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Chavez cuts oil production to aid Democrats in fall election... (Page 2)
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Posting Junkie
Join Date: May 2001
Location: Portland, OR
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Originally Posted by Spliffdaddy
The contract can be for a given quantity over a given time period - bought at current market prices.
Oil futures are the same thing as buying oil. You purchase a contract at a set price for a set quantity - and you hope to sell the contract in the future when prices rise higher than your contract price.
You can buy pork bellies and coffee and any other commodity 'futures', the same way they buy oil.
There's no magic. It's pure speculation.
What the gas stations do is sell gasoline based on current oil prices - even though they paid lower prices for the stuff they're selling you. Funny how gasoline prices can go up 35 cents overnight - but never fall more than a nickel overnight.
Right, this is the commodities market. It still doesn't make any Chavez is going illegal, just annoying.
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8 Core 2.8 ghz Mac Pro/GF8800/2 23" Cinema Displays, 3.06 ghz Macbook Pro
Once you wanted revolution, now you're the institution, how's it feel to be the man?
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Posting Junkie
Join Date: May 2001
Location: Portland, OR
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Originally Posted by marden
Do they have signed agreements with us?
Just checking, but you do know that what Chavez did is a very very common practice in the oil industry? I'm guessing the only reason it made news is because a) it's Chavez and b) It's near election time.
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8 Core 2.8 ghz Mac Pro/GF8800/2 23" Cinema Displays, 3.06 ghz Macbook Pro
Once you wanted revolution, now you're the institution, how's it feel to be the man?
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Baninated
Join Date: Sep 2005
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Originally Posted by goMac
Just checking, but you do know that what Chavez did is a very very common practice in the oil industry? I'm guessing the only reason it made news is because a) it's Chavez and b) It's near election time.
And IF Chavez wanted to mask his move to gradually pull all his oil out of the US market this might help make it less obvious, doing so under the guise of a normal and expected seasonal (let's say) adjustment.
But yes, I know this could be nothing.
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Posting Junkie
Join Date: Jun 2002
Location: Calgary
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Originally Posted by Kevin
I don't know what It's called. It's simply not happening.
Of course it's not happening, and I don't recall ever saying it was. But, it sounds like there are some in here who think that it should happen.
Originally Posted by marden
But if they control our oil supplies, we would have to sing their tune or go to war.
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Baninated
Join Date: Sep 2005
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Originally Posted by Wiskedjak
Of course it's not happening, and I don't recall ever saying it was. But, it sounds like there are some in here who think that it should happen.
Yeah. And I can see you booking passage on a masted sailing ship a la Jack London and going to Alaska and hiring on a whaler and then when you harpoon a whale you'll whack off a giant hunk of it's blubber and set off for home with enough whale oil to power your generator to keep you posting here at MacNN. See, without petroleum and if we don't go to war to regain the access to it, whale oil is going to be in great demand!
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