I think it has been discussed before and the conclusion was that 
refining capacity is the main problem.
Apparently there are tankers full of crude sitting in the Persian gulf 
but the refineries have plenty of crude to process.
Our local refinery shut down a few years ago because it was not 
economical anymore, may well be now but needs millions spent on it to 
get up to modern standards.
I would suppose the Chinese are busy building refineries but any 
capacity they have will be sucked up by their economic boom.


LarryT wrote:
> You wrote <<I would love to see a few hundred 18 wheelers pull up to the 
> stock exchange
> and a few hundred drivers shout at those stuffed suits "where the hell do >>
> It doesn't work that way.   They'd just sell it at a  price and lose money 
> before they'd risk delivery.
> I lost $3000 on an education in the commodities market - buying long, buying 
> short - until my $3k was gone.   Bought $1200 Heating Oil contracts and they 
> were worthless a week later.   That was $1200 gone and all I had was a piece 
> of paper saying I'd bought some oil at a price I hoped the oil would be at 
> in a month or more - but during the week in between my buying and my end 
> date the price dipped - and my $1200 was gone. There's no way me buying a 
> futures contract in oiol can make it go higher or lower.
> I keep hearing how people/speculators are driving the price of oil up but I 
> still don't see how that's possible.  Why haven't they done it before now? 
> Why not do it with *all* the commodities?  Get a WSJ and look at the 
> commodities section - IIRC it covered at least 4 pages of incredibly small 
> print.
> Because it doesn't work that way.  Unless someone is getting secret info 
> before hand or colluding with a whole group of people - which would mean 
> we'll be seeing a bunch of people going to jail for a long time.  It's 
> illegal to manipulate stocks and I bet the gov agencies that oversee these 
> things are looking very closely at anyone making a lot of money on oil 
> futures.  Anytime they make $600 and up it gets reported to the IRS.  There 
> may be other parts of the govt that does a poor job but the IRS isn't one of 
> them.  True, they may act excessively and perhaps illegally even,  but few 
> people cheat on their taxes and get away with it -for very long - 
> especially if there's a significant amount of money involved - and to move 
> the oil market one way or the other would take billions of $$s - all of 
> which would be at risk - they could lose those $$s pretty easily.  All it 
> takes is a *rumor* that says a new oil field has been found, - Boom - the 
> spot market plunges and those billions are gone  POOF!  And it happens in 
> the other direction also - if the investor bets the price will go down and 
> there's a rumor of the Israeli's attacking Syria, another POOF! and again, 
> the moneys gone - ALL gone.
> If it were possible, people would have been doing it for years - and with 
> all the commodities.
> Take care --
> Larry T (66 MGB, 74 911, 91 300D)

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