Speakeasy forum

General discussion

How'zitt your area

Pump price here has been $3.95 - $4.00 for a couple of weeks.
Today, almost everyplace - $3.68.

Wonder which politician will try to take credit and tell us how
he/she pulled it off.

You know that no government body was inclined to do much,
as the "windfall" of taxes and royalties was an unexpected
Christmas present.

My opinion - the fact that some in the US Congress were actually
"talking" about reining in the speculators was enough of a scare of
government regulation for the speculators to back off a bit.

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You try and figure it out

In reply to: How'zitt your area

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Not to hard...

In reply to: You try and figure it out

It's not too hard. The law forbids releasing oil from the Strategic Petroleum Reserve for the purpose of lowering prices. It does say that it can be released in an emergency. Pelosi took the stand that the price of gasoline was an emergency, and in her opinion qualified the price as one. That line of logic didn't fly.

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RE: Not too hard

In reply to: Not to hard...

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In the last week,

In reply to: How'zitt your area

I have seen 1 station with 3.92 and the rest were still almost 4.25.

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Speculator thought...

In reply to: How'zitt your area

Remember way back when Johnny Carson made a joke about a toilet paper shortage in L.A.? There wasn't one, he made it up for the joke. But a lot of people believed him and started buying it up, resulting in a shortage and price rise. Those people were basically speculating about future purchases.
Recently, we had the rice stories and people started buying it up to the point that stores like Sam's Club started limiting the amount of purchases. That cooled off.
In both cases we had people speculating about a future shortage and panic buying. In both cases they noticed that the supply looked like it wouldn't be as limited, the price started going down and the speculation about the future lessened.

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Speculators...

In reply to: Speculator thought...

another word for investors.

Boogeyman du jour.

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I think of them...

In reply to: Speculators...

I think of them as gamblers. Nothing wrong with that, you places your bets, and you takes your chances. I play a bit myself, but play the regular market. Not as much risk as commodities.

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Yup. It IS gambling

In reply to: I think of them...

My wife used to work on Wall Street for a brokerage firm. That's pretty much how they viewed it.

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But most gambling affects

In reply to: I think of them...

only the gamblers and(maybe) their families...not the greater community. It seems that commodity speculation can make losers of all that don't join the game.

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