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GasBuddy News Article

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Energy prices shouldn’t be rising, but traders keep pushing them higher

Quartz -- US-benchmark oil prices are at a 15-month high today, gasoline and diesel prices are rising with them, and the usual suspects seem to blame—escalating geopolitical trouble (this time in Egypt) and tight supplies (lower US stockpiles.)

But the usual explanations don’t quite work. Instead, we seem to be watching the handiwork of conflicted traders who, while healthily wringing out a longstanding distortion in the market, are also exhibiting primordial casino behavior (more on this below.)
The Suez Canal is not likely to close, but let’s say it does

First, consider the worst-case scenario from Egypt: a possible closure of the Suez Canal and the 200-mile-long trans-Egyptian Suez-Mediterranean pipeline, through which a combined two million barrels a day of crude oil moves to the market.

Tank


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Submitted Jul 11, 2013 By: kx250
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Energy prices shouldn’t be rising, but traders keep pushing them higher Back to Topics
REPLIES (newest first) Post a Reply
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honda0105
Champion Author Tallahassee

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Message Posted: Jul 16, 2013 5:31:03 AM

bear: I'm afraid you're right.

The whole Beltway is a joke these days, I'm afraid...
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KAR120CSII
Champion Author Oregon

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Message Posted: Jul 14, 2013 1:21:02 AM

Say it ain't so --
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Bearcat500
Champion Author Cincinnati

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Message Posted: Jul 12, 2013 5:57:19 AM

And the thing is these traitors at the Wall Street Casinos are living in a perfect world. Phil Gramm and Bill Clinton opened the door for them. Because of these two they can pick our pockets on a whim. Obama is doing nothing about it. And Congress? Pffffft!! They are too busy trying to repeal Obamacare, for the gazillionth time. God help us.
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Badmoon
Champion Author Massachusetts

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Message Posted: Jul 12, 2013 1:51:35 AM

It would be nice to see a few traders get burned here.
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KrsnaDragon
Champion Author Montreal

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Message Posted: Jul 12, 2013 1:26:41 AM

Speculation breeds despair.
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wild3bill
Champion Author New York

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Message Posted: Jul 12, 2013 1:22:23 AM

Not to worry because the end of the world is close at hand ;-|
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wild3bill
Champion Author New York

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Message Posted: Jul 12, 2013 1:20:20 AM

Big Oil Monopoly can raise prices WITHOUT justification. The Climate Change Cult has vilified coal which was our Ace I the hole against the Oil Monopoly. Now they just raise Oil, gasoline and Diesel sand Jet fuel until it sours the economy and bad outlook numbers cause the traders to back off the unjustified increases because they put people out of work!
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JuicyQ69
All-Star Author San Bernardino

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Message Posted: Jul 12, 2013 12:49:58 AM

If it isn't one thing it's another.
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suicyco16
All-Star Author Phoenix

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Message Posted: Jul 12, 2013 12:48:08 AM

This is not going to end well.
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rap12MA
Champion Author Boston

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Message Posted: Jul 12, 2013 12:45:28 AM

These traders have too much influence that affects oil prices.There needs to be limits instituted on these guys.
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labombaOH
Veteran Author Ohio

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Message Posted: Jul 12, 2013 12:45:03 AM

ANYTHING TO RAISE IT.........
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Zonk
Champion Author Michigan

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Message Posted: Jul 12, 2013 12:44:57 AM

Must get away from dependence on foreign oil.
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rosyLI
Champion Author Long Island

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Message Posted: Jul 12, 2013 12:44:03 AM

Maybe the shouldn't be rising but the are period!
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vangobrown
All-Star Author Wilmington

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Message Posted: Jul 12, 2013 12:42:29 AM

everything is grand
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Bigwaynef
Champion Author South Carolina

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Message Posted: Jul 12, 2013 12:41:24 AM

Obummer says don't worry, he's got it under control!
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unicornpmb
Champion Author Buffalo

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Message Posted: Jul 12, 2013 12:40:40 AM

Sounds about right.
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Tigercat88
Champion Author North Carolina

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Message Posted: Jul 12, 2013 12:37:05 AM

SPECULATORS AND GREED!!!!!!!
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dad2two
Champion Author Dallas

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Message Posted: Jul 12, 2013 12:36:59 AM

Speculators? Nothing new here.
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Hi1
Champion Author Ontario

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Message Posted: Jul 12, 2013 12:36:09 AM

Greed.
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boatfloyd
Champion Author Jacksonville

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Message Posted: Jul 12, 2013 12:35:51 AM

Those Darn Traders.
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Vette1967
Champion Author Albany

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Message Posted: Jul 12, 2013 12:35:24 AM

So, now it's the Traders?
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mrreferee
Champion Author Savannah

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Message Posted: Jul 12, 2013 12:30:25 AM

money grabbin'
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Dragnet
Champion Author Arizona

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Message Posted: Jul 12, 2013 12:29:06 AM

Anybody got a rope to put these clowns out to pasture
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oldred11
Champion Author Indianapolis

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Message Posted: Jul 12, 2013 12:26:44 AM

What I want to know is how and why did our crude inventory drop so low when the price of oil was down?
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jetskijerry
Champion Author North Carolina

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Message Posted: Jul 12, 2013 12:24:50 AM

We're like lemmings going over the cliff.
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jkpsr
Champion Author New Jersey

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Message Posted: Jul 12, 2013 12:24:45 AM

We need to get away from foreign oil.
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jetskijerry
Champion Author North Carolina

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Message Posted: Jul 12, 2013 12:24:31 AM

If we'd quit buying, the price would go down.
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jetskijerry
Champion Author North Carolina

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Message Posted: Jul 12, 2013 12:24:05 AM

crooks
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Ray_10589
Champion Author New York

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Message Posted: Jul 12, 2013 12:23:49 AM

it should be illegal
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judgemobile
Champion Author Ohio

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Message Posted: Jul 12, 2013 12:22:03 AM

greed lives, film at 11:00
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LS300
Champion Author Cleveland

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Message Posted: Jul 12, 2013 12:20:14 AM

Pure speculation in the market.
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crreed1
Champion Author West Virginia

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Message Posted: Jul 12, 2013 12:19:11 AM

old news
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jcdakota
Champion Author Baltimore

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Message Posted: Jul 12, 2013 12:19:05 AM

Grow up the world is messed up - DEAL WITH IT ! !
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10k
Champion Author North Carolina

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Message Posted: Jul 12, 2013 12:17:50 AM

i guess it's all location, location, location: the interstate exit stores all jumped 12¢ today, while the blvd stores dropped 4¢..

kinda makes ya wanna go "hmmmmmmm" doesn't it ??..
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Bullseye520
Champion Author Louisville

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Message Posted: Jul 12, 2013 12:16:35 AM

Old News!
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Edtx2009
Champion Author Houston

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Message Posted: Jul 12, 2013 12:16:23 AM

Read an article 3 days ago that prices were going to go up due to the unrest in Egypt.

Obama done struck again.
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heartbroken2010
Champion Author Ottawa

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Message Posted: Jul 12, 2013 12:14:19 AM

guess that's why gas prices just jumped up over 2 cents a litre about 10 miutes ago up here. Now it is $1.32.3 CDN per litre ( 4.5 litres = 1 gallon ) OUCH !!
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gsayeg1
Champion Author Milwaukee

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Message Posted: Jul 12, 2013 12:11:48 AM

where's the penny slots?
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DrGasPain
All-Star Author Dallas

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Message Posted: Jul 12, 2013 12:10:43 AM

They're headed up even higher and soon with crude oil prices hitting new 52-week highs
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ManOfLeisureII
Champion Author Philadelphia

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Message Posted: Jul 12, 2013 12:09:37 AM

Nothing wrong with making money...if you can't beat 'em, buy energy stocks.
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dongo50
Champion Author West Virginia

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Message Posted: Jul 12, 2013 12:08:58 AM

ok
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stratlinetime
Champion Author Kalamazoo

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Message Posted: Jul 12, 2013 12:08:54 AM

Greed
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Goat2008
Champion Author Ontario

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Message Posted: Jul 12, 2013 12:07:58 AM

Any excuse will do to raise oil prices.
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jrschl
Champion Author Louisville

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Message Posted: Jul 12, 2013 12:07:57 AM

So take the traders out of the equation and eliminate the speculation.
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N5EXY
Champion Author Austin

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Message Posted: Jul 12, 2013 12:07:37 AM

Blame Bush when prices go up.
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Jarol
Champion Author Iowa

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Message Posted: Jul 12, 2013 12:06:18 AM

Why do they do it? Because they can.
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Burger09
Champion Author Ontario

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Message Posted: Jul 12, 2013 12:05:47 AM

Very sad...
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Tsunamiron
Champion Author Jacksonville

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Message Posted: Jul 12, 2013 12:05:24 AM

$4 per gallon again in the near future.
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PrinceLH
Champion Author Ontario

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Message Posted: Jul 12, 2013 12:05:16 AM

And nothing ever gets done!
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bolobill
Champion Author Michigan

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Message Posted: Jul 12, 2013 12:03:41 AM

ok
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