Originally posted by NY Madman:
There is no reason for oil to be this high. It is time to put an end to this anonymous electronic trading that is going on.
(I can't believe I'm posting this...)
MM is right. This whole thing is based on what they "THINK" the price will do. They hear some dumbass say it's going to go up and it does. How much does he hold in this again? Self-serving prick.
Sorry, but these analysts have power and they are simply abusing it. People listen. They have a responsibility to keep their traps closed and let the market do what it will.
It's pretty hard to take when we're paying as much for gas as we are and the oil companies are recording record profits. Then they actually have the balls to tell Congress that "we're a huge company. We should see huge profits." There's a difference between huge profits and RECORD profits quarter after quarter. THAT'S what's pissing everyone off about this.
Sorry for the rant...
-G