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Oil Speculation Could Be Coming To An End

Maybe pigs can fly. The Obama Administration is under pressure to bring down the high price of gas. With this in mind AG, Eric Holder, will outline a proposalto increase federal oversight of the oil market.

Here are the points of interest:

The president will call on Congress to:

• boost spending on technology to improve oversight and surveillance of energy markets.

• increase by six times the money spent on surveillance and enforcement staff of the Commodity Futures Trading Commission to better deter oil market manipulation.

• increase from $1 million to $10 million civil and criminal penalties against firms that engage in market manipulation.

• in an effort designed to limit energy market disruptions, give the Commodity Futures Trading Commission authority to increase the amount of money that a trader must put up to back a trading position.

Of course this is a political move, and Republicans will never go along with it.
What the heck? It can’t hurt to try.

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