|
Brain -> Eric Holder To Fraud Squad: Oil Price Plunge Should Benefit Consumers (5/6/2011 7:26:56 PM)
|
I don't think there's any reason to speculate on oil anyway so they should get rid of it. I would like them to get rid of the speculation on oil for a year and see what happens to the price. If the price decline is significant they should stop speculating permanently because the high price is sucking the life out of the economy.
Eric Holder To Fraud Squad: Oil Price Plunge Should Benefit Consumers
"As you are all aware, toward the end of this week oil prices dropped significantly," the attorney general wrote. "Of course, there are lawful market forces that lead to price fluctuations and to differences between wholesale and retail price trends in these markets. This working group was created to identify whether fraud or manipulation played any role in the wholesale and retail markets as prices increased. If wholesale prices continue to decrease, fraud or manipulation must not be allowed to prevent price decreases from being passed on to consumers at the pump."
Some economists and analysts have suggested that, while increased scrutiny may be justified given heavy commodities trading, fraud cases are unlikely to significantly affect the price of gas. That's because, as Holder noted in his memo to the working group, most speculation in oil and gas markets is perfectly legal.
Sen. Bernie Sanders (I-Vt.) wants to change that. He sent a letter to Obama last week demanding that the CFTC impose new rules to crack down on excessive oil speculation by Wall Street traders.
http://www.huffingtonpost.com/2011/05/06/holder-oil-price-plunge-obama-fraud_n_858749.html
commodity trading floor
[image]local://upfiles/392475/E463F1863D8A470B9D4CB0556017E315.jpg[/image]
|
|
|
|
