"There is no justification for the current rise in prices"

I was watching CNN Money yesterday concerning the rise in gas prices. It appears Saudi Arabia is just as surprised as we are for the increase in the gas price. I found this article on CNN Money website and found out that the price per barrel dropped by 4 dollars, but the price at the pump continued to rise.

This is ridiculous!

<<snip>>
Earlier Monday Iyad Madani, Saudi Arabia's Information and Culture Minister, said the kingdom will call for a summit between oil producing countries and consumer nations to discuss rising energy prices.

"There is no justification for the current rise in prices," he told the Associated Press.

<<snip>>
Oil shed more than $4 off the price of a barrel Monday after a Saudi Minister called for international dialog on prices. Meanwhile, gasoline prices extended their rally over the $4 a gallon barrier.

http://money.cnn.com/2008/06/09/markets/oil/?postversion=2008060914

the speculators do, and they are grabbing up all the cash they can before someone finally gets 'round to regulating them.

I found out about a week ago that it isn't really Saudi Arabia that set the price per barrel, it's Wall Street. Unless I am mistaken, please correct me if I am wrong!

I was under the assumption that Saudi set the price!

The oil men are about to finally be removed from office. They and their buddies are doing some serious cashing-out while the getting is still good. A year from now they'll be hearings and new taxes and the Republicans will be whining that the poor widdle oil companies need public subsidies to build new refineries.

Wait for it.

.

that we have an oil man -- that couldn't find oil in an Auto Zone -- as president! The price of oil consistently increased from the time he took office.

The oil companies have bullied congress and dared them to do anything to them with the full support of the Bush whitehouse.

oil companies meet in front of Congress, members of Congress points out the outrageous profits they are racking in and things seem to get left at that. They have those hearings, but Congress do not enforce any type of regulations on them. I know the oil companies have Bush as an "ace in a hole", but is Congress hands that tied that they cannot implement any kind of regulations?

They don't know what's going to hit them when Obama hits them with big-time windfall profits taxes. I can't wait to see their faces when they have to pay back what they stole from the American people--and the people of the world!

Obama will be able to do nothing to profits the oil companies have already cashed in on..

There's no constitutional restraint against passing retroactive civil or tax laws; therefore, Congress can tax the shit out of oil companies for prior profits, AFAIK.

They've been whining for some time now. They want more of everything.

Of course we already have important voices pointing out that better use of what we HAVE and alternative sources of energy are more important but the media as defined them as environmental whackos.

There is talk here and there about the Oil Price bubble and I saw a report last night on the boob tube comparing the dot com and the housing bubbles to oil prices.

My question is, what will the speculators ruin next?

I'm not a conspiracy fan, but I'm completely baffled by the radical rise in oil lately.
It is the stuff of crazy movie scripts about Evil Mini-Me's contolling the world economies.
Are we heading into a economic coup?

or the rise in 'per barrel' oil. 70% of the price is baloney. Supply and demand is the only real indicator and has nothing to do with this absolutely ridicules rise. :dem:

supply and demand have not changed much (excuse me but I forgot the period of time the report used).

There's limited time for this regime and its corporate puppetmasters to make their killing...and a killing it will be. Between the "relaxation" of any regulatory laws and enforcement of those laws, speculators know that they can do as they please and no one can stop them. There's no active Department of Justice, no one out there that can quickly step in and shut this ponzi scheme down...only a bubble burst will do it..and then the speculators just move on to another market.

There's little said about the guys in the backrooms at Goldmann-Sachs...or UBS or other big money players who have a free reign to do what they want and know their buddy Helicopter Ben will never turn on them.

The clock is ticking for some here...they see a future with the GOOP out of power and want to sock as much away now as they can and leave a big mess that will handcuff Democrats.

25 years of "de-regulation" has built up a corporate welfare system all but invisible to all, but thriving through its ability to not only allow the big oil companies and big banks to play up the prices, but also to get a tax break in the process.

saddlesore