Category Archives: oil companies

president Obama’s Weekly Address: 6/19/10 Republicans Blocking Progress

The President calls on Republicans in Congress to put scoring political points aside, and instead to focus on solving the problems facing the nation. At the time of this address, the Republican leadership is blocking progress on a bill to boost the economy, retain jobs for teachers and cops, and help people buy their first home; another bill which would hold oil companies accountable for any disasters they cause by removing the current $75 million liability cap; and 136 highly qualified men and women who have been nominated to government positions.

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Filed under Congress, oil companies, President Obama, Republicans, Teachers, weekly address

CBS: Did Wall Street speculators create oil price bubble?

Raw Story – One of the most inexplicable economic events of the past year involved the doubling of the price of oil last spring and summer from $69 a barrel to nearly $150 — driving gasoline and heating oil costs through the roof — followed by its even more rapid collapse this fall to under $50

60 Minutes looked into various theories of what happened and concluded that “many people believe it was a speculative bubble .. and that it had more to do with traders and speculators on Wall Street than with oil company executives or sheiks in Saudi Arabia.”

Oil is traded on the commodities futures market, whose original purpose was to enable farmers and manufacturers to stabilize their expenses and receipts. But in 2007, those markets began to behave erratically.

Read More about it >>>HERE

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Filed under 60 Minutes, CBS News, commodities, oil companies, Oil Prices, Raw Story, Saudi Arabia, speculators, Wall Street

CBS: Did Wall Street speculators create oil price bubble?

Raw Story – One of the most inexplicable economic events of the past year involved the doubling of the price of oil last spring and summer from $69 a barrel to nearly $150 — driving gasoline and heating oil costs through the roof — followed by its even more rapid collapse this fall to under $50

60 Minutes looked into various theories of what happened and concluded that “many people believe it was a speculative bubble .. and that it had more to do with traders and speculators on Wall Street than with oil company executives or sheiks in Saudi Arabia.”

Oil is traded on the commodities futures market, whose original purpose was to enable farmers and manufacturers to stabilize their expenses and receipts. But in 2007, those markets began to behave erratically.

Read More about it >>>HERE

Leave a comment

Filed under 60 Minutes, CBS News, commodities, oil companies, Oil Prices, Raw Story, Saudi Arabia, speculators, Wall Street