,380 Joined:Aug 2005	Message Posted: Apr 14, 2011 5:14:06 AM Ignore MetroSexual Report Abuse That's right -- keep the fear propaganda going. Maybe it will lower the gas prices, eventually.
econoride Veteran Author Charlotte Posts:371 Points:214,035 Joined:Aug 2006	Message Posted: Apr 14, 2011 4:45:22 AM Ignore econoride Report Abuse Speculators will always be there. Sometimes they win, sometimes they lose. They have no long term effect on the market.
OnTheWater Champion Author Orange County Posts:2,123 Points:623,130 Joined:Nov 2009	Message Posted: Apr 14, 2011 2:59:50 AM Ignore OnTheWater Report Abuse Um you think????