Comment Text:
I have been in the home heating oil industry for over twenty five years and what is going on in the oil industry is unfair and robbery,and the american people are paying for there greed,
when the oil market goes up .10 to as much as .30 cents due to the possability of a tropical storm that never even makes land fall,and when all is said and done the market takes several days or longer to pull back,and in most cases not to the point it was at to begin with.
Or a country that only produces 2% of the crude has political problems and you see a 10% increase or more its speculation at its best.
In the winter of 2010/2011 our invintories are at ther highest and demand is at its lowest yet we have still seen an increase of $35.00 per barrel due to speculation.
Im concerned, its not only the heating industry, but trucking and manufacturing as well,these speculators that get out of bed each morning to see how much money they can make today or what negative comment they can feed the market to make the price go up should not have free reign to controll pricing,
when there is a deep freeze in the south and it ruins half of the orange crop,you hear that its possible orange juice to rise as much as 20 or 30% due to the damage that is exceptable,so if a hurricane made land fall in the gulf and destoyed 50 oil riggs responsable for 7% of the daily crude,you would expect a reasonable increase for the loss,but not 10% 5 days prior! just in case..and then the storm never makes land fall or when the hurricane predictions come out months prior and the market goes up $2.00 a barrel,Really !
How ever unlike orange juice petrolium is a necessity,even though we are making great strides in alternative fuels,we are never going to be free of having to use petrolium products,so we need to either have some controll or oversight in the nymex or take petrolium right of the market all together.
please listen to the public and take controll of the runaway train.
