That s got to be all crazy democratic nonsense. drill, baby, drill. drill, baby, drill. in a year when gas prices really are high, and that really could have an impact on the election, it might be time to ask somebody who actually knows about this stuff whether or not we have any chance at all of the politics around energy getting even marginally less stupid anytime soon. joining us now is dan dicker, he is a cnbc contributor. he s the author of the book oil s endless bid. he s an energy analyst with more than 25 years oil trading experience. mr. dicker, thank you for being here. thanks for having me, rachel. is there any substantiative reason why biofuels, alternative energy, algae, why these things would be more hilarious as a democratic idea in 2012 than as a republican idea in 2008? no, absolutely not. the peak oil guys, i think, have gotten the timing of this incredibly wrong, but their basic thesis is right. this is a limited resource. at some point, we have to develop something other than fossil fuels, at some point. sooner would be better than
Are high, and that really could have an impact on the election, it might be time to ask somebody who actually knows about this stuff whether or not we have any chance at all of the politics around energy getting even marginally less stupid anytime soon. joining us now is dan dicker, he is a cnbc contributor. he s the author of the book oil s endless bid. he s an energy analyst with more than 25 years oil trading experience. mr. dicker, thank you for being here. thanks for having me, rachel. is there any substantiative reason why biofuels, alternative energy, algae, why these things would be more hilarious as a democratic idea in 2012 than as a republican idea in 2008? no, absolutely not. the peak oil guys, i think, have gotten the timing of this incredibly wrong, but their basic thesis is right. this is a limited resource. at some point, we have to develop something other than fossil fuels, at some point. sooner would be better than later, but at some point we have to do that. and when we talk about our biomass, biofuels, or we talk about geothermal or talk about solar, these are not things that
Manipulation. there is nothing that i heard from him which suggests any sense of urgency about the need to protect consumers or in fact to protect our economy. i was disappointed by the tone of the meeting, the lack of urgency, lack of specific ideas, and that s something we just have to deal with. joining me tonight is dan dicker a veteran oil trader and author of the book oil s endless bid taming the unreliable price of oil to secure our economy. dan, good to have you here. i want to start right off the top with you having to explain the significance of what fidel gate was talking about in that brief clip we saw there really saying that gas prices are being driven by these speculators. he actually used the m word, thomas, which you don t use. it s not cricket. air n you are not supposed to call out another broker. but what he is talking is the truth and the truth is we have a number of investment banks, particularly goldman sachs, that
From him which suggests any sense of urgency about the need to protect consumers or in fact to protect our economy. i was disappointed by the tone of the meeting, the lack of urgency, lack of specific ideas, and that s something we just have to deal with. joining me tonight is dan dicker a veteran oil trader and author of the book oil s endless bid taming the unreliable price of oil to secure our economy. dan, good to have you here. i want to start right off the top with you having to explain the significance of what fidel gate was talking about in that brief clip we saw there really saying that gas prices are being driven by these speculators. he actually used the m word, thomas, which you don t use. it s not cricket you are not supposed to call out another broker. but what he is talking is the truth and the truth is we have a number of investment banks, particularly goldman sachs, that creates notes for their clients
Mobl up 70% in the first quarter, $11 billion for them, similarly at shell, profits up 30%, more than $6 billion. conoco phillips, bp also reporting billions in profit. rising prices, typically provoke outrage, but few people have a real understanding of why prices rise so far so fast and more importantly what actual tools are at our disposal to bring them down to more affordable levels now. which brings us to today s specialist. dan dicker, oil trader and author of oil s endless bid, our panel also rejoins us. karen, susan and jimmy. your basic idea is what? the basic idea, dylan, is that supply and demand fundamentals have been overrun by investment money or speculative money, if you like, that s trying to chase hard assets, particularly oil, and trying to capture what is a rising price in oil but, in fact, fueling the fire.
In the meantime, the death from the quake and tsunami now over 10,000 with more than 17,000 people still missing. meanwhile the crisis in the middle east has prices near $105 a barrel today. and prices will likely be here for a while. economists expect prices to remain high, hovering around the $100 per barrel mark through at least 2013. before the revolution in egypt, oil was trading under $90 a barrel. so how much will these high oil prices drag on our economic recovery? and could it prompt americans to cut back or even rethink our approach to energy entirely? joining me now, an oil trader at the mercantile exchange. he s also author of this new book oil s endless bid. welcome, dan. what s the right way to think about these oil spikes? you ve been in these markets for years. it s not always just the supply and demand that it seems to be, there are other forces at work. in fact, there are forces
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