Wall Street sinks as oil jumps

[stevenstreets3]

The bicameral precious metal legal tender system that is mandated by LAW in Article One section 8 and 10 of the US Constitution is the only remedy for these fraudulent price increases. What do you expect when thieves have a monopoly on the peoples money,they going to print some up for your benefit?or themselves and thier friends first, then trickle all over you.The people have been robbed deaf, dumb and blind.

[winnerslose4]

ok look. america has three times the oil as saudi arabia, the won't use it though

[onDatPiff2Da]

time in a row, how about we wait till the 40th? This country is turning into a joke-Prices are from food to gas are rising dramatically, yet the employment rate is worse than ever and people can't afford to even drive to work or even afford to get into a house with the horrible interest rates. I'd rather live in a third world country when shit atleast gets handled..

[TECHKLEC]

I'm afraid that's asking too much. We have had a Department of Energy for over thirty years, and in that time there has neither been an oil refinery nor a nuclear power plant built.

[onDatPiff2Da]

When is someone in congress gonna step up to the plate and do something about gas? It pathetic that these people are even considered important because they sure as hell don't do anything that needs to be done. Are we just gonna sit back and watch gas hit the record high for the 28th

[mongobobo]

What can they possibly do? If you don't know, then how should they know? They aren't higher beings than you. They have no secret knowledge or power. The dollar is being destroyed and demanded is becoming greater for oil. No big mystery.

[getplaning]

At least 60 percent of today's $128 per barrel price of crude oil comes from unregulated futures speculation by hedge funds, banks and financial groups using the London ICE Futures and New York NYMEX futures exchanges and uncontrolled inter-bank or Over-The-Counter trading to avoid scrutiny. Margin leverage of 16 to 1 helps drive prices to  unrealistic levels and offset bank losses in subprime and other disasters at the expense of the overall population. The "demand" is artificial.

[mongobobo]

That is besides the point. Ask yourself WHY people are putting their money into oil futures. What is driving the money there?

[getplaning]

That is precisely the point. The banks have to recoup their losses from the mortgage credit collapse somewhere. They are doing it on the backs of you and me by creating another bubble in commoddities, (oil, industrial metals, agriculture), hoping to close their positions at a profit just as the bubble bursts. Think of it this way- there are two types of inflation, cost push, and demand pull. This is cost push. Demand for oil hasn't quadrupled since 2001.