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Offlineelcharrosays
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Re: Oil prices top $92 a barrel [Re: Asante]
    #7563883 - 10/26/07 04:35 PM (16 years, 3 months ago)

http://biz.yahoo.com/ap/071025/bp_settlement.html

"Additionally, the Justice Department charged four former traders accused of carrying out the scheme with 20 counts of mail and wire fraud and commodities violations. At least some of the four traders -- Mark David Radley, James Warren Summers, Cody Dean Claborn and Carrie Kienenberger -- allegedly were caught on tape gleefully discussing how BP could "control the market at will."


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Invisiblezorbman
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Re: Oil prices top $92 a barrel [Re: elcharrosays]
    #7563913 - 10/26/07 04:46 PM (16 years, 3 months ago)

Quote:

a federal grand jury in Chicago indicted four former BP traders who were caught on tape discussing an alleged scheme to pump up profits by cornering the propane markets.




Propane. Not oil or gasoline.

The propane market is tiny compared to the market for petroleum. Therefore it is theoretically possible for a wealthy individual or group to corner that market. For example, the Hunt brothers tried to corner the silver market (another relatively tiny market) in the early eighties.

It backfired.

It usually does.

Here is the story for those who are interested:
http://www.wallstraits.com/main/viewarticle.php?id=1298


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“The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought.”  -- Rudiger Dornbusch


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Offlineelcharrosays
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Re: Oil prices top $92 a barrel [Re: zorbman]
    #7565080 - 10/26/07 10:45 PM (16 years, 3 months ago)

oh of course because BP has NOTHING WHATSOEVER to do with gas on the home front. BP being one of the largest oil distributors on the planet has nothing to do with the global gas market and their business practices definitely have no consequence to america since i mean come on after all america is invincible and the rest of the world doesnt matter at all.


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Offlineelcharrosays
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Re: Oil prices top $92 a barrel [Re: elcharrosays]
    #7565085 - 10/26/07 10:47 PM (16 years, 3 months ago)

and im sorry to come off offensive, i realize you werent actually posing any argument at all but these are all the very same companies who control it all dont you see?


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Invisiblemushbaby
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Re: Oil prices top $92 a barrel [Re: elcharrosays]
    #7565217 - 10/26/07 11:40 PM (16 years, 3 months ago)

I apologize for being lousy at providing links but per Wikipedia propane is often derived from petroleum products and/or oil refining. I do think it could be considered a fit example for this discussion of manipulation.

LP-G is liquified petroleum gas.


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Offlineelcharrosays
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Re: Oil prices top $92 a barrel [Re: mushbaby]
    #7565338 - 10/27/07 12:11 AM (16 years, 3 months ago)

thats what i thought, that it all comes from the same bit but here i am a tad tipsy and couldnt be bothered to find any real proof as well.

but hey whatever. a dead dinosaur is a dead dinosaur/5 minute walk down to the convenient store.


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Invisiblezorbman
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Re: Oil prices top $92 a barrel [Re: mushbaby]
    #7565489 - 10/27/07 01:09 AM (16 years, 3 months ago)

Quote:

mushbaby said:
I apologize for being lousy at providing links but per Wikipedia propane is often derived from petroleum products and/or oil refining. I do think it could be considered a fit example for this discussion of manipulation.

LP-G is liquified petroleum gas.




Again, it is a separate market with separate trading. A much smaller market is subject to cornering. Not so with the huge petroleum market.


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“The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought.”  -- Rudiger Dornbusch


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