Should oil speculators be shot?

Question

It seems to me they are at least very near to the problem. Realisticly, what can we do about these vultures who jumped ship from the housing market into the oil futures market. They destroyed the only thing holding up this economy (the housing market) by speculating and driving up home values artificially high, buying and flipping houses then selling them to suckers who couldn't afford them. Now look at what they are doing to oil prices: http://www.msnbc.msn.com/id/22425001/vp/25626817#25626817

Answer 1

I think oil prices are in a 'bubble', due to a number of factors.

Speculation is only one small part of the whole equation. Supply fears and real supply problems are also a factor, increasing demand from emerging markets, and a weakening dollar are also important.

I think oil prices will fall back slightly, to more sustainable levels, once the US economy begins recovery later next year, also when the Chinese economy slows in 2009 after the Olympic games.

It is worth noting that the price of oil rose by $9 in one session last month, due to frenzied buying after the large unemployment statistics released by the US Gvnt., therefore the US economy and said 'speculators' are an important contribution to the price of this commodity, though not the whole picture.

Answer 2

If only we could get Stalin to run America. Our problems would be over. This would never happen if we were communist. Vote democrat, they are at least trying to make us commies.

Answer 3

No, not the oil speculators but those corrupted politicians and liberal environmentalists who forbid the nation to  explore oil in our own land.

Answer 4

There definitely is a problem with oil speculators. However, when people purchase a barrel of oil until the price of oil  goes up then they sell it for more to make a profit. This is nothing but investing in something that will turn a profit. This situation will continue until another commodity will turn a higher profit. What they are charging for oil will not continue when the people cannot afford to buy the oil. This is the reason for alternative fuels.

Answer 5

[[Should oil speculators be shot?]]

Nah!

by doing so, you waste the bullets

(mind you, it can cost as $1 a piece)

Just round them speculators up;

use them as bio-fuel;

or use them to plug up some oil well's leaks.

Q.E.D.

Answer 6

I think all greedy,guilty parties involved should be soaked in crude and stretched out in the sun until dry.

Answer 7

Aah, how wonderfully comforting to have a scapegoat.  Are you, by chance, a politician?  The housing problem was largely caused by unwise lending practices through which borrowers took on unrealistic levels of debt.  The futures market in commodities exists so that both users and suppliers can lock in future prices.  Pure speculators have very little effect on the price of oil - there are two sides to each bet, a winner and a loser.  No, the problem is that each day 85 million barrels of oil are pumped whereas demand is at 86 million.  Supply and demand, see?  Excess demand drives up prices and the high price in turn brings down demand.  Whether it will do so quickly is another matter, and I believe we'll see oil at $200 a barrel before we see it at $100.