U.S. Congress - H.R.6377 Energy Markets Emergency Act of 2008
H.R.6377 - Energy Markets Emergency Act of 2008
To direct the Commodity Futures Trading Commission to utilize all its authority, including its emergency powers, to curb immediately the role of excessive speculation in any contract market within the jurisdiction and control of the Commodity Futures Trading Commission, on or through which energy futures or swaps are traded, and to eliminate excessive speculation, price distortion, sudden or unreasonable fluctuations or unwarranted changes in prices, or other unlawful activity that is causing major market disturbances that prevent the market from accurately reflecting the forces of supply and demand for energy commodities. view all titles (5)
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- Official: To direct the Commodity Futures Trading Commission to utilize all its authority, including its emergency powers, to curb immediately the role of excessive speculation in any contract market within the jurisdiction and control of the Commodity Futures Trading Commission, on or through which energy futures or swaps are traded, and to eliminate excessive speculation, price distortion, sudden or unreasonable fluctuations or unwarranted changes in prices, or other unlawful activity that is causing major market disturbances that prevent the market from accurately reflecting the forces of supply and demand for energy commodities. as introduced.
- Popular: Energy Markets Emergency Act of 2008Energy Markets Emergency Act of 2008 as introduced.
- Popular: Energy Markets Emergency Act of 2008 as introduced.
- Short: Energy Markets Emergency Act of 2008 as introduced.
- Short: Energy Markets Emergency Act of 2008 as passed house.
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$300 a barrel. OPEC is going off the US dollar and Iran is refining and exporting. The rich ME countries are selling off the bonds and mortgages and Chinese are buying, but they don’t have oil. The mortgages just won’t fail enough and we really can’t get even with China.
Air cars are in France. Water cars are in Japan. The air car is pretty cheap.
Lots of good discussion about the role of so-called “speculators” in the oil markets, linked to from Interfluidity, here: http://interfluidity.com/posts/1217152169.shtml
Dear Congressman Herger:
I am honored and flattered at your correspondence. However, I have grave misgivings about your support for H.R. 6377 for 3 reasons.
1. If I understood it correctly, it means that the government is going to impose regulation to take away citizens rights to take risks in their own marketplace.
2. If it is true that speculators are driving, at least in part, the rising cost of oil, then the worst thing we could do is hinder the bubble’s rise to the pop where greedy speculators get their just come-upence and we all enjoy cheep gas again! — Join the chorus instead, Mr. Congressman — DRILL, DRILL, DRILL! And while you’re at it would you ask for executive orders to fast-track a couple hundred nuclear power plants so we can stop burning coal and direct our natural gas to the transportation sector?
3. I’m not entirely convinced that “the concern raised by many consumers and analysts that speculation in the energy commodities market is driving up oil prices”. Consumers and analysts aren’t raising concern about speculators, but politicians are.
I humbly request that you consider these points.