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livinincali.
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March 7, 2011 at 9:05 AM #675448May 26, 2011 at 5:51 PM #699168
afx114
ParticipantWikiLeaks cables show speculators behind 2008 oil bubble
Well, thanks to Wikileaks, we now know that when the Bush administration reached out to the Saudis in the summer of ’08 to ask them to increase oil production to lower prices, the Saudis responded by saying they were having a hard time finding buyers for their oil as it was, and instead asked the Bush administration to rein in Wall Street speculators.
…
All of this is significant because both the Bush administration and the Obama administration have denied this narrative to various degrees. The CFTC only recently admitted that speculation played a role in the 2008 mess, having originally (and stubbornly) blamed supply and demand issues. Subsequent analyses have shown that the Saudi position, that worldwide demand for oil never increased nearly enough to account for the gigantic 2008 price spike, was almost certainly correct.
More on this to come later. Given the surge in commodities prices in the last year (which may in part have caused the rise in food prices that led to disturbances in the Middle East) and the Obama administration’s seeming reluctance still to rein in speculators, it’s remarkable that this issue doesn’t get more press. It’ll be interesting to see how much ink these Wiki cables get.
May 26, 2011 at 5:51 PM #699261afx114
ParticipantWikiLeaks cables show speculators behind 2008 oil bubble
Well, thanks to Wikileaks, we now know that when the Bush administration reached out to the Saudis in the summer of ’08 to ask them to increase oil production to lower prices, the Saudis responded by saying they were having a hard time finding buyers for their oil as it was, and instead asked the Bush administration to rein in Wall Street speculators.
…
All of this is significant because both the Bush administration and the Obama administration have denied this narrative to various degrees. The CFTC only recently admitted that speculation played a role in the 2008 mess, having originally (and stubbornly) blamed supply and demand issues. Subsequent analyses have shown that the Saudi position, that worldwide demand for oil never increased nearly enough to account for the gigantic 2008 price spike, was almost certainly correct.
More on this to come later. Given the surge in commodities prices in the last year (which may in part have caused the rise in food prices that led to disturbances in the Middle East) and the Obama administration’s seeming reluctance still to rein in speculators, it’s remarkable that this issue doesn’t get more press. It’ll be interesting to see how much ink these Wiki cables get.
May 26, 2011 at 5:51 PM #699846afx114
ParticipantWikiLeaks cables show speculators behind 2008 oil bubble
Well, thanks to Wikileaks, we now know that when the Bush administration reached out to the Saudis in the summer of ’08 to ask them to increase oil production to lower prices, the Saudis responded by saying they were having a hard time finding buyers for their oil as it was, and instead asked the Bush administration to rein in Wall Street speculators.
…
All of this is significant because both the Bush administration and the Obama administration have denied this narrative to various degrees. The CFTC only recently admitted that speculation played a role in the 2008 mess, having originally (and stubbornly) blamed supply and demand issues. Subsequent analyses have shown that the Saudi position, that worldwide demand for oil never increased nearly enough to account for the gigantic 2008 price spike, was almost certainly correct.
More on this to come later. Given the surge in commodities prices in the last year (which may in part have caused the rise in food prices that led to disturbances in the Middle East) and the Obama administration’s seeming reluctance still to rein in speculators, it’s remarkable that this issue doesn’t get more press. It’ll be interesting to see how much ink these Wiki cables get.
May 26, 2011 at 5:51 PM #699992afx114
ParticipantWikiLeaks cables show speculators behind 2008 oil bubble
Well, thanks to Wikileaks, we now know that when the Bush administration reached out to the Saudis in the summer of ’08 to ask them to increase oil production to lower prices, the Saudis responded by saying they were having a hard time finding buyers for their oil as it was, and instead asked the Bush administration to rein in Wall Street speculators.
…
All of this is significant because both the Bush administration and the Obama administration have denied this narrative to various degrees. The CFTC only recently admitted that speculation played a role in the 2008 mess, having originally (and stubbornly) blamed supply and demand issues. Subsequent analyses have shown that the Saudi position, that worldwide demand for oil never increased nearly enough to account for the gigantic 2008 price spike, was almost certainly correct.
More on this to come later. Given the surge in commodities prices in the last year (which may in part have caused the rise in food prices that led to disturbances in the Middle East) and the Obama administration’s seeming reluctance still to rein in speculators, it’s remarkable that this issue doesn’t get more press. It’ll be interesting to see how much ink these Wiki cables get.
May 26, 2011 at 5:51 PM #700347afx114
ParticipantWikiLeaks cables show speculators behind 2008 oil bubble
Well, thanks to Wikileaks, we now know that when the Bush administration reached out to the Saudis in the summer of ’08 to ask them to increase oil production to lower prices, the Saudis responded by saying they were having a hard time finding buyers for their oil as it was, and instead asked the Bush administration to rein in Wall Street speculators.
…
All of this is significant because both the Bush administration and the Obama administration have denied this narrative to various degrees. The CFTC only recently admitted that speculation played a role in the 2008 mess, having originally (and stubbornly) blamed supply and demand issues. Subsequent analyses have shown that the Saudi position, that worldwide demand for oil never increased nearly enough to account for the gigantic 2008 price spike, was almost certainly correct.
More on this to come later. Given the surge in commodities prices in the last year (which may in part have caused the rise in food prices that led to disturbances in the Middle East) and the Obama administration’s seeming reluctance still to rein in speculators, it’s remarkable that this issue doesn’t get more press. It’ll be interesting to see how much ink these Wiki cables get.
May 26, 2011 at 6:30 PM #699190bearishgurl
Participant[quote=afx114]WikiLeaks cables show speculators behind 2008 oil bubble
Well, thanks to Wikileaks, we now know that when the Bush administration reached out to the Saudis in the summer of ’08 to ask them to increase oil production to lower prices, the Saudis responded by saying they were having a hard time finding buyers for their oil as it was, and instead asked the Bush administration to rein in Wall Street speculators.
…
All of this is significant because both the Bush administration and the Obama administration have denied this narrative to various degrees. The CFTC only recently admitted that speculation played a role in the 2008 mess, having originally (and stubbornly) blamed supply and demand issues. Subsequent analyses have shown that the Saudi position, that worldwide demand for oil never increased nearly enough to account for the gigantic 2008 price spike, was almost certainly correct.
More on this to come later. Given the surge in commodities prices in the last year (which may in part have caused the rise in food prices that led to disturbances in the Middle East) and the Obama administration’s seeming reluctance still to rein in speculators, it’s remarkable that this issue doesn’t get more press. It’ll be interesting to see how much ink these Wiki cables get.
[/quote]
Duh!! Gas is currently 4.11 to 4.37 up and down the state. Some SF outlets may be slightly higher. Of course the runaway prices are caused by the exuberance of mostly “day-traders.”
[quote=Bubblesitter]…My prediction of San Diego average gas price at peak summer driving season, say July 4th is $4.67. With 39% chance of over $5.29. Ok ok I pulled those numbers out of an orifice.
What is your prediction?[/quote]
Bubblesitter, I think you’re right on target for July 4th (4.67) and, of course, I’ll be on the road during that time, albeit in states where gas typically costs a bit less than here :=}
May 26, 2011 at 6:30 PM #699284bearishgurl
Participant[quote=afx114]WikiLeaks cables show speculators behind 2008 oil bubble
Well, thanks to Wikileaks, we now know that when the Bush administration reached out to the Saudis in the summer of ’08 to ask them to increase oil production to lower prices, the Saudis responded by saying they were having a hard time finding buyers for their oil as it was, and instead asked the Bush administration to rein in Wall Street speculators.
…
All of this is significant because both the Bush administration and the Obama administration have denied this narrative to various degrees. The CFTC only recently admitted that speculation played a role in the 2008 mess, having originally (and stubbornly) blamed supply and demand issues. Subsequent analyses have shown that the Saudi position, that worldwide demand for oil never increased nearly enough to account for the gigantic 2008 price spike, was almost certainly correct.
More on this to come later. Given the surge in commodities prices in the last year (which may in part have caused the rise in food prices that led to disturbances in the Middle East) and the Obama administration’s seeming reluctance still to rein in speculators, it’s remarkable that this issue doesn’t get more press. It’ll be interesting to see how much ink these Wiki cables get.
[/quote]
Duh!! Gas is currently 4.11 to 4.37 up and down the state. Some SF outlets may be slightly higher. Of course the runaway prices are caused by the exuberance of mostly “day-traders.”
[quote=Bubblesitter]…My prediction of San Diego average gas price at peak summer driving season, say July 4th is $4.67. With 39% chance of over $5.29. Ok ok I pulled those numbers out of an orifice.
What is your prediction?[/quote]
Bubblesitter, I think you’re right on target for July 4th (4.67) and, of course, I’ll be on the road during that time, albeit in states where gas typically costs a bit less than here :=}
May 26, 2011 at 6:30 PM #699869bearishgurl
Participant[quote=afx114]WikiLeaks cables show speculators behind 2008 oil bubble
Well, thanks to Wikileaks, we now know that when the Bush administration reached out to the Saudis in the summer of ’08 to ask them to increase oil production to lower prices, the Saudis responded by saying they were having a hard time finding buyers for their oil as it was, and instead asked the Bush administration to rein in Wall Street speculators.
…
All of this is significant because both the Bush administration and the Obama administration have denied this narrative to various degrees. The CFTC only recently admitted that speculation played a role in the 2008 mess, having originally (and stubbornly) blamed supply and demand issues. Subsequent analyses have shown that the Saudi position, that worldwide demand for oil never increased nearly enough to account for the gigantic 2008 price spike, was almost certainly correct.
More on this to come later. Given the surge in commodities prices in the last year (which may in part have caused the rise in food prices that led to disturbances in the Middle East) and the Obama administration’s seeming reluctance still to rein in speculators, it’s remarkable that this issue doesn’t get more press. It’ll be interesting to see how much ink these Wiki cables get.
[/quote]
Duh!! Gas is currently 4.11 to 4.37 up and down the state. Some SF outlets may be slightly higher. Of course the runaway prices are caused by the exuberance of mostly “day-traders.”
[quote=Bubblesitter]…My prediction of San Diego average gas price at peak summer driving season, say July 4th is $4.67. With 39% chance of over $5.29. Ok ok I pulled those numbers out of an orifice.
What is your prediction?[/quote]
Bubblesitter, I think you’re right on target for July 4th (4.67) and, of course, I’ll be on the road during that time, albeit in states where gas typically costs a bit less than here :=}
May 26, 2011 at 6:30 PM #700015bearishgurl
Participant[quote=afx114]WikiLeaks cables show speculators behind 2008 oil bubble
Well, thanks to Wikileaks, we now know that when the Bush administration reached out to the Saudis in the summer of ’08 to ask them to increase oil production to lower prices, the Saudis responded by saying they were having a hard time finding buyers for their oil as it was, and instead asked the Bush administration to rein in Wall Street speculators.
…
All of this is significant because both the Bush administration and the Obama administration have denied this narrative to various degrees. The CFTC only recently admitted that speculation played a role in the 2008 mess, having originally (and stubbornly) blamed supply and demand issues. Subsequent analyses have shown that the Saudi position, that worldwide demand for oil never increased nearly enough to account for the gigantic 2008 price spike, was almost certainly correct.
More on this to come later. Given the surge in commodities prices in the last year (which may in part have caused the rise in food prices that led to disturbances in the Middle East) and the Obama administration’s seeming reluctance still to rein in speculators, it’s remarkable that this issue doesn’t get more press. It’ll be interesting to see how much ink these Wiki cables get.
[/quote]
Duh!! Gas is currently 4.11 to 4.37 up and down the state. Some SF outlets may be slightly higher. Of course the runaway prices are caused by the exuberance of mostly “day-traders.”
[quote=Bubblesitter]…My prediction of San Diego average gas price at peak summer driving season, say July 4th is $4.67. With 39% chance of over $5.29. Ok ok I pulled those numbers out of an orifice.
What is your prediction?[/quote]
Bubblesitter, I think you’re right on target for July 4th (4.67) and, of course, I’ll be on the road during that time, albeit in states where gas typically costs a bit less than here :=}
May 26, 2011 at 6:30 PM #700371bearishgurl
Participant[quote=afx114]WikiLeaks cables show speculators behind 2008 oil bubble
Well, thanks to Wikileaks, we now know that when the Bush administration reached out to the Saudis in the summer of ’08 to ask them to increase oil production to lower prices, the Saudis responded by saying they were having a hard time finding buyers for their oil as it was, and instead asked the Bush administration to rein in Wall Street speculators.
…
All of this is significant because both the Bush administration and the Obama administration have denied this narrative to various degrees. The CFTC only recently admitted that speculation played a role in the 2008 mess, having originally (and stubbornly) blamed supply and demand issues. Subsequent analyses have shown that the Saudi position, that worldwide demand for oil never increased nearly enough to account for the gigantic 2008 price spike, was almost certainly correct.
More on this to come later. Given the surge in commodities prices in the last year (which may in part have caused the rise in food prices that led to disturbances in the Middle East) and the Obama administration’s seeming reluctance still to rein in speculators, it’s remarkable that this issue doesn’t get more press. It’ll be interesting to see how much ink these Wiki cables get.
[/quote]
Duh!! Gas is currently 4.11 to 4.37 up and down the state. Some SF outlets may be slightly higher. Of course the runaway prices are caused by the exuberance of mostly “day-traders.”
[quote=Bubblesitter]…My prediction of San Diego average gas price at peak summer driving season, say July 4th is $4.67. With 39% chance of over $5.29. Ok ok I pulled those numbers out of an orifice.
What is your prediction?[/quote]
Bubblesitter, I think you’re right on target for July 4th (4.67) and, of course, I’ll be on the road during that time, albeit in states where gas typically costs a bit less than here :=}
May 27, 2011 at 2:33 AM #699277CA renter
Participant[quote=afx114]WikiLeaks cables show speculators behind 2008 oil bubble
Well, thanks to Wikileaks, we now know that when the Bush administration reached out to the Saudis in the summer of ’08 to ask them to increase oil production to lower prices, the Saudis responded by saying they were having a hard time finding buyers for their oil as it was, and instead asked the Bush administration to rein in Wall Street speculators.
…
All of this is significant because both the Bush administration and the Obama administration have denied this narrative to various degrees. The CFTC only recently admitted that speculation played a role in the 2008 mess, having originally (and stubbornly) blamed supply and demand issues. Subsequent analyses have shown that the Saudi position, that worldwide demand for oil never increased nearly enough to account for the gigantic 2008 price spike, was almost certainly correct.
More on this to come later. Given the surge in commodities prices in the last year (which may in part have caused the rise in food prices that led to disturbances in the Middle East) and the Obama administration’s seeming reluctance still to rein in speculators, it’s remarkable that this issue doesn’t get more press. It’ll be interesting to see how much ink these Wiki cables get.
[/quote]
Good stuff, afx.
But, “nobody could have seen it coming.”
May 27, 2011 at 2:33 AM #699372CA renter
Participant[quote=afx114]WikiLeaks cables show speculators behind 2008 oil bubble
Well, thanks to Wikileaks, we now know that when the Bush administration reached out to the Saudis in the summer of ’08 to ask them to increase oil production to lower prices, the Saudis responded by saying they were having a hard time finding buyers for their oil as it was, and instead asked the Bush administration to rein in Wall Street speculators.
…
All of this is significant because both the Bush administration and the Obama administration have denied this narrative to various degrees. The CFTC only recently admitted that speculation played a role in the 2008 mess, having originally (and stubbornly) blamed supply and demand issues. Subsequent analyses have shown that the Saudi position, that worldwide demand for oil never increased nearly enough to account for the gigantic 2008 price spike, was almost certainly correct.
More on this to come later. Given the surge in commodities prices in the last year (which may in part have caused the rise in food prices that led to disturbances in the Middle East) and the Obama administration’s seeming reluctance still to rein in speculators, it’s remarkable that this issue doesn’t get more press. It’ll be interesting to see how much ink these Wiki cables get.
[/quote]
Good stuff, afx.
But, “nobody could have seen it coming.”
May 27, 2011 at 2:33 AM #699958CA renter
Participant[quote=afx114]WikiLeaks cables show speculators behind 2008 oil bubble
Well, thanks to Wikileaks, we now know that when the Bush administration reached out to the Saudis in the summer of ’08 to ask them to increase oil production to lower prices, the Saudis responded by saying they were having a hard time finding buyers for their oil as it was, and instead asked the Bush administration to rein in Wall Street speculators.
…
All of this is significant because both the Bush administration and the Obama administration have denied this narrative to various degrees. The CFTC only recently admitted that speculation played a role in the 2008 mess, having originally (and stubbornly) blamed supply and demand issues. Subsequent analyses have shown that the Saudi position, that worldwide demand for oil never increased nearly enough to account for the gigantic 2008 price spike, was almost certainly correct.
More on this to come later. Given the surge in commodities prices in the last year (which may in part have caused the rise in food prices that led to disturbances in the Middle East) and the Obama administration’s seeming reluctance still to rein in speculators, it’s remarkable that this issue doesn’t get more press. It’ll be interesting to see how much ink these Wiki cables get.
[/quote]
Good stuff, afx.
But, “nobody could have seen it coming.”
May 27, 2011 at 2:33 AM #700103CA renter
Participant[quote=afx114]WikiLeaks cables show speculators behind 2008 oil bubble
Well, thanks to Wikileaks, we now know that when the Bush administration reached out to the Saudis in the summer of ’08 to ask them to increase oil production to lower prices, the Saudis responded by saying they were having a hard time finding buyers for their oil as it was, and instead asked the Bush administration to rein in Wall Street speculators.
…
All of this is significant because both the Bush administration and the Obama administration have denied this narrative to various degrees. The CFTC only recently admitted that speculation played a role in the 2008 mess, having originally (and stubbornly) blamed supply and demand issues. Subsequent analyses have shown that the Saudi position, that worldwide demand for oil never increased nearly enough to account for the gigantic 2008 price spike, was almost certainly correct.
More on this to come later. Given the surge in commodities prices in the last year (which may in part have caused the rise in food prices that led to disturbances in the Middle East) and the Obama administration’s seeming reluctance still to rein in speculators, it’s remarkable that this issue doesn’t get more press. It’ll be interesting to see how much ink these Wiki cables get.
[/quote]
Good stuff, afx.
But, “nobody could have seen it coming.”
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