The word on the street, and 125th st Harlem NY is that oil and gas prices are getting too high. Even though the economy is in a depression, they are flirting with $70. It seems a near infinite amount of money is chasing a finite supply of this oil/gas commodity. Time to outlaw this speculation and go back to long-term energy contracts.
U.S. regulators say they may clamp down on oil and gas price speculators by limiting the holdings of energy futures traders, including index and exchange-traded funds according to Bloomberg.com. There will be Commodity Futures Trading Commission hearings this month but will they mean anything? We want a fight. Senator Bernie Sanders, a Vermont independent, and Representative Bart Stupak, a Michigan Democrat, blame speculators for last year’s surge in crude-oil prices to a record $147.27 a barrel and called for CFTC action to avert a repeat. Oil has climbed 41 percent this year in New York trading, while demand has dropped and inventories climbed. Time to put the whole speculative bubble system into bankruptcy.
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