JPMorgan hires crude tanker to store gasoil-to jack up prices!
 

Here's your tax dollars at work: Eff you and have a nice day!
JPMorgan hires crude tanker to store gasoil -trade | Markets | Markets News | Reuters

Re: JPMorgan hires crude tanker to store gasoil -trade
 

More on this:
JPMorgan Hires Supertanker for Storage, Brokers Say (Update3) - Bloomberg.com
Peak oil, my ass.

Re: JPMorgan hires crude tanker to store gasoil-to jack up prices!
 

What's the big deal with this? So a brand new tanker is available, the shipping costs have dropped 87%, and JP Morgan bets that oil will rise moving forward, so it buys, and stores oil off the European coast. With Russia playing games with energy, what's the big deal here? How are they trying to spike the price? To alter the price, by way of increasing demand artificially, they'd have to load more than one tanker I'd think. The US alone consumes 20 million barrels a day, so 2 million in a single tanker isn't much. Am I missing something here? I'm honestly asking.

Re: JPMorgan hires crude tanker to store gasoil-to jack up prices!
 

This isn't as bad as what other companies have done.

Enron and other energy companies used to make FAKE calls in order to sabotage power plants or to manipulate energy output in California.

The biggest problem with capitalism is that we give corporations legal rights as if they were a person, but many corporations act as if they were the most immoral, amoral individuals on the planet.

Re: JPMorgan hires crude tanker to store gasoil-to jack up prices!
 

the problem is, I believe, that this constitutes price-fixing which is against the law........I could be wrong

eitehr way, I don't really have a problem with it because what are they going to do when they run out of tankers.......eventually, behavior like this creates a glut, which could get oil down to 25/bbl

at least they ain't dumping it in the desert like they did in the 70's

Re: JPMorgan hires crude tanker to store gasoil-to jack up prices!
 

Amen to that! The very structure and objectives of public corporations are destined for corruption and deceipt.

Re: JPMorgan hires crude tanker to store gasoil-to jack up prices!
 

The tactic JPMorgan used here is also peanuts compared to other industries.

The entire diamond industry is set up so they only release a fraction of the total supply into the marketplace.

There are actually a *****LOAD of diamonds available, but it's kept in low supply in order to jack up prices by 1000000%.

Re: JPMorgan hires crude tanker to store gasoil-to jack up prices!
 

How does it constitute price fixing? I'm asking here, cuz I feel like I might be missing something. If JP Morgan sees an opportunity to make money, by purchasing oil now, and storing off of europe, cuz it feels the price may double in the coming months, is that illegal? Is that wrong? Isn't that simply an investment? 2 million barrels won't put a dent in the price on the market, I don't think. I could be wrong, but I don't think it would. Also, isn't price fixing when two competitors conspire to ensure that the price of a product they sell, doesn't go below, or stays, at a certain number.

Re: JPMorgan hires crude tanker to store gasoil-to jack up prices!
 

Another thing I thought of, is that the entire existence of OPEC is about getting together to conspire about selling oil at a certain price, subverting a truly free or efficient market.

Re: JPMorgan hires crude tanker to store gasoil-to jack up prices!
 

Wow, did you figure that out, all by yourself?