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Airlines Call on Congress to End Oil Speculation
The airline industry, which will lose at least 30,000 jobs to high oil prices by the end of the year, is urging Congress to act quickly to curb oil price speculation. "Oil has become the new gold," said Jim May, CEO of the Air Transport Association, at a Washington news conference Friday. He said airlines face a crisis that results largely from the role of speculators in the oil market, with investor trades accounting for 20 times the number of physical trades by producers and users. That pushes prices up far above the actual cost of production, which is $65 to $75 a barrel... (click on link for rest of story)
Also, you may want to check out this website: http://www.stopoilspeculationnow.com/ for the website that the airlines has set up, as part of its speculation initiative, which has resulted in 1 million email messages being sent to Congress, just in the first three days. The airline industry, which will lose at least 30,000 jobs to high oil prices by the end of the year, is urging Congress to act quickl... more -
Dingell introduces bill on oil speculation, energy market manipulation
“For too long, energy markets have operated behind a veil of secrecy,” Dingell said. “I have dark suspicions about the effects that unchecked speculation and possible market manipulation are having on the price of crude oil and petroleum products. Given the record energy prices that are harming businesses, farmers, consumers, and our economy as a whole, Congress should act to determine the precise effects that manipulation and speculation are having on energy prices, and work to identify where there are gaps in regulation that allow this rampant speculation.” Rep. Dingell, Energy Committee Chairman introduces HR 6238 to provide for the establishment of an interagency working group to provide for better regulation over oil markets today, July 11, 2008. (click on link for full story...) “For too long, energy markets have operated behind a veil of secrecy,” Dingell said. “I have dark suspicions about the effects that un... more
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CFTC Probes Oil Speculation
Amid growing public disquiet about the rising cost of food and fuel, U.S. regulators have come under increasing pressure from Congress to seriously question the role investor activity is having in driving up commodity prices.
On Tuesday, the Commodity Futures and Trading Commission--the main U.S. regulator--convened the inaugural meeting of its Energy Markets Advisory Committee. The meeting is the latest in a series of initiatives from the CFTC aimed at ensuring that energy and commodity derivative markets function without manipulation or abusive trading... (click on link...) Amid growing public disquiet about the rising cost of food and fuel, U.S. regulators have come under increasing pressure from Congress... more -
CFTC's New Enforcement Head to Face Political Unrest: Oil Speculation Improve...
US lawmakers have beeen increasing pressure on the Commodities Futures Trading Commission (CFTC) as oil prices soar to record highs. Gregory Mocek has been replaced by Stephen Obie, who will serve as acting director of the regulating agency until the position is filled. Last month, US House of Representatives passed a bill requiring the CFTC to crack down on swaps in the energy futures markets by making use of existing powers, such as introducing position limits. (click on the link for full story) US lawmakers have beeen increasing pressure on the Commodities Futures Trading Commission (CFTC) as oil prices soar to record highs. G... more
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McCain's Easy Pass
Great analysis of how McCain showed he's a lightweight on economic policy and not such a straight talker at his recent NYC town hall meeting. Great analysis of how McCain showed he's a lightweight on economic policy and not such a straight talker at his recent NYC town h... more
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Oil prices to be probed by US regulator CFTC
Well, it's about time!
"America's leading commodities regulator has launched an unprecedented investigation into possible market manipulation in the US crude oil market amid record prices which continue to cripple various parts of the global economy. The Commodities Future Trading Commission (CFTC), working closely with other international regulators including the Financial Services Authority in the UK, has begun a series of detailed inquiries over concerns that energy speculators are behind the rising oil price.
In a detailed statement, the CFTC admitted for the first time that it began its investigation in December, taking what it called the "extraordinary step" of disclosing the probe "because of today's unprecedented market conditions".
The CFTC declined to discuss the specifics of the investigation, but stressed that all of its enforcement inquiries were focused on "ensuring that the markets are properly policed for manipulation and abusive practices"."
By James Quinn, Wall Street correspondent Well, it's about time! ... more
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