Reasonablib's blog, page 2

Last login: 30 hours agoReasonablib: William is a 25 year old single guy from Stockton, California, USA.; Likes 7,323 pages, 215 videos, 76 photos • 305 fans • Received 61 reviews; Member since Feb 21, 2005

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News Analysis: Oil prices hike: is speculation all to blame?_English_Xinhua: Jun 30, 1:18am 2 reviews •http://news.xinhuanet.com/english/200...; The price of gas at the pump is going to continue to skyrocket. Speculation in oil futures is a facter. For example look at the price of gold and the factors that affected its price; the Y2K scare in 1999; 9/11; the devaluation of the dollar do to oil being traded with other currencies,housing bubble, etc.. "Speculation theory was also echoed by the Wall Street. Hedge fund manager Michael Master testified on May 20 that his pals in the Wall Street are pushing up world oil prices through speculative investment in futures market. Moreover, he pointed out at the hearing held by CFTC acting Chairman Walter Lukken on Monday that with greater regulation oil prices could drop to the level of 60 dollars a barrel within about 30 days.

Three days later, just after the oil prices surpassed 140 dollars point, the U.S. Congress approved a bill with a 402:19 vote that directs the CFTC to use its authority to curb speculation in the energy futures market.

However, some argue that "calling it speculation is way too simplistic"; or instead, speculation is more the consequence than the cause of a tight market.

When testifying before a U.S. Congress panel on June 3, billionaire Soros admitted that there are "strong fundamental factors" while labeling the oil prices hike as a bubble largely made by investment institutions through index fund.

Daniel Yergin, who won the Pulitzer prize in 1992 with a book on the history of oil business, said in his testimony on Wednesday's Congress hearing, "Financial markets are today playing an increasingly important role in price formation -- responding to, accentuating, and exaggerating supply and demand, geopolitics, and other trends." He believed that the market is relentlessly bidding up oil prices in response to deep-seated fears that the growth in demand will keep outpacing the growth in oil supplies in coming years. "There is a shortage psychology in the financial markets and that is reflected in the price of oil," he said in an interview."

Bloomberg.com: Worldwide: Jun 29, 4:01pm 1 review petroleum •http://www.bloomberg.com/apps/news?pi...; "OPEC ministers generally say that oil output is sufficient, even as Saudi Arabia, the biggest producer, pledged to pump an extra 200,000 barrels a day next month to calm the market. ``The market is completely supplied,'' Venezuelan Oil Minister Rafael Ramirez said yesterday. Libya announced possible production cuts, calling the market oversupplied.

The rising cost of crude is not linked to supply, Khelil said today. ``There is more than enough oil in the market to meet the international demand,'' added the OPEC president, who will take part June 30 in an international energy forum in Madrid.

Prices, which are up 38 percent this quarter, are heading for the biggest quarterly gain since the first three months of 1999, when oil traded between $11 and $17.

Declining Dollar

``The decisions made by the U.S. Federal Reserve and the European Central Bank helped the devaluation of the dollar, which pushed up oil prices,'' Khelil said.

Oil may extend gains if the ECB boosts rates on July 3, further weakening the U.S. currency. The dollar has declined 15 percent against the euro in 12 months."

The Corn Ethanol Biofuels Sham (comic): Jun 29, 2:53pm 2 reviews environment •http://www.naturalnews.com/023092.html; "(NaturalNews) It was one of the dumbest "green" ideas ever proposed: Convert millions of acres of cropland into fields for growing ethanol from corn, then burn fossil fuels to harvest the ethanol, expending more energy to extract the fuel than you get from the fuel itself! Meanwhile, sit back and proclaim you've achieved a monumental green victory (President Bush, anyone?) all while unleashing a dangerous spike in global food prices that's causing a ripple effect of food shortages and rationing around the world."

A quarter of adults to face 'anti-paedophile' tests | Alternative News…: Jun 27, 5:47pm 3 reviews alternative-news, crime •http://blog.t1production.com/a-quarte...; The irrational fear of strangers is part of what is ruining the social bonds of community. The media reports on the sensational and exceptions to the rule so, people believe the exception is the rule. Kids are rarely molested by a stranger and more often then not by a family member. Xenophobia is another contributing factor that seems especially prevalent in the USA.

Under Penalty of Punishment | AfterDowningStreet.org: Jun 27, 5:29am 2 reviews politics •http://www.afterdowningstreet.org/nod...; In many other cases, the Bush-Cheney gang has simply refused to produce documents or witnesses at all.

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& 'League of Democracies' is a frightening thought&&&&&& : Informatio…: Jun 27, 4:38am 1 review politics •http://www.informationclearinghouse.i...; The "League of Democracies" is a very scary prospect. It is called 'multilateral Cowboy Deplomisy'

The Constitution: Bringing us Back from Darkness: Jun 27, 3:56am 3 reviews politics •http://www.populistamerica.com/the_co...; "When we get away from that Constitutional structure, when we allow a few people (an Oligarchy) or a single person (a Dictator) to supplant those "Laws" for a Self-Governing Institution, that is when we no longer have a Republic form of Government, or as is the common description for American Government - a Democracy."

RealClimate: Jun 27, 3:17am 41 reviews environment •http://www.realclimate.org/; "RealClimate is a commentary site on climate science by working climate scientists for the interested public and journalists. We aim to provide a quick response to developing stories and provide the context sometimes missing in mainstream commentary. The discussion here is restricted to scientific topics and will not get involved in any political or economic implications of the science."

CJR: Five Inconvenient Truths...: Jun 27, 2:46am 1 review climate, enviroment •http://www.cjr.org/the_observatory/fi...; A debunking of Wired magazine's inacuricys on the enviroment. "What are the "inconvenient truths" about environmental journalism?" "reporting on climate-related issues is constantly frustrated by inconsistencies such as emissions balance sheets. What is green one day is gross the next"