A few speculators dominate vast oil market

A few speculators dominate vast oil market

www.msnbc.msn.com

The discovery revealed how an individual financial player had gained enormous sway over the oil market without the knowledge of regulators. Other CFTC data showed that a significant amount of trading activity was concentrated in the hands of just a few speculators.

(visit the link for the full news article)

For those who really believe Drilling for more oil will help.

This really needs to be fixed.

WAKE UP!!

www.msnbc.msn.com
(visit the link for the full news article)

I don't get why people haven't replied to this yet. Seriously, all along I kept seeing people on this site claim that the prospectors have NOTHING TO DO WITH oil prices. All along they kept saying it is supply and demand. Yet, when you get one firm controlling this much of the market it begins to change that view completely. Prospectors have nothing to do with oil prices my rear.

The number is going to grow and it's probably going to be closer to 90% of the oil market is being manipulated by these few. Yeah, WAKE UP. Especially to those that still try to stand behind the 'supply and demand' BS line.

This has caused the increase in food, natural gas, household goods and on and on and on. I am reading now where many schools will only provide bus service for just over half of the school year because their budget won't support the cost of fuel.

It's a joke and these people need to be held accountable. The problem is that they are the big money and it's becoming more and more evident that THEY CONTROL EVERYTHING. Including the puppet white house.

Today, the CFTC assures the economic utility of the futures markets by encouraging their competitiveness and efficiency, protecting market participants against fraud, manipulation, and abusive trading practices, and by ensuring the financial integrity of the clearing process. Through effective oversight, the CFTC enables the futures markets to serve the important function of providing a means for price discovery and offsetting price risk.

The CFTC's mission is to protect market users and the public from fraud, manipulation, and abusive practices related to the sale of commodity and financial futures and options, and to foster open, competitive, and financially sound futures and option markets.

The above is excerpted from their own website.

"Failure to carry out its primary function" comes to mind. As usual, the tax-paying consumers get to foot the bill for their reticence to do their job, to protect the marketeers rather than the consumers. Can we figure out why they would wait until after the horses are gone before they close the barn door?

CFTC Commissioners

* Acting Chairman Walter Lukken
* Commissioner Michael Dunn
* Commissioner Jill E. Sommers
* Commissioner Bart Chilton

Is it a coincidence that all of these commissioners hail from the world of Agricultural policy. These are the folks who worked together to create the situation in the American farming industry as we endured it during the past decades. Very "BIG' business friendly, all nominated and endorsed by the Bush administration.

I will leave it to our esteemed community to comment on what they know of these 'prime' players in the CFTC.