Is the Price of Oil being Manipulated?

It's the oil companies and the Republicans are in bed with them.

I believe you may be right - the bankers too...

It has been manipulated for decades.

Oil is pegged to the fiat currency..a federal reserve note, a federal reserve note is almost worthless..the reason for oil and gold going up

Of course it's being manipulated. Envirowackos haven't allowed a SINGLE refinery to be built since 1974. None. NADA. You don't think that'll raise the price of fuel???
LOGICALLY we should be building refineries capable of refining both crude oil and algae stock. We HAVE the technology, but we don't have the political will.

Has there been a time n the last 60 or so years it hasn't been for one reason or another by one group or another

the real powers on earth-

when the price of money is manipulated...
the price of everything is-

Blame it on demand and the weak dollar...
Speculation, as opposed to manipulation, is a vital part of the markets.
Geopolitical tensions, supply constrictions, war, tyrants with spigots and other buyers are the real factors at work and they always have been. When risks go up, so do prices - that's the way free markets work.
There's huge demand--
China's per capital oil consumption has increased by 350% since the early 1980s.
The International Energy Agency estimates that China alone will account for 42% of global oil demand by 2015. And they're one of the slow growers with consumption rising a mere 100% in the last ten years.
Other countries like Malaysia have seen per capita usage quadruple since the 1960s. Brazil and Thailand have seen oil demand double to 5.7 barrels/year and 4.8 barrels/year per capita.

And don't forget the weak dollar. Because oil is generally priced in dollars, Bernanke's weak zero interest rate policies are helping drive prices higher. Producers have to compensate with higher prices to make up the reduction in margin being forced upon them by greenbacks that have diminished purchasing power.

Whilst I agree with most of what you have said, it does not explain why the refineries have decided to reduce processing capacity and that the oil companies are making record profits.

Most if not all refineries to maximize their profits do curtail production, keeping available supply off the market. High Gas Prices Mean Record Profits for Big Oil.

That is manipultion

Yes I suppose it is, however all big companies do it, and it's legal.

This is not a question about legality or morality. It is about manipulation. In Philadelphia Sunoco closed it refineries and puts hundreds out of work. Who bought what was left of them? The Carlyle group/ A investment and holding company with ties to Saudi Arabia and Bush the 1st on the board. Could there be something there?

I'm not saying it's right, I was just stating facts as I know them, companies do curtail production, and when gas prices are high, they certainly profit. As far as Sunoco goes, I don't really know, I would have to look into it.

As you know them or were told them? I think the later. I am in the employment industry and have spoken to many in the oil and gas industry. I have recruited for and from Sunoco. I get much of my insights from the insiders.

These manipulations are not being done just by or for the profit of oil companies in a vacuum. They are profiting off the manipulation of the industry and the market place by speculators, investors, oil producers, politicians and others.

Read my original comment to this post.
I own my company, and we consult in the gas and oil industry, in drilling production, so most of what I know isn't in the 'latter', as you assume, it's based on experience and time in the industry, and because you did assume, I take that personal, and as an attack upon my character, which wasn't necessary as did nothing but state facts as I know them.

Take it as personal as you like. It does not change the facts that you are not completely on target. I am guessing that if you consult to that industry you should have known about refinery closing and buy outs. Maybe you are not as informed as you like to think

No, why would I know about refineries closing or buy out, that has absolutely nothing to do with my field, unless someone in passing brought it up. On the flip side---Since you are/were in the refinery business you can describe what my company does as consultants in the drilling industry.

Have trouble understanding English much? I never said I was in the refinery business but I recruit for them. And as I am not a mind reader I could not tell what your company does it could be drilling, it could be a logging company, it could be any type of related equipment company, it could be a mapping company or it could be a catering company bringing cupcakes to drilling sites. BTW you said you were in the oil and gas industry now you decide to narrow it to the drilling industry? I am going with catering. TATA this has not been fun or enlightening

Headhunter, why the block? lol

So as the demand goes down the price goes up?

That seems the wrong way round to me...

OK so what you are saying is that the price of oil has increased to due to speculation on forecast data for 2012/13, yet OPEC will set the price, so someone is likely to take a hit.

Since the price of oil increased through the period when consumption was forecast to be less (due to the speculation that oil supply would be interrupted), can we not deduce that speculation is a form of price manipulation for profit?

To a certain extent, but there are watchdogs that prevent price fixing, and the government do have some flexibility on the enormous amount of duty that we pay (80+%)

Yet oil can only be traded in dollars...

Your right, it's dollars.

The global elite! Just like everything is owned and manipulated by the global elite criminal cabal.

All commodity prices are being manipulated. That's how capitalism works. Set the price to maximize short term profits. But as oil gets ever more scarce, oil fields will become more expensive to develop. Also, demand for energy increases exponentially while supplies are finite and dwindling. We should expect that oil will become more expensive over time and eventually it will be much too expensive for average people to even fill their gas tanks.

Governments and Corporations.