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Pain at the pump
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Oil Speculation Profits
hello, below is info about oil speculation and contact info for the head of the Energy committe in Congress, Mr. Dingell . His commitee is trying to pass legislature to limit or prevent commodities from being traded as stocks which many believe is "helping" raise oil unecessarily. If yu would like please follow link and write with your views. I included a copy of mine I send to my Delaware representative and to Honorable Mr. Dingell of the Engergy committe. Dear Honorable Mr. Dingell:: CNBC financial network and web site provided the public with interviews and insight to the oil speculation and the price of crude. Following is just a portion of article. Representatives of Goldman Sachs and Morgan Stanley, along with the trade associations for hedge funds and other financial groups, have lobbied the offices of key legislators, briefed senior staffers on committees that oversee pivotal parts of the energy markets and distributed research materials explaining their view about oil and how it's traded. I have done my own studies for about a month now. Yesterday, June 18th 2008 was a typical day for speculators to reap BIG profits while Americans watch oil raise to record levels along with gas. June 18th Oil was down as much as 2 dollars a barrel as the dollar got a bit stronger. After mid day not only did the 2 dollar loss get wiped away, but oil was up OVEr 2 dollars. Why? No disruption in supply, no threat from foreign sources...Its quite simple. Morgan Stanley and others have destroyed the housing market and other avenues for them to rape Americans so now the found big money in Oil. Last week Morgan Stanley stated PUBLICLLY they see oil going up to 400 dollars a barrel!!! Oil jumps over 11 dollars a barrel in one day. Its about time congress take action against speculators. Commodities should be sold to consumers , not speculators. If you buy a oil contract, well, you need to take delivery of that oil. Commodities are NOT stocks. If they want to play oil use the stock market, like exxon/mobile ect... Also putting peoples pension funds at risk for the benifit of speculators to profit is example of another enron brewing. Please act and stop speculation/ You buy oil contract, you take delivery. Commodities are not stocks. Sincerely Harold Reynolds http://energycommerce.house.gov/membios/contact_form.shtml
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- gas_prices,
- economy
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