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FIB - Scams 101 - Ye Olde Archives
Posted By: SJ In Response To: No Bill (Jim Wilson)
Wednesday, 26 April 2006, at 10:11 p.m.
This has been one of the most interesting discussions on this forum. I enjoy reading Jims’ comments about the current energy situation and the conclusions that he has arrived at. I wish I had a tenth of his writing talent and the ability to express such sincere compassion for those that are enduring the high energy prices.
The oil companies, hedge funds, oil traders (speculators), and other large commercial speculators are not the only entities that are profiting from the high prices. If you are receiving a pension from a state government or a private employer, have stock index mutual funds, or a bondholder/ stockholder of any of the major oil companies, you are a direct beneficiary as well. The money is not just benefiting a small group of insiders, but a vast majority that have investments directly or indirectly. This is the capitalist way.
The futures market serves as a price discovery mechanism. All of the contracts traded yesterday only accounted for 65% of our DAILY usage. Where did the other 35% occur? It traded on the spot market. These figures are easily verified looking up government and private web site sources. Go to the energy dept’s website and see the information yourself. If there were no central depository of market information, the prices might be really erratic. The prices might be a lot higher if there were that much uncertainty.
It has been taken for granted that energy would always be EASILY obtainable. Just because the sources are there, does not mean that it is economically viable to reach. It takes billions of dollars to launch deep water rigs and to maintain them. When prices were low nobody paid attention. Now our attention is focused.
Sincerely, SJ
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