Govn't Controlling profits???

[newtothegame]

Hmmm wonder where this "reasonable" board will lead us??? :bang:

Six House Dems Back ‘Reasonable Profits Board’ for Gas Profits

Posted on January 20, 2012 at 1:20pm
Six House Democrats, led by Rep. Dennis Kucinich (D-OH), are moving to create a “Reasonable Profits Board” to control gas profits.

“The Democrats, worried about higher gas prices, want to set up a board that would apply a ‘windfall profit tax’ as high as 100 percent on the sale of oil and gas, according to their legislation,” writes Pete Kasperowicz of The Hill (http://thehill.com/blogs/floor-action/house/205085-dems-propose-reasonable-profits-board-to-regulate-oil-company-profits).

“The bill provides no specific guidance for how the board would determine what constitutes a reasonable profit.”

Is that surprising?




http://www.theblaze.com/stories/six-house-dems-back-reasonable-profits-board-to-regulate-gas-profits/

[traveler]

Misguided - the whole issue is complicated but it seems the real problem is oil traders in the futures/commodities pits. They are simply gambling on oil. Unless you can take delivery of a commodity you shouldn't be able to bid the price up and down. Also, you can control too much of a commodity with a small cash position - just a casino.

[newtothegame]

Misguided - the whole issue is complicated but it seems the real problem is oil traders in the futures/commodities pits. They are simply gambling on oil. Unless you can take delivery of a commodity you shouldn't be able to bid the price up and down. Also, you can control too much of a commodity with a small cash position - just a casino.
I agree with you traveler about the "speculative" market.......
My only concern is where does it stop?
Ok, so you regulate or control the speculation trading in oil ......
those speculators will only move to another commodity...why not the gold markets?
Silver? Corn? wheat? etc etc......
The whole point is that the government , according to the article is saying anything over a "reasonable profit"...etc etc....
It is not now nor ever been the place of the government to determine what is reasonable of how much in profits a company can earn.
Would the reverse be true? Meaning if a company is NOT making a "reasonable" profit, is the government going to subsidize?
Now I know oil is a little different, but in a supply and demand market, the government has no business making ANY determinations (in my opinion) on the profitability or lack of for a company.

[PaceAdvantage]

Misguided - the whole issue is complicated but it seems the real problem is oil traders in the futures/commodities pits. They are simply gambling on oil. Unless you can take delivery of a commodity you shouldn't be able to bid the price up and down. Also, you can control too much of a commodity with a small cash position - just a casino.When oil crashed down into the 40s and lower not too long ago, were you on here praising oil traders? Nah, i'm betting you weren't. But because the price is higher, now all of a sudden it's all the fault of traders. How quaint.

I have news for you. It's not a casino and it's far from gambling. There are way too many people making fortunes in the markets for it to be anything close to what you describe.

Blaming traders for high prices is ignorant, plain and simple. Easy scapegoat, especially in these ever-increasing socialist/anti-capitalist times we live in.

[Tom]

No oil companies are forced to sell gas in the USA.
Remember that.

[boxcar]

No oil companies are forced to sell gas in the USA.
Remember that.

Au contraire! Don't you know there's an unwritten article in the Constitution that gives any sitting president the power to go to war over oil? I'm surprised you didn't know this. All liberals do and the entire Middle East does. :D

Boxcar
P.S. Soon Obama will be apologizing for our shameless blackmailing policy.

[Spiderman]

Hmmm wonder where this "reasonable" board will lead us??? :bang:

Six House Dems Back ‘Reasonable Profits Board’ for Gas Profits

Posted on January 20, 2012 at 1:20pm
Six House Democrats, led by Rep. Dennis Kucinich (D-OH), are moving to create a “Reasonable Profits Board” to control gas profits.

“The Democrats, worried about higher gas prices, want to set up a board that would apply a ‘windfall profit tax’ as high as 100 percent on the sale of oil and gas, according to their legislation,” writes Pete Kasperowicz of The Hill (http://thehill.com/blogs/floor-action/house/205085-dems-propose-reasonable-profits-board-to-regulate-oil-company-profits).

“The bill provides no specific guidance for how the board would determine what constitutes a reasonable profit.”

Is that surprising?




http://www.theblaze.com/stories/six-house-dems-back-reasonable-profits-board-to-regulate-gas-profits/

End the damn subsidies for oil companies.

[newtothegame]

End the damn subsidies for oil companies.
Spiderman, I understand your position....but what about the topic of this thread? Any thoughts? I mean you and I have some differing opinions on a lot of things but I do respect your post. There have even been times we agreed (although rarely) lol.

[Spiderman]

Spiderman, I understand your position....but what about the topic of this thread? Any thoughts? I mean you and I have some differing opinions on a lot of things but I do respect your post. There have even been times we agreed (although rarely) lol.

I will give it thought. Right now, starting action day at the races. Get back with you later.

[mostpost]

I will give it thought. Right now, starting action day at the races. Get back with you later.
Spiderman-A man with his priorities in the right order. :ThmbUp: :ThmbUp:

[HUSKER55]

I must be having a bad day, but I don't think that government and business should mix. If you leave it alone the market will take care of itself.

[highnote]

Would the reverse be true? Meaning if a company is NOT making a "reasonable" profit, is the government going to subsidize?


Isn't this what farm subsidies are all about?

[lsbets]

Isn't this what farm subsidies are all about?

No. Farm subsidies are about buying votes.

[Spiderman]

Hmmm wonder where this "reasonable" board will lead us??? :bang:

Six House Dems Back ‘Reasonable Profits Board’ for Gas Profits

Posted on January 20, 2012 at 1:20pm
Six House Democrats, led by Rep. Dennis Kucinich (D-OH), are moving to create a “Reasonable Profits Board” to control gas profits.

“The Democrats, worried about higher gas prices, want to set up a board that would apply a ‘windfall profit tax’ as high as 100 percent on the sale of oil and gas, according to their legislation,” writes Pete Kasperowicz of The Hill (http://thehill.com/blogs/floor-action/house/205085-dems-propose-reasonable-profits-board-to-regulate-oil-company-profits).

“The bill provides no specific guidance for how the board would determine what constitutes a reasonable profit.”

Is that surprising?




http://www.theblaze.com/stories/six-house-dems-back-reasonable-profits-board-to-regulate-gas-profits/

Dumb and unmanageable idea. Though, the public is getting raked-over by Big Oil and some sort of consumer protection is needed, this is not it. Big Oil will just raise the price to meet the tax demand or invent a crisis.

Recently, gas in my area spiked by .20 per gallon. Why? The "possibility" that the Straits of Hormuz "may" be closed by Iran. Now that we know that they will not close the Straits because Iran will be blocking their own oil for export, where the f*^k is the reduction? Ever notice how the price of oil soars in an instant for any reason and takes months to go back to the previous level?

[boxcar]

Dumb and unmanageable idea. Though, the public is getting raked-over by Big Oil and some sort of consumer protection is needed, this is not it. Big Oil will just raise the price to meet the tax demand or invent a crisis.

Recently, gas in my area spiked by .20 per gallon. Why? The "possibility" that the Straits of Hormuz "may" be closed by Iran. Now that we know that they will not close the Straits because Iran will be blocking their own oil for export, where the f*^k is the reduction? Ever notice how the price of oil soars in an instant for any reason and takes months to go back to the previous level?

You haven't seen anything. Oil will increase sharply this year, as will food prices. I'm so glad the U.S. is dependent on so many not-so-friendly nations for our oil supply. :rolleyes:

Boxcar

[Actor]

Would the reverse be true? Meaning if a company is NOT making a "reasonable" profit, is the government going to subsidize?
Isn't this what farm subsidies are all about?
No. Farm subsidies are about buying votes.
I don't see any inconsistency. In fact, A implies B implies C. :lol:

[highnote]

I don't see any inconsistency. In fact, A implies B implies C. :lol:


Agreed!

[traveler]

When oil crashed down into the 40s and lower not too long ago, were you on here praising oil traders? Nah, i'm betting you weren't. But because the price is higher, now all of a sudden it's all the fault of traders. How quaint.

I have news for you. It's not a casino and it's far from gambling. There are way too many people making fortunes in the markets for it to be anything close to what you describe.

Blaming traders for high prices is ignorant, plain and simple. Easy scapegoat, especially in these ever-increasing socialist/anti-capitalist times we live in.

Pace - relax - I'm for free markets and capitalism but we don't have it. Have you forgot how the electricity market was gamed in 2004 causing blackouts in California?
Last week gas was about $3.43 here and 2 hours away where I traveled for work. Last week we go to as high as $3.59 here($3.55 all stations), I drive back to the other area yesterday, still $3.43, same major chains - just a wink and nod between the companies. We are awash in gas and oil.

[PaceAdvantage]

Pace - relax - I'm for free markets and capitalism but we don't have it. Have you forgot how the electricity market was gamed in 2004 causing blackouts in California?
Last week gas was about $3.43 here and 2 hours away where I traveled for work. Last week we go to as high as $3.59 here($3.55 all stations), I drive back to the other area yesterday, still $3.43, same major chains - just a wink and nod between the companies. We are awash in gas and oil.I love it when someone tells me to relax...means I must be onto something... :lol:

Anyway, sounds to me, based on your stated beliefs above, you ought to open up a futures account and short oil to your heart's content...

[chickenhead]

I bought a crap-ton of way out of the money Jan 2013 calls awhile back. I'm hoping for all hell to break lose, the sooner the better. Either that or gas better get real cheap to offset my losses. :jump:

Anything but FLAT.

[traveler]

Pace - Not sure what is so funny to you, glad I've provided some comic relief. You stated my opinion was ignorant, therefore I must be ignorant too by your standards. You seem to be the one with your panties all in a knot.

You seem to think that when oil "crashed" to the 40's I should have been here praising the traders. For what - you apparently agree with OPEC that $100 is a fair price. Just because people are making fortunes makes it not a casino in your eyes. I guess the housing market wasn't artificially over-priced either.

Perhaps I should play the natural gas market, there is plenty on here from gas-bags like you.

[lamboguy]

Agreed!i just found this, i think you will like it!

the guy got some spunk ha?http://www.thedailybell.com/3526/Staff-Report-Celente-Interview

[PaceAdvantage]

Pace - Not sure what is so funny to you, glad I've provided some comic relief. You stated my opinion was ignorant, therefore I must be ignorant too by your standards. You seem to be the one with your panties all in a knot.

You seem to think that when oil "crashed" to the 40's I should have been here praising the traders. For what - you apparently agree with OPEC that $100 is a fair price. Just because people are making fortunes makes it not a casino in your eyes. I guess the housing market wasn't artificially over-priced either.

Perhaps I should play the natural gas market, there is plenty on here from gas-bags like you.It is an ignorant opinion, probably one you're just parroting from someone else who spouted forth such nonsense (I even think I heard Bill O'Reilly spout this crap once).

Yes, why weren't you here praising traders and speculators when the oil market was tanking a few years ago? After all, if they're responsible for the rides up, aren't they also responsible for the rides down? How does it not go both ways?

The fair price for oil is whatever the market says is fair. It's whatever people are willing to pay for it...that's how free markets go...

Who knows how low OR HOW HIGH the price would be WITHOUT traders...without speculators...ever stop and think about that? No, you naturally assume that without traders and speculators, the price of oil would be MUCH LOWER...not true at all...it could easily be MUCH HIGHER.

Keep calling me names though. Did I call you a name? No. I stated your comments on traders and the oil markets was ignorant, which it is.

Sorry you can't handle constructive criticism.

Whose panties are knotted up exactly? Not mine...I'm still laughing and totally at ease.