This link has been bookmarked by 22 people . It was first bookmarked on 12 May 2008, by Energy Net.
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04 Jan 11
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05 Jun 09
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As much as 60% of today’s crude oil price is pure speculation driven by large trader banks and hedge funds. It has nothing to do with the convenient myths of Peak Oil. It has to do with control of oil and its price. How?
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All this is well and official. But how today’s oil prices are really determined is done by a process so opaque only a handful of major oil trading banks such as Goldman Sachs or Morgan Stanley have any idea who is buying and who selling oil futures or derivative contracts that set physical oil prices in this strange new world of “paper oil.”
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The report pointed out that the Commodity Futures Trading Trading Commission, a financial futures regulator, had been mandated by Congress to ensure that prices on the futures market reflect the laws of supply and demand rather than manipulative practices or excessive speculation. The US Commodity Exchange Act (CEA) states, “Excessive speculation in any commodity under contracts of sale of such commodity for future delivery . . . causing sudden or unreasonable fluctuations or unwarranted changes in the price of such commodity, is an undue and unnecessary burden on interstate commerce in such commodity.”
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They seem to have deliberately walked away from their mandated oversight responsibilities in the world’s most important traded commodity, oil.
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14 Jun 08
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12 Jun 08
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11 Jun 08
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10 Jun 08
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WTI
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WTI
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12 May 08
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05 May 08
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02 May 08
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