Re: congress/oil compaines/crude/record profits

Posted by VADAVE on March 16, 2006 at 16:01:21 from (70.177.171.80):

In Reply to: Re: congress/oil compaines/crude/record profits posted by Steve KS on March 16, 2006 at 14:17:53:

I'm throwing the BS flag. Do you think the oil companies are buying based on the price of the futures market? NO! Their prices are set by contracts with the cartel. However they would have to believe the futures market is setting the price and so would the local dealer. No the furtures market is stting the pump price and that is why we're seeing big oil company profits.
As far as supply is concerned do you think that just maybe the shut-sown of oil refineries might have something to do with that? Then, of course, if you have a natural disaster that can be exploited by keeping the refineries down for some maintainence it will restrict supply further and "nobody will complain".
Yeah we've been hit by two events 1)there were minimal refineries and they then were brought down thus reducing supply. and 2)Local stations and oil companies began setting retail prices based on a small pewrcentage of the volume--that sold on the commodity exchange.

Now we farmers need to heed the example and band together to reduce supply.

Replies:

• Re: congress/oil compaines/crude/record profits Steve KS 07:57:56 03/17/06 (0)

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