If you really believe the text that you copied out of Wikipedia, I've got a bridge in an Arizona desert that I'd love to sell you . . . Do you do any of your own thinking? The only explanation given from Wikipedia that has any relevance whatsoever to my question is: "a physcial imbalance between supply and demand arising from years of poor planning and negligence by California energy officials." Everything else is simply a regurgitation of what the end result was. Tell me, do you really believe that Enron didn't "game" the system and take advantage of the California ISO? That Enron ( through its Portland General Electric subsidiary ) and traders such as John Forney didn't submit "fake" bids to the ISO through areas of power transmission that were not capable of handling such power demand? Ever hear of the Death Star trading strategy implelmented by Forney? If California politicians and energy officials are at fault for what happened, then why had these power transmission shortages never occured before the days of Enron, nor after the days of Enron?
In some way yes....but so is washington for allowing that stupidity. Detroit had the opportunity to provide ev's to the public years ago but killed their own success story because the bastards from the big oil industry wanted to make billions in profits and create a situation like we have this very day. They will suck the life blood out of the American economy and people, and when congress comes after them the damage will have been done. Big Oil wins, American citizens get the shaft stick. Detroit just look like a bunch of morons.
And who was head of FERC? FERC's chairman at the time was a Texas Republican appointed by President Bush at the behest of then-Enron Chairman Ken Lay. His name: Pat Wood III And you believe this absurd post from Wikipedia??? Sure you don't want to buy a bridge down in Arizona?
Yeah, because what US Congressmen say is always right. Lol. Take a look at the economic qualifications of the average Congressman. Anyone who has even picked up an economics textbook and read it cover to cover is better qualified than most of these guys.
Market manipulation does not imply conspiracy theories (which is very extreme - since that implies people are ALL acting in explicit coordination with each other). Market manipulation usually stems from UN-COORDINATED individual behavior. Individuals (big money interests) take up large positions with SOME basis in fundamentals (it is true that BRIC countries are upping their demand in oil) and they take advantage of any positive news story and spin it in their favor and also start spinning 1/2 truths to protect and promote their positions - which attracts more lemmings and the herd just continues to grow. Then they start to pile more money into oil to defend their positions or to squeeze the shorts. This is called self-interest. It is interesting to note that PURE market manipulation (defined as price manipulation with NO fundamentals backing it up is very rare - this only occurs in tiny markets such as OTC penny stocks)
Bull markets have been occuring since well before the CFTC ever existed, and will keep occuring long after it has gone.