05-29-2008, 04:05 PM
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nap boule
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Join Date: Nov 2005
Posts: 10,192
Points: 15,300,763.63
Bank: 118.77
Total Points: 15,300,882.40
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Nothing under $4.00 in San Fran
I posted this in the Exxon thread in the Political forum:
Quote:
Government investigates oil market - May. 29, 2008
Quote:
Government investigates oil markets
Agency looks for fraud and price manipulation in crude-oil markets; crude has soared 42% since December.
Last Updated: May 29, 2008: 3:24 PM EDT
WASHINGTON (AP) -- Federal regulators are six months into a wide-ranging investigation of U.S. oil markets, with a focus on possible price manipulation.
The Commodity Futures Trading Commission on Thursday said it started the probe in December and took the unusual step of publicizing it "because of today's unprecedented market conditions."
Crude prices, which on Thursday hovered around $127 a barrel, have risen more than 42% since early December. Gasoline prices are nearing a national average of $4 a gallon, up from about $3.20 a year ago.
The commission said details of the investigation remain confidential, but announced a handful of other initiatives designed to increase transparency of U.S. and international energy futures markets.
For example, the CFTC said it will immediately require monthly reports from institutional investors who manage funds designed to mimic the price of crude oil and other energy futures. The goal, the agency said, is to identify the amount of such index trading and to "ensure that this type of trading activity is not adversely impacting the price discovery process...
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