Forum Post: How The Gas Prices Are Manipulated By The Koch Brothers And Other Wall Street Players
Posted 12 years ago on Feb. 28, 2012, 7:28 p.m. EST by GirlFriday
(17435)
This content is user submitted and not an official statement
Bart Chilton, a commissioner at the Commodity Futures Trading Commission (CFTC), the federal agency that regulates commodity futures and option trading in the United States, says a very few number of players control too much of the market, allowing them to push the price of gas higher and higher. The American public knows very little about the oil speculation industry because a conservative majority on the CFTC has refused to implement the mandates from the Dodd-Frank Wall Street Reform and Consumer Protection Act to curb abuses and provide transparency.
One of those players is the petrochemical multinational Koch Industries. Although oil extraction is a small part of the Koch’s oil business the company has major control over every other part of the market as its core venture is shipping crude oil, refining it, distributing it to retailers, then speculating on the future price. The company actively trades about 50 types of crude oil around the world and has trading operations in London, Geneva, Singapore, Houston, New York, Wichita, Rotterdam, and Mumbai.
When future oil prices are expected to rise–which means when demand is expected to exceed supply–big banks and companies like Koch start buying up oil and storing it in massive containers both on land and offshore to lock in the oil for sale later at a set price. http://www.addictinginfo.org/2012/02/26/how-the-gas-prices-are-manipulated-by-the-koch-brothers-and-other-wall-street-players/
Yep. There you go.
Koch brothers alert!!!
Much good stuff in these threads.
A great way to insulate yourself from the volatile fuel prices is to hold a small position in some oil companies. You really only have to invest a few thousand dollars and any increases in gas prices are easily offset by the increase in your investment. You simply sell some off when prices rise and you have extra cash in your pocket to help you fill your tank. I have been doing that for years with great results.
They are also great long term investments, especially when China and India are both increasing their oil consumption by 5-6% per year. At that rate, the amount of oil being consumed in those two countries will be double what it is now in just 12 years. Pretty scary for both gas prices and the environment.
Love it.
Do nothing but play the game. :/ Sorry, Mooks. That isn't an option.
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It should be hoped that they raise it to above 5/gallon in order to anger enough of the masses who are still complacent due to the paltry comforts they've managed to retain.
The large majority of households with incomes under 75K/year that actually think they are middle class families.
Last time gas spiked, utilities increased on the order of 25% and many groceries doubled in prices.
Oddly, very few of the things which increased, have not dropped one bit when gas prices fell. Most have continued to increase.
5/gal, or higher, would be a great thing to get people off their couches.
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