Obama says new task force will examine gas prices (AP)

[SeanO]

http://us.rd.yahoo.com//mymod/ldpht/...bi_ge/us_obama

"President Barack Obama announced Thursday that the Justice Department is assembling a team to "root out any cases of fraud or manipulation" in oil markets that might be contributing to $4 a gallon-plus gasoline prices"

"We are going to make sure that no one is taking advantage of the American people for their own short-term gain"

Hmmm... pretty sure that will fall short.

[touchring]

Re: Obama says new task force will examine gas prices (AP)

He discovers Bernanke is the culprit?

[WildspitzE]

Re: Obama says new task force will examine gas prices (AP)

He discovers Bernanke is the culprit?

LOL.

somewhere, out there, a small unprotected hedge fund just peed its pants. while the big banks and the fed enjoy the show.

[seanm123]

Re: Obama says new task force will examine gas prices (AP)

Rising oil will push the real economy over the cliff into Recession 2.0.
The voters will not be re-electing incumbents in 2012.

Round up those Speculators!

Meanwhile in the Middle East.

[touchring]

Re: Obama says new task force will examine gas prices (AP)

Rising oil will push the real economy over the cliff into Recession 2.0.
The voters will not be re-electing incumbents in 2012.

Round up those Speculators!


[LEFT][COLOR=#000000]

Meanwhile in the Middle East.

Exactly who are you going to round up? The Chinese buyers? ;)

I'm convinced that the Saudi are pumping oil at their maximum capacity.

[Kadriana]

Re: Obama says new task force will examine gas prices (AP)

Exactly who are you going to round up? The Chinese buyers? ;)

I'm convinced that the Saudi are pumping oil at their maximum capacity.

I do wonder if other countries are going to increase their needs faster than we decrease ours.

[GRG55]

Re: Obama says new task force will examine gas prices (AP)

Exactly who are you going to round up? The Chinese buyers? ;)

I'm convinced that the Saudi are pumping oil at their maximum capacity.

Reading the tea leaves when it comes to Saudi oil output is always an interesting exercise.

The Gulf oil exporters have a no-win problem similar to the Fed...at these prices it is difficult to resist the urge to produce and sell as much as possible. But slowing demand from the hits the world economy is now taking [China tightening, Japan, a slowing Europe and USA, etc] risks a price collapse similar to 2008...

Two competing views, a few days apart during this past week:

Saudis Slash Oil Output, Say Market Oversupplied

Published: Monday, 18 Apr 2011 | 5:40 AM ET

Saudi Arabia's oil minister said on Sunday the kingdom had slashed output by 800,000 barrels per day in March due to oversupply, sending the strongest signal yet that OPEC will not act to quell soaring prices.

Consumers have urged the exporters' group to pump more crude to put a cap on oil, which surged to more than $127 a barrel this month, its highest level in 2 1/2 years amid unrest in North Africa and the Middle East.

Oil Ministers from Kuwait and the United Arab Emirates echoed Saudi Arabia's Ali al-Naimi's concerns about oversupply and said rocketing crude prices were out of the hands of OPEC, which next meets in June.

"The market is overbalanced ... Our production in February was 9.125 million barrels per day (bpd), in March it was 8.292 million bpd. In April we don't know yet, probably a little higher than March. The reason I gave you these numbers is
to show you that the market is oversupplied," Naimi told reporters...




Saudi Arabia Sees Need to Pump More Oil

Published: Friday, 22 Apr 2011 | 9:57 PM ET

Top oil exporter Saudi Arabia needs to pump at least 9 million barrels per day (bpd) of crude for the next few years and is considering boosting capacity to meet rising demand, Petroleum Intelligence Weekly (PIW) said in a report citing Saudi sources this week.

Rising fuel demand led by growth in China, India and the Middle East has outpaced Riyadh's expectations, and Saudi Arabia now sees medium to long-term oil consumption higher than it had previously anticipated, trade publication PIW reported.

"Saudi sources expect the kingdom will need to keep oil output around 9 million bpd or higher over the next few years," PIW said.

Saudi Oil Minister Ali al-Naimi said on Sunday the kingdom's April oil output may rise from March, when it pumped 8.292 million bpd. Output was above 9 million bpd as recently as February, when the kingdom produced 9.125 million bpd to plug the gap left by Libya, where civil war cut exports....

[metalman]

Re: Obama says new task force will examine gas prices (AP)

same old same old...

site:itulip.com round up the usual suspects

[Starving Steve]

Re: Obama says new task force will examine gas prices (AP)

With Bernanke still running the Fed, $5 gasoline, Dr. Chou and his bunch from the Sierra Club still setting the energy policy in Washington, Mubarek betrayed by Obama, Saudi-Arabia now vulnerable and alone, Obamacare not to start until after 2014, the deficit out of control, $1500 gold, Libya in turmoil, Iran more dangerous than ever, Pakistan in turmoil, the war in Afghanistan still not won; may I make a prediction: Obama will be a one-term president. Sad to say, the Democrats will be repudiated in Washington in 2012.

[seanm123]

Re: Obama says new task force will examine gas prices (AP)

Under Dodd-Frank, the CFTC has new powers to pop speculative commodities bubbles.
They do not even have to go to the Justice Department.

More Political Theater for the masses.

From USA Today.

'Disturbing' revelations in probe of possible gas price manipulation

An investigation into possible manipulation of gasoline prices has uncovered "disturbing''
revelations, Attorney General Eric Holder said today."There are a couple things that … are disturbing,'' Holder said, declining to elaborate.
He indicated the information would be reviewed by a fraud task force formed last week.
For the week that ended Monday, the nationwide average cost of a gallon of gasoline
rose 3.5 cents, to $3.879, the Energy Department reported.


http://content.usatoday.com/communit...manipulation/1

[Roughneck]

Re: Obama says new task force will examine gas prices (AP)

Gee,maybe Barry should look in the mirror.Then he might see the reason gas prices are so high. Loss of confidence in the dollar due to rising defecits, a fed chairman cranking out dollars like there's no tomorrow and blocking any attempts to expand US production at every turn. Of course it must be the speculators!

[don]

Re: Obama says new task force will examine gas prices (AP)

More Political Theater for the masses.

Apparently this was a White House Two-Fer.

Today Obama presented his "long-form" birth certificate for inspection.

(Who knew there was a "long form" See how much we can learn from our political theater . . . err . . . process. )

[jiimbergin]

Re: Obama says new task force will examine gas prices (AP)

Apparently this was a White House Two-Fer.

Today Obama presented his "long-form" birth certificate for inspection.

(Who knew there was a "long form" See how much we can learn from our political theater . . . err . . . process. )

and there are already those who say they have proven it is a fake and the arguments at least sound good

http://sherriequestioningall.blogspo...mas-birth.html

[GRG55]

Re: Obama says new task force will examine gas prices (AP)

and there are already those who say they have proven it is a fake and the arguments at least sound good

http://sherriequestioningall.blogspo...mas-birth.html

Don't these people have something better to do with their time?

[touchring]

Re: Obama says new task force will examine gas prices (AP)

What is Obama gona do? Ask China to consume less oil"?