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Old 23-01-2009, 19:46   #46
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Join Date: Jul 2007
Location: W Florida
Boat: Still have the 33yo Jon boat
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Quote:
Originally Posted by twisty View Post
I didn't read all of everything posted here but I wanted to relay to you a story I was told by a Wachovia Securities administrator back when gas and diesel were at their highest.

Speculators were buying oil 3 and 4 weeks out but never taking delivery until the price reached the point here they could make a profit. With all that oil sold on paper it was creating a shortage inturn driving the price up. That's obviously the extremely abridged version.

What I am concerned about now is all this bailout money the banks got. Several banks have already bought all the oil they possibly could and have it sitting in tankers offshore waiting for the price to come up. Basically doing the same thing the speculators did, except they are taking delivery. The kick in the pants is many of the big banks are also involved in the bulk/tanker shipping industry which means the cost of keeping it on a tanker offshore is a lot less and they can keep it there indefinitely. Wells Fargo is one of the banks playing this game.
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