"Oil commodity traders are in for some tough Congressional
dog and pony shows while those congress critters protect their biggest campaign donors,the Environmental cartel !
This is the change that caused the rapid rise in speculations :
"Several changes over the past decade have relaxed the agency's oversight of futures markets.
The Commodity Futures Modernization Act of 2000 (CFMA) allowed energy commodities for the first time to be traded on deregulated "exempt commercial markets," meaning exchanges exempt from CFTC or any other U.S. government oversight.
This law was a departure from the Commodity Exchange Act of 1936, which had confined all futures trading activity to
CFTC-regulated exchanges. "
The dramatic surge in oil prices—including a $16-per-barrel jump in just two days last week—has left Washington regulators scrambling to exert new oversight on futures trading in oil and other commodities. The U.S. regulatory agency's abrupt shift toward more rigorous oversight in the past two weeks also represents a stark example of how the pinch from high gasoline prices has changed the political landscape and made energy traders prime suspects in congressional inquiries. As recently as May 20, the U.S. commodities regulator, the Commodity Futures Trading Commission (CFTC), insisted at a Senate hearing that speculation was not causing the...