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The oil speculators are driving up the cost of oil myth

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That’s right, it’s a total myth. For those of you who are unfamiliar with how the commodities market works, here’s a primer. If you are a speculator who thinks the price of oil is going up, you have to find a speculator who thinks the price of oil is going down.

Got that? You have to buy oil futures from someone else – another speculator – who thinks the price of oil is going to drop.

What is being experienced here is the laws of supply and demand when it comes to commodities. If the price of oil is going up, there are more people who want to buy it from the people who have it. Those selling, are actually betting the price is going to go down. There is no conspiracy out there to artificially increase the price of oil.

When the price of oil dropped from $145 per barrel in July of 2008, to $50 per barrel in Nov. 2008 (a short four months) did you ever hear the media claiming speculators were driving down the cost of oil?

Obama gets it totally wrong on oil production … again

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Today, President Obama totally contradicted himself in the same paragraph, but it’s nothing new. He’s trying to claim we’re drilling a bunch of oil as compared to the past, but he’s refusing to tell you the full story, which is not that hard to understand.

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Oil & gas companies prosecuted for bird deaths … Wind turbine companies not so much

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The US Attorney for the state of North Dakota took seven oil and gas companies to court charging them with killing 28 migratory birds.

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Connecticut blocks windmills

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This would be funny were it not so pathetic and duplicitous.

Yesterday, the Connecticut Siting Council blocked the construction of a wind farm proposed by BNE Energy. Read more

Billionaire “Pickens Plan” falls flat – wind farm not viable

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The Don Quixote Plan has fallen flat. In less than three years, more than $80 million was spent on marketing for T. Boone Pickens’ wind turbine power generation plan. After the efforts, Pickens – who made his original fortune in the oil industry – has given up on his grandiose wind farm plan and will focus on natural gas.

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Rental property owners need not apply – Federal energy efficiency tax credits

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In central Connecticut there are a lot of two and three family rental properties built in the 1940s through the 1960s. The last few years have been tough for renters paying for natural gas, oil and electricity. Many of those properties could benefit from insulation improvements, yet the federal government says “no way” to landlords looking for an energy rebate to help offset the cost of improvements.

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Will California “boycott” the energy they get from Arizona?

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There seems to be plenty of huffing and puffing from Los Angeles politicians as they beat their collective chests about banning travel to, and doing business in, Arizona. But will the politicians refuse to take energy – and water for that matter – from their neighbor state?

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Obama guaranties nuclear plant loans – environmentalists balk

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President Obama will announce support for a new nuclear power plant in Burke, Georgia this week. In reality, he is approving the federal loan guaranty that would be required to build the expensive plant, but will he really go to bat against anti-nuke groups?

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Venezuela celebrates new year with power rationing

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Apparently in South America, they welcomed 2010 with power problems. You cannot rely upon “green technologies” to fully meet your needs all the time and – in times of shortage – the government will ration the limited resource.

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Obama administration to support offshore drilling… in Brazil

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President Obama has elected to underwrite the cost of offshore drilling – in Brazil – with funds from the U.S. Treasury. So much for working to create energy independence.

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