$57.00 per 100wt white beans!

RandyB(MI) · May 25, 2008

And we are talking 1976 !!! I'm sure many of you remember this. At least that's what they got up to here in MI. Had nothing to do with supply and demand and nothing to do with greedy farmers or middle men or truckers or any other working class people! Two words...COMMODITY TRADERS!!!! Still want to blame the oil companies , go ahead , they have commodity traders working for them. If it was as simple as supply and demand then every oil drilling company with rigs and men would be drilling everywhere. They were drilling all over in the '70s when oil was only bringing $30 a barrel. Now it's over $120 and no one drills??? Because THEY know it is not a supply shortage driving the price. Just like beans came back down to $22 in less than 3 mos. , they could set up all their rigs and by the time they got through the permit red tape and had all the expense tied up the bottom would fall out just like it did the bean prices after a ton of farmers went out and bought brand new tractors. The stock market and commodity traders are a part of our American free enterprise system that LEGALLY can bankrupt this country for the greed of a very few. Why isn't oil controlled the same way natural gas is?? It is not a commodity and not traded and the price cannot be raised without the OK of a commission that must first see proof of need in order to get a price hike. Natural gas is in no way linked to a barrel of crude but you can bet your @ss if it weren't for regulations they would be right up there with gas prices for one simple reason "BECAUSE THEY CAN"! It's the system that needs changed , but there are too many fat cats and wanna be fat kittens that like it the way it is for that to ever happen . They ALL have their price and they all can/will be bought!

D&amp;Dservice · May 25, 2008

(quoted from post at 20:04:30 05/25/08) And we are talking 1976 !!! I'm sure many of you remember this. At least that's what they got up to here in MI. Had nothing to do with supply and demand and nothing to do with greedy farmers or middle men or truckers or any other working class people! Two words...COMMODITY TRADERS!!!! Still want to blame the oil companies , go ahead , they have commodity traders working for them. If it was as simple as supply and demand then every oil drilling company with rigs and men would be drilling everywhere. They were drilling all over in the '70s when oil was only bringing $30 a barrel. Now it's over $120 and no one drills??? Because THEY know it is not a supply shortage driving the price. Just like beans came back down to $22 in less than 3 mos. , they could set up all their rigs and by the time they got through the permit red tape and had all the expense tied up the bottom would fall out just like it did the bean prices after a ton of farmers went out and bought brand new tractors. The stock market and commodity traders are a part of our American free enterprise system that LEGALLY can bankrupt this country for the greed of a very few. Why isn't oil controlled the same way natural gas is?? It is not a commodity and not traded and the price cannot be raised without the OK of a commission that must first see proof of need in order to get a price hike. Natural gas is in no way linked to a barrel of crude but you can bet your @ss if it weren't for regulations they would be right up there with gas prices for one simple reason "BECAUSE THEY CAN"! It's the system that needs changed , but there are too many fat cats and wanna be fat kittens that like it the way it is for that to ever happen . They ALL have their price and they all can/will be bought!

Dunno about the lack of drilling/exploration, I live in NW South Dakota and there are oil companies crawling around here like roaches, they are everywhere with their exploration equipment, they have markers and eqipment everywhere!, The drilling rigs light up sky, I can see them all at night and Im 30 miles from the fields. All I can say is I hope like he11 some of that money helps out our little economy, including my small business!

Howard H. · May 26, 2008

Sure don't know why you say no one is drilling - you sure haven't been around Woodward, OK or Borger, TX lately.

You've got to jump quick just to keep from getting run over by all the 3-4 and 5 axle drop deck oil field trucks running all over the place...

Enrollment is down statewide at most Oklahoma universities this past year and one of the theories is that it is so easy for any given high school graduate to go climb on a dozer or backhoe and go to work in the oil field making good money...

Not sure how long it will last - no one that's been in the oil field very long has forgotten the last huge bust, but maybe this time is different, but you must live in Manhattan or somewhere if you think the oil patch isn't hopping...

Howard

john in la · May 26, 2008

I do not think anyone really believes that oil is in short supply. You hear all the time about OPEC capping wells to slow supply.

But it is all about Supply and Demand.
The oil companies control all the supply.
And everyone of us with a car controls Demand.

As long as we demand a steady supply of gas and diesel; and are willing to pay anything to get it; the oil companies will do as they have been doing.

Look at it this way.........
You have a used tractor. The book value is $4000. Everyone you have talked to says if you get over $4000 you will be very lucky. Then I come along and offer you $6000 for it. Are you going to tell me it is only worth $4000 OR are you going to take my money and laugh at me all the way to the bank.

Tradititonal Farmer · May 26, 2008

Facts are worldwide 87 million barrels of oil a day are being consumed and 85 million barrels are being produced the 2 million is coming out of reserves.When there are more buyers than product then the price of the product goes up.Strange how the price of anything else goes up and its no big deal but let gasoline or diesel go up and all these irrational theories come out of the woodwork.Get used to high energy prices they are for real and here to stay.You'll be able to tell your grandkids one day about how they were one time 'giving away' gasoline for $5/gal

tlak · May 26, 2008

If everybody is staying home and continuously cutting, several on here don't drive their big trucks anymore. I don't hardly drive ten miles a day but I've cut back too. So there should be a glut, but oil producers said they'll not increase production. They say oil speculators have as much oil locked up as China. So these speculators have come on like a whole new country and that DA Bush is asking Saudi to give him more oil, Saudis not even part of the game. Bush should be declaring war on speculators, but everything he's doing is just for show and blow. How did Cheney sell us out to big oil when he had a meeting with them?
There are advertisements on TV now about how good these prices are for us, they ask do you have money in 401K or what ever else makes some money off oil returns. But they don't tell you it's a losing proposition, because there's more going out than coming in.

Anonymous-0 · May 26, 2008

Gas isn't as regulated as you think it has went up plenty more than should have and many gas wells are capped off right now too. Makes no sense as others are drilling and some are idle. I do agree about the traders and rich though if they all had to get a real job they would starve to death overnight.

$57.00 per 100wt white beans!

RandyB(MI)

Well-known Member

D&Dservice

Member

Howard H.

Well-known Member

john in la

Well-known Member

Tradititonal Farmer

Member

tlak

Well-known Member

Anonymous-0

Well-known Member

Similar threads

$57.00 per 100wt white beans!

RandyB(MI)

Well-known Member

D&amp;Dservice

Member

Howard H.

Well-known Member

john in la

Well-known Member

Tradititonal Farmer

Member

tlak

Well-known Member

Anonymous-0

Well-known Member

Similar threads

D&Dservice