Michael Greenburg Dir. of Trading was just on Ed, he said

sasha031

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Thu May-12-11 09:26 PM
Original message

Michael Greenburg Dir. of Trading was just on Ed, he said

If Speculation is brought under control, the price of gas would be between 2.50-$3.00 a gal.
Also heard that 30% of the price is due to speculation.

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JBoy

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Thu May-12-11 09:34 PM
Response to Original message

1. He was a very credible "witness".

Time to bring speculation under control.

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drm604

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Thu May-12-11 09:35 PM
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2. It seems like the fix should be simple.

You cannot buy futures unless you are able and prepared to take delivery of the commodity. You cannot sell futures unless you can actually physically deliver the commidity.

Wouldn't that greatly reduce speculation?

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RB TexLa

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Thu May-12-11 09:41 PM
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3. You can't have a market without speculation. And wouldn't want one without it either.

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BR_Parkway

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Fri May-13-11 06:09 AM
Response to Reply #3

4. A market for what? the actual product? or a market for the speculation

seems like we're no where near being able to "just say no" to buying gasoline and petroleum products. At some price, somebody will pump it out of the ground, refine it and deliver it for us. So that market isn't going to go away.

Now if you're talking about there won't be a market for people to speculate on future contracts for that same product? That wouldn't be a bad thing to have go away at all

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