Home › Forums › Refining Community › Refinery News › Delta Refinery bid ups the ante in war against Wall Street › RE: Delta Refinery bid ups the ante in war against Wall Street
Here is update on motivation for Delta to buy East Coast COP Refinery – its to beat the speculators driving up thier cost. It is just one more proof that Investment / Wallstreet speculation group is ripping out undeserved profits from Oil Industry and making mockery of Market / Demand Fundamentals that normally drive that industry.
Culprits like – Morgan Stanley/Goldman Sac’s/Citigroup/JP Morgan need to be stopped. They have circumvented ruling about taking paper (often 10:1 vs physical bbls that move to industry) positions on oil industry commodities: crude/gasoline/diesel/jet fuel / ect by taking a physical trade position that they then trade when they liquidate paper positions.
Recent exposure especially from inside VP of Goldman Sac’s predatory actions even to their own client shows that Oil Industry needs come off the bench and put these guys out of business both in the market & in the courts.
Unfortunately they often do the same lame approach they take in Environmental attacks – cover up / try placate/go along to get by or hope curry favor with something they need to stand against and defeat – Koch & Valero are often lone leaders in this area. Companies that severe form previously mentioned are often bear worst of attacks: BP/Shell/COP/XOM for their passive approach.