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“Enron loophole” - * USA - Senate considers bill to limit energy futures speculation
Trading of oil futures by speculators has been blamed for increasing the cost of gas by as much as 50 percent
Washington,DC,USA -Land Line Magazine, by Charlie Morasch -July 17, 2008: -- To address high fuel prices at the pump, the U.S. Senate is considering a law that goes directly to the source – oil commodities trading and speculators blamed for rapid increases in oil prices... Trading of oil futures by speculators has been blamed for increasing the cost of gas by as much as 50 percent. Elected officials have introduced a flurry of bills aimed at closing the “Enron loophole” which allowed overseas trading of U.S. oil and preceded huge increases in oil speculation over the last five years... The bill also would force U.S.-based oil traders to comply with U.S. trading regulations even when operating through foreign exchanges... "Without regard of anything but their own profits, traders are bidding up prices by buying huge quantities of oil just to sell them at an even higher price”...
Labels: oil futures
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