On 5/18/2022 2:06 PM, John A. Smith wrote:
> On 5/18/2022 9:54 AM, Scott Lurndal wrote:
>> williamsj47 <
af7e0e00a6a288de...@example.com> writes:
>>> Today for the firs time I was ordering over $100 worth of merchandise
>>> and was still charged the "handling fee" no matter what type shipping
>>> was requested. This seems like a ploy to force people to join Prime.
>>> Did it for several years. Not going back. Kindle and other services
>>> are also going down hill. Some people don't have options. Happily, I
>>> do. Got the same merchandise from another retailer, same prices but
>>> no shipping or handling fee.
>>>
>>>
>>> --
>>> For full context, visit
>>>
https://www.homeownershub.com/maintenance/amazon-shipping-and-handling-3181096-.htm
>>>
>>>
>>
>> Typical home moaners post.
>>
>> TANSTAAFL.
>
>
> LOL, you can escape Amazon Prime fees but you can't escape the
> Demoncrap's record-high gasoline prices.
>
Pure republitard BS. This is not the Democrats fault. Speculative energy
trading is the problem.
"Veteran oil analyst Philip K Verleger has warned that supply and demand
“fundamentals have been rendered almost irrelevant” for oil prices, a
key determinant of the price of gasoline at the pump.
He has pointed to a dramatic rise in speculation driven by artificial
intelligence rapidly buying and selling massive energy bets based on
minor or even nonexistent changes to real-world supplies. “Under these
circumstances, a change in [supply and demand] fundamentals that might
have moved prices by 50¢ or $1” will cause a change of as much as $10 a
barrel of oil, he has written.
Overall, global oil production is nearly 5m more barrels a day greater
in 2022 than in 2021, yet US politicians on both sides of the aisle have
called for even more drilling. Oil exports from Russia into the global
market have not been slowed by either the war or sanctions. Instead,
they’re rising and are expected to end April higher than at any time
since before the Covid pandemic, according to research firm Kpler.
“Crude is getting loaded on vessels and getting shipped. Which I think
is the story right now,” Reid L’Anson, senior commodity economist at
Kpler, told The Guardian.
There are certainly other factors putting upward pressure on prices,
including fears that Russian supply could decline in the future. But the
price of oil, natural gas, and other vital fossil fuel commodities are
today primarily set by energy traders, whose actions are stoking rising
prices and volatility.
Little physical oil actually changes hands with such trades, which take
place on two main exchanges in the US, CME Group and the
Intercontinental Exchange. Instead the trade is in futures contracts, a
commitment to purchase a set amount of oil in the future for a price
agreed in the present. But because the virtual trading has come to dwarf
the physical trade, it now determines the price of oil.
Greenberger estimates that “something like 13 times the physical amount
of oil is traded” via these purely financial contracts. And commercial
trades – those based on the actual use of oil – have been pushed out, he
says, replaced almost entirely by speculators looking to make a quick
buck, which is in turn increasing excessive speculation and volatility.
According to data provided to the Guardian by CME Group, the amount of
crude oil futures contracts traded daily on its platform rose in 2022
over 2021, and is nearly double that of a decade ago.
Rising prices and volatility have been on display since the day before
Russian troops went to war against Ukraine, when the price of a barrel
of oil was $90. Since the invasion, despite no change in supply, it has
vaulted to a $124, fallen to $95, shot back up to $114, before sliding
down to $103 a barrel today – over 60% higher than the price one year ago.
All the major oil companies, leading US banks, and lesser known private
trading houses led by Vitol, Trafigura, Mercuria, and Glencore, are
involved in speculative energy trading. Some have even been found guilty
of illegal trading over the years. But determining their exact level of
involvement is not easy, as there are few reporting requirements
allowing the public into this largely opaque world.
In a 2020 earnings call with analysts, Shell CEO Ben van Beurden called
Shell’s trading “core to the success of our company, it actually makes
the magic in many cases”. Shell typically earns as much as $4bn annually
from this trading.
“We’re seeing just massive volatility, in terms of trading activity, in
terms of pricing, where you’ve got big bounces between prices, and so
something is wrong,” says Tyson Slocum, director of Public Citizen’s
Energy Program, a non-profit consumer advocacy organization. Slocum, who
also serves on the Energy and Environmental Markets Advisory Committee
to the CFTC, calls for greater regulation and transparency into a broken
system where “speculators are allowed to reign free”.
The CFTC itself was weakened by Trump and crippled by vacancies under
Biden, who left the majority of commission seats empty until late last
month.
There’s just too much leeway for the big banks and the big
producers to manipulate if no one is looking and watching what they’re doing
Slocum argues that the federal government has ceded too much authority
to the futures exchanges. With profits based on volume of trades, they
have little incentive to reign in traders, including excessive
speculation, he alleges."
https://www.theguardian.com/environment/2022/apr/28/gas-prices-why-are-they-so-high-traders