Do you believe that the price of oil has to do with scarcity, or is it contrived, and if so, by whom?

GREED and I think also Bush and his buddies are making out like bandits with the money.Do you believe that the price of oil has to do with scarcity, or is it contrived, and if so, by whom?
Google ';enron loophole'; for insight into this question. Big money stands to make even more big money through unregulated commodities speculation. The Senate has been aware of this since at least September 2007:





http://levin.senate.gov/newsroom/release…





To quote from that link:





';Earlier this year, [2007] the Subcommittee released a report, “Excessive Speculation in the Natural Gas Market,” which found that a single hedge fund named Amaranth dominated the U.S. natural gas market during the spring and summer of 2006, and that its large-scale trading significantly distorted natural gas prices from their fundamental values. The investigation examined millions of trading records from the New York Mercantile Exchange (NYMEX) and the Intercontinental Exchange (ICE) to track and analyze natural gas trading in 2006. The report concluded that the current regulatory system was unable to prevent price distortions and excessive speculation, because much of Amaranth’s trading occurred on an unregulated market. The report recommended closing the Enron loophole to restore the CFTC’s ability to police all U.S. energy markets.';





That's natural gas, but obviously oil prices are subject to the same skew. Speculation is gambling. When the gamblers place their bets—I'm sorry, ';buy and sell futures';—and also own the table and use magnetic dice, somebody wins, for sure. And somebody pays, also for sure.





I urge you to contact your representative immediately and demand an investigation into this. Feel free to reference the above legislation. It was proposed. Why has it not been enacted? Where is similar legislation from the House?





It's very easy to contact your representative, you can do it online, right now, and it only takes a couple of minutes:





https://forms.house.gov/wyr/welcome.shtm…Do you believe that the price of oil has to do with scarcity, or is it contrived, and if so, by whom?
Yeah, I just posted an answer to a similar question. The mid-east is exploiting us and the other rich countries.... Also, Bush is not their favorite person...so it will be interesting to see what happens to prices after the election.





Gasoline in Iraq is like 15-cents a gallon...and in Venezuela...where Citgo gas is from....is 22 cents.





You tell me. Scarcity or Contrived...!!!
i dont know wut contrived means but i think it is high because its either getting harder to make or get OR they are just getting greedier.
contrived.


Dick Chenney
I think it is a combination of things. suppy and demand, speculation and the war.
All things evil point to George W. Bush.
greed
who cares, now could you stop reminding us of it???





Y! Answers is what helps me get away from stresses