Nelson: Stop the oil flippers!
by Dara Kam | July 8th, 2009U.S. Sen. Bill Nelson is backing President Barack Obama’s efforts to stop oil “speculators” from driving up gas prices but doesn’t want him to stop there.
Federal regulators are considering curbing the sales of energy futures by investors and are trying to shed light on swapping of contracts outside by hedge fund managers and traders.
The administration should go further and return the law to pre-Enron era that left a “loophole,” Nelson wrote to in a letter to Obama today.
“We shouldn’t be allowing profiteers to flip oil contracts like condominiums,” he wrote.
Nelson’s filed a bill to close the loophole and require that all energy futures be traded on regulated exchanges like the New York Mercantile Exchange.
Tags: Barack Obama, Bill Nelson, gas prices, U.S. Senate
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July 8th, 2009 at 3:01 pm
Thank you. The fat cats rigged the commodity markets and bankrupted companies like GM and Chrysler with $4 gas.
Why?
Put some of these market-riggers in jail.
July 8th, 2009 at 3:16 pm
Government Motors was out of business because it paid out 2,000 grand per car made to people with pensions. GM is a poorly run company with horrible quality.
July 8th, 2009 at 3:34 pm
Oil trading should be limited to those who use it or are directly involved in the
oil industry. I think this would go a long way in reigning in the “pure” speculators.
July 8th, 2009 at 4:39 pm
If $4 gas put GM out of business, why didn’t Ford go under with them? GM went under b/c they let the UAW run them over
October 26th, 2009 at 8:02 am
“Steve Maduri Says:
July 8th, 2009 at 3:16 pm
Government Motors was out of business because it paid out 2,000 grand per car made to people with pensions. GM is a poorly run company with horrible quality.”
So where are the executives in this?
why is it fox/limbaugh have yet to ever mention the cost per unit of management costs of managements huge golden parachute
retirement plans or even the costs of executives retirements,doesn’t sound like you have all the facts together to make a blanket statement such as this but then limbaugh or his friends didn’t tell you that half of the equation did they.
I bet I can guess that you think a dramatic decrease in oil consumption through conservation would be un American!
What say you?