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Posted on 06/10/2008 5:44:13 AM PDT by Brilliant
The first refuge of a politician panicked by rising prices is always to blame "speculators." So right on time for this election season, Congress has decided to do something about rising oil prices by shooting the messenger known as the energy futures market...
And who are these "speculators"...? The ...Intercontinental Exchange says that an increasing share of its customers are not financial houses but commercial firms that need to manage oil-price risks – refiners, airlines, and other major energy consumers...
the leaders of Capitol Hill's shoot-the-messenger caucus are among those most culpable for the lack of domestic oil supplies. Senator Maria Cantwell (D., Wash.) has been threatening to hold up appointments to the Commodity Futures Trading Commission until the CFTC increases regulation of oil trading...
Her counterpart in the House is Michigan's Bart Stupak, who claims special credit for a permanent ban on drilling in the Great Lakes and has also cast votes against exploration in Alaska and off the California coast...
Then there's New York Senator Chuck Schumer, another staunch opponent of new domestic oil supplies...
Mr. Schumer's answer is the "Consumer-First Energy Act..." Bundled with a windfall profits tax on oil companies, the plan also includes an increase in margin requirements for those who wish to trade oil futures. This would of course make it more expensive to trade in U.S. futures markets, which in a world of computerized, instantaneous trading means that those trades would merely move to markets overseas... the Dubai Mercantile Exchange celebrated its first birthday last week with the launch of two new oil futures contracts that compete with those offered by American exchanges...
Democrats will find that moving jobs to Dubai from New York and Chicago will not end the commodity inflation that they themselves have helped to create.
(Excerpt) Read more at online.wsj.com ...
Our brilliant pols: bar all new development of energy other than windmills, then launch investigations into why prices are soaring. Who is paying them I wonder....
After listening to that “lithspee” bent wrist sounding Bob Casey a few minutes ago on F & F, on this very subject, speculators, I think you could add him to this list.
WA Ping
Elections indeed have consequences..
when even george soros gets religion,
you know cantwell and schumer are nuts.
when even george soros gets religion,
you know cantwell and schumer are nuts.
Senator Maria Cantwell (D., Wash.) has been threatening to hold up appointments to the Commodity Futures Trading Commission until the CFTC increases regulation of oil trading...
Ah yes!....Maria Fartwell, that bonehead from Washington State!
Ping for WA freepers
Say WA? Evergreen State ping
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