Oil Glut at Cushing Oklahoma Could Last Two Years

I suppose one could call this ironic? There is a glut in the U.S., but we are stradled with a price set by speculators. We are in progress of putting s stranglehold on a just recovering economy because we wish to maintain captialism and allow are market dictate "laissez faire" tradings in oil - all of the time while this "loose" trading is against our national interest. In the past when rail unions went on strike nationwide the government was quick to threaten them with being nationalized, simply because there move would destroy the country's economy. Is there a difference? Considering that we are not near any alternative fuel and the country runs on oil and the gas/diesel comes from Canadian and domestic oil sources, putting a "U.S. for the U.S." policy in place that would not allow export, thus effectively taking that which is refined in this country off the world markets. Let the price trade according to place of use.

You hit the nail on the head! There is too much money being made by the Lords and Dukes on oil. We are the peasants and will be treated as such. Remember that if you have too much money ...you too can go to the Hotel Brazil in Florida. The Lords and Dukes don't want to see us there. We could not possibly be as good as them unless we have more money than them to begin with. I would suggest trade in your car and don't drive as much.
PS we should invade Canada anyway

We are all for capitalism in this country but the situation with oil is not capitalism. It seems to be a cornered market where supply and demand does not balance any more. People with money are artificially raising the price of fuel for their benefit and not the country's benefit. One thing that might help a bit is to force traders to have a storage facility to store the oil as a precondition to trade in oil. This would limit the numbers of traders to the really serious traders and exclude most of the speculators. I have read that the average oil contract is traded 39 times from wellhead to refinery.

Common sense would dictate why should Canada build a pipeline to ship oil to China. Reduce our imports and pay for the pipeline to stay in the USA. Noooo, big oil has the politicians by the coat tails and that will never happen. God forbid, Canada shipping oil to the USA that will reduce imports from the East with people who are bent on our destruction. Time to get rid of the self serving politicians and their pocket book building agenda and elect people who will represent the American interest.

Every trade has one person betting the price will move up and one betting it will go down.

The govt is playing this and soros.