Posted on 07/28/2009 12:22:05 AM PDT by FromLori
The U.S. Commodity Futures Trading Commission (CFTC) is planning to issue a report next month that suggests that wild swings in oil prices were significantly driven by speculators, the Wall Street Journal reported on its website on Tuesday.
A 2008 report by the main U.S. futures-market regulator that attributed oil-price swings primarily on supply and demand was based on "deeply flawed data," Bart Chilton, one of four CFTC commissioners, told the paper in an interview on Monday.
The CFTC did not reveal preliminary figures from the report to the paper and declined to discuss the previous data.
Reuters attempts to contact the agency outside regular U.S. business hours were unsuccessful.
The CFTC will hold the first of three hearings on Tuesday to consider whether to limit holdings of energy and agricultural contracts and whether some traders should be allowed to exceed so-called position limits.
(Excerpt) Read more at reuters.com ...
Of course it was speculators...the oil market has had virtually nothing to do with supply and demand since the Dems were put in office in 2006.
Even now with the economy at its lowest in decades, oil is still 65 a barrel. In 1999, with economics bad but much better than now, oil was 12 a barrel.
Duhhh comes to mind.
Soros comes to mind. Why hasn’t this guy been dragged to a waiting jail cell?
The biggest speculators in the oil markets are probably the russians. what's the CFTC got to say about them?
Because speculation isn't a crime, Einstein.
But fraud is, Zero.
whoa. i guess you told me.
:)
ABOUT TIME!
THERE IS JUST *NO* economic fundamental justifying this recent run-up in prices, and the CFTC finally gets that.
Now the market’s running scared today with prices diving.
Gee, what a shock.
I hope the CFTC does follow through on the hearings this week and puts firm limits on speculators. They need to end their reign of terror on this country.
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