Why are speculators being blamed for gas prices?

Question

I keep hearing idi0ts on radio/tv blaming them. The real reason is the value of the dollar.

http://www.usnews.com/blogs/flowchart/2008/3/10/why-gas-prices-rise-as-the-dollar-falls.html

Who is profiting from blaming the speculators?

Answer 1

Economic illiterates, who are against drilling 50 miles off the US coast and drilling in ANWR,  are the ones who are profiting by blaming the speculators. It comes down to supply and demand; if you increase the supply of oil, the price drops because there is more competition for the consumer's money. Just the lifting of the executive order that banned offshore oil drilling dropped the price of a barrel of oil from $145 to $129 in two weeks.

Answer 2

I can explain it to you this way- while all the price increase cannot be blamed on the speculators, the majority of it can- you see the cost of oil shot up from $30 a barrel to $140 a barrel in two years- that is a little over a 400% increase in cost- if it were the value of the dollar causing this, then a loaf of bread would cost $8 dollars- a 400% increase- one can of coke would cost almost $4- a 400% increase-- one tire for you car would cost $400- that large hershey bar that you can buy for $1 would cost you $4 if your theory was correct- you see the dollar is suffering from inflation, which makes the value of it go down , which makes prices higher, but all things would go up basically an equal amount if it was tied to inflation- but it is only the oil prices that having a 400% increase in price.The inflation theory is put out by the people that are benefiting from the high oil prices and do not want their profit making to slacken.

Answer 3

they are part of the problem.

Answer 4

because none asks why should we pay the arabs at their.s will

for a hole in the ground that is oozing oil.i think people who pay must be blamed.some kind of strike is needed....

Answer 5

Both speculators and the devaluation of the dollar are to blame.

Answer 6

people absolutely need to blame someone

edit

world bank, we owe them a lot of money and are paying off some of the intrest to all the loans they give us at the pump

Answer 7

The value of the dollar has little to do with the price of oil.Here are the facts. in 2003 oil went for $20 a barrel-in 2008 it got to $140 a barrel. An increase of 700%. The euro back then was worth ,87 to one American dollar-now the Euro is worth $1.57. the dollar went down in value by 55%

Gold in 2003 was worth $567 an ounce. Now gold is worth $902 an ounce . An increase of  63% Does any of these inflationary figures come close to the 7 fold increase in the price of oil? And didn't you hear on the news that the bankrupt airlines were asking their costomers to petition congress to end the speculation on oil? Perhaps you were lucky enough to invest in the oil market yourself? If so,good for you, but don't try to tell us that it is the inflation of the dollar that causes the high oil prices.. the figures that I have given you can be verified by a quick web search- that is what makes the internet so great. You can check the facts instead of listening to the smoke blowers.