Very interesting Australian News report on what happened.
http://www.theaustralian.news.com.au/story/0,25197,24072730-36375,00.html
Seems others feel Semgroup had a major part to play in the rise of oil prices.
Here is a report from the IBL (Internet Bankruptcy Library) published in 2004 of troubled companies and Semgroup is included. If one would dig into the listing a lengthy discussion on Semgroup's position and activities in 2004. Seems no one was paying attention.
http://bankrupt.com/TCR_Public/040831.mbx
Too damn bad SemGroup didn't have those positions extended for another month or they would have made bank (or, if they are the real cause they would have cause us all to pay more for oil).
Great story that breaks it down for those of us who aren't reading this every day.
I'm sure this won't endear me to most people but I'm a little disappointed in falling gas prices. During my short trip away from downtown today I counted four hummers out driving around.
There is no way I could be a futures trader. Lots of sleepless nights. Thing is it has gotten more than one. I had a friend years ago that got caught with a bunch of pork bellies. Put him down.
if this is truly the case then I say let em hang. Because if it is it means that Kvisto levied an indirect tax on us by causing us all to pay more for gas, which made him money, which in turn was donated to his pet projects through his foundation. It is like saying..."don't want river development? well we'll just cause you to pay more for fuel so we make more money and can pay for things like the ballpark ourselves!"
Is Tulsa in some sort of parallel universe? How come Australia can come up with these articles but we are not crawling with federal agents conducting an investigation? Exactly how much money is going around to declare Tulsa an off limits area to the feds?
quote:
Originally posted by inteller
if this is truly the case then I say let em hang. Because if it is it means that Kvisto levied an indirect tax on us by causing us all to pay more for gas, which made him money, which in turn was donated to his pet projects through his foundation. It is like saying..."don't want river development? well we'll just cause you to pay more for fuel so we make more money and can pay for things like the ballpark ourselves!"
Is Tulsa in some sort of parallel universe? How come Australia can come up with these articles but we are not crawling with federal agents conducting an investigation? Exactly how much money is going around to declare Tulsa an off limits area to the feds?
Some good thoughts. Odd that we all thought the speculation and resulting oil price increases were coming from many traders. Then arises the possibility that the culprit(s) might very well be right here in town. For what its worth we did some work with them in 2002 and it was not a lot of fun. Very we, we, we oriented.
quote:
Originally posted by cannon_fodder
Too damn bad SemGroup didn't have those positions extended for another month or they would have made bank (or, if they are the real cause they would have cause us all to pay more for oil).
Candy and nuts....
Go to the economy thread and see where this price manipulation was reported long before SemRon (CF does get credit for this terminology).
FOTD what economy thread are you referring?
quote:
Originally posted by citizen72
FOTD what economy thread are you referring?
FOTD needs to dig around and search for the talking points, links and threads illustrating the manipulation of high oil prices by the wall streeters and the oil traders.
Interesting that once the SemRon deal pooped the price started dropping (or is that popped and drooping?). Scared hell outa those traders....err, manipulators. Free markets remain free only when left guarded from abuse.
The devil would bet lots of oil sitting around waiting to be moved and some still have SemRon as their only viable choice.
What a mess. This may take several years to clean up and resurrect. Tee Kay (rhymes with Ken Lay) spending all that time with lawyers when he genuinely was altruistic. Angel flying to close to the sun....
And the charities suffer the most that need the support the most. They start programs and buildings relying on the tit of the giver. The giver goes down and it's a double whammy. Sad sad sad!!!!
One has to remember where there's smoke usually there is the fire.
quote:
Originally posted by citizen72
One has to remember where there's smoke usually there is the fire.
Or a big fattie.....