Thursday, January 03, 2008

Why the hell would you want to brag about this?

Hey, grandkids, I made oil go over $100 a barrel:

The man behind the record rise in oil prices to $100 a barrel was a lone trader, seeking bragging rights and a minute of fame, market watchers say.

A single trader bid up the price by buying a modest lot and then sold it immediately at a loss, they claim.


On Wednesday, one floor trader bought 1,000 barrels, the smallest amount permitted, and sold it immediately for $99.40 at a $600 loss, said Stephen Schork, a former floor trader on the New York Mercantile Exchange and the editor of an oil market newsletter.

"They absolutely overpaid," he told Radio Four's Today Programme.

"He paid $600 for the right to tell his grandchildren that he was the first in the world to buy $100 oil."

Thanks, asshole. Just thanks.

Thanks to this prick we all got to hear the reports that the sky was falling because oil hit $100 a barrel, a story that led the Houston Chronicle's web site through part of the day yesterday.

Nevermind that gas prices are already $2.99 a fucking gallon and that this prick's little stunt will probably help them to go up.

And then there's the appearance (to me at least) that the whole oil market runs on fear of stuff happening instead of stuff actually happening, but that's another matter for another day.

And, seriously, why the fuck would you want to brag about being the first person to buy oil at $100 a barrel anyway? Is that really something to brag about? Sounds to me like someone needs to throw that guy in the looney bin.

I support alternative fuels and energy conservation for one simple reason: so we can put an end to all the bullshit drama that goes on in the oil markets today.


Jenny, the Bloggess said...

Amen, amen.

Anonymous said...

This many obviously had more money than sense - a dangerous combination! Stopping by from the Bayou to say hello to my fellow S.E. Texans! - Barbara