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Joined: Feb 2007
Posts: 26,583 Likes: 166
Freak of Nature
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Freak of Nature
Joined: Feb 2007
Posts: 26,583 Likes: 166 |
it sure seems we are being ripped a new one by the oil / gas companies. Still amazing to me how many folks still think that oil companies set the price of oil and fuel. Should be law that if one cannot take possession of a commodity then they shouldn’t be allowed to buy into it. Speculators seem to do well That's the thing though...you CAN take possession of oil bought on the world market. You just have to have the storage to take delivery of it when you buy it. You can't "buy" it and have them store it for you for free. That was the thought of people in 2020 when the price of oil went negative. Lots of people were expecting the oil companies to pay them millions to "buy" their oil. Their problem was, they didn't have storage tanks to take delivery immediately, and immediate delivery was required. Cushing filled up mostly before oil went negative, so hardly any of the folks who leased storage there could take advantage of it, either. That's why it went negative...there was a glut, and no one with storage space to get paid to take it. All that happened from that was smaller oil companies that operated on tight margins went bankrupt. I hate speculators as much as anyone, but they take a bath on their gambles too. It's not all just profit, profit, profit. They lost their asses in 2020. They're gambling on what the future price of oil will be. I remember that but my perspective is more from 2010-2012 when I’d closed shop and went to work for a friend of mine. Next door business opened up, they bought and then sold bio diesel products to the military. This guys dad had set it all up and they never took possession. Basically delivery dates and the guy made bank. Looked like vanilla ice had moved in. They literally had monthly catered parties with high dollar wines being brought in. His daddy knew folks in DC and this was the time Obama mandated that the military had to purchase x number bio diesel products. It reeked of corruption and who you know I doubt they’re still in town. Seems they came from out west and needed a non assuming location
“Socialism only works in two places: Heaven where they don't need it and hell where they already have it.” ― Ronald Reagan
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