"It is bidding up the price of oil beyond any reasonable level. Every consumer can see it at the pump. But we do not have any serious effort to regulate that speculation, or even to notice it."
Contradiction here.
Quote:
The proposal would mandate higher cash collateral for energy-futures trading and call for greater oversight of overseas trading.
Oversight of overseas trading? Considering most of the oil comes from the overseas in the first place, I don't see how these measures will do anything.
Posted: Fri May 16, 2008 8:00 pm Post subject: Re: USA Congress - Energy investors new scapegoat
RSB wrote:
Oversight of overseas trading? Considering most of the oil comes from the overseas in the first place, I don't see how these measures will do anything.
There have been threads about it in Depletion Economics, I believe.
Anyone is free to correct me if the impression I formed is incorrect, but the essence of the proposal was that US citizens only would be limited to trading oil on US exchanges only. In other words, a bit of reallocation of manpower for some people but life goes on as before for everyone else. This would change absolutely nothing except add politically-motivated restrictions to some more US companies, like export controls and everything else that must make some transatlantic conversations impossible without having lawyers on the line. I bet they will be the real winners, and at the expense of competitiveness. _________________ "The American people are watching the numbers climb higher and higher at the pump and they're waiting to see what the Congress will do." - George W Bush
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