What will Congress or senate vote on oil speculation at 11:00 ET?

Discussion in 'Trading' started by crgarcia, Jul 22, 2008.

  1. Read the news at CNBC, cant find anymore info about it.
  2. bdon


    Oil investor Pickens says oil could reach $300/bbl within 10 yrs if U.S. doesn't reduce dependence on imports - Reuters
  3. If they pass this legislation with a 67 vote veto-proof majority in the Senate, all the stupid arguments about how oil prices aren't being affected by MANIPULATION of futures contracts will be blown out of the water, as oil crashes.

    I'd hate to be the senator who has to face re-election when my opponent can run a commercial with me voting no on this bill.
  4. Bill passed 94-0 in Senate.

    I'd say that's veto-proof.

    House should follow in lockstep.

    Fire in the hole.
  5. Here's hoping the bill passes and oil continues higher...

    We need incentive to make permanent change in transportation energies... relief here will only delay.

    Besides, it is speculation itself to claim "oil is high because of speculators"... that argument, given the present information, is not supported by fact..
  6. Have you ever seen how much pension fund money has come into the oil markets?

    Try $70 BILLION as of March 31st, 2008
    That's a fact.
  7. We understand that... but for every long contract there is also an equally willing short.

    We won't know the "correct" level of oil price until they make it illegal to participate in the market unless one is a commercial. Prices might still be high, just less open interest.
  8. The fact of the matter is that there is roughly $185 BILLION in managed futures and a ground swell of pension fund money that has come into the energy markets, yet places like the ICE and DME have no position limits due to former Senator Phil Gramm and his legislation from December of 2000.

    Do you think that it is appropriate for WTI to trade in London and Dubai without position limits, let alone without any CFTC regulatory control/supervision?
  9. How can the US government regulate financial markets in London or Dubai? If the government tries to close down the US oil futures market, even more trading will go overseas.
    #10     Jul 22, 2008