, Kingston, NH

Letters to the Editor

March 13, 2014

Oil as a Commodity?

Do you ever wonder why the price of gasoline, heating oil and diesel cost what they do compared to years ago when it was so much cheaper? The technology has improved to produce the products and bring them to that the reason? The people who sell the products at the retail level make the same whatever the price that it?

After talking with my home heating oil delivery person I was awakened to a fact of which I had suspicions, but which I was not fully aware of. The price us regular folk pay for oil based products are directly related to the fact that oil is a commodity that can be traded on the market like stocks and bonds. What that means is that people can speculate on the price of oil and buy huge amounts that have not even been produced yet. When a situation arises that foresees a problem in production prices fluctuate and “futures” of deliveries are affected, thus passing a “speculation” price onto us consumers! Again, the oil hasn’t yet been produced; but we get stiffed by people hoping to make a profit at everyone’s expense because some terrorist blows himself up in Syria or Saudi Arabia sees a slowdown in production!

Did you know that it was Bill Clinton who allowed oil to go on the commodities market? Again, it’s great for people in the stock market but, those of us poor folks who live from paycheck to paycheck have to line the pockets of people who don’t seem to care! I’m talking about the people in congress who invest in oil and are getting rich in addition to all the money and benefits we already give them and which they vote for themselves! Will they take oil off the commodities market and give us working class stiffs a little break so we can pay for all the other stuff the make us pay for? When their making a killing and nobody cares, I highly doubt it! Why isn’t propane on the stock market? Why not firewood? Why do we consumers get the short end of the stick when it comes to oil? And, why are we still buying oil from other countries!

Ed Parent





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