Gas price question

[Papa_Complex]

Originally Posted by goof2

The people who play the commodities markets right are the ones who benefit. The oil prices you see quoted are not what someone is paying to buy a barrel of oil immediately. The prices typically reflect a one month futures contract. That is why they call them speculators. They are buying oil for next month and speculating on what will be a good price. If they do it well they pay less than what the spot price ends up being next month. If they do it poorly they pay more.

They can also only steer the price to the point others are willing to follow. As prices have continued to rise the guy you mentioned from England looks pretty smart and may make some money. If prices hadn't risen, or end up falling he looks pretty dumb and looses some money.

He looked like a dumbass then, because he overpaid just to say that he was the first.