End Oil Speculation Act of 2008

A bill to amend the Commodity Exchange Act to provide oil and gas price relief by requiring the Commodity Futures Trading Commission to take action to end excessive speculation, and for other purposes.

6/24/2008--Introduced.
End Oil Speculation Act of 2008 - Amends the Commodity Exchange Act to direct the Commodity Futures Trading Commission (CFTC) to eliminate manipulation and excessive speculation on petroleum futures markets by investigation, regulation, and rulemaking, while distinguishing between:
(1) transactions by commercial producers and purchasers (as well as counterparties) involving actual physical petroleum products for future delivery ("legitimate hedge trading"); and
(2) all other trading. Instructs the CFTC to review and:
(1) revoke or modify prior action regarding certain transactions, participants, or petroleum futures market activity that is not a legitimate hedge trade; and
(2) consider revoking results of prior actions that have the effect of limiting, reducing, or eliminating the full applicability of position limits on trading that is not legitimate hedge trading, or the filing of any report or data regarding a trade or trader. Directs the CFTC to set margin requirements of at least 25% for any trading that is not legitimate hedge trading. Directs the CFTC to subject to its regulation any person engaging in a petroleum futures market activity in any location unless and until the activity occurs in a market or exchange whose regulations are substantially identical to CFTC regulations and are fully enforced. Requires the CFTC to ensure that petroleum futures market participant activities are fully and accurately disclosed. Instructs the CFTC to convene a working group of international regulators to develop uniform international oversight to protect petroleum futures markets from excessive speculation and other specified practices that pose systemic risks.

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Sponsor

• Sen. Byron Dorgan [D, ND]
• and 2 Co-Sponsors
  • Sen. Thomas Carper [D, DE]
  • Sen. Bill Nelson [D, FL]
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Committees

• Senate Agriculture, Nutrition, and Forestry

Amendments

This bill has no amendments.

Amendments to S.3183

Number	Status	Purpose

Bill Status

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Introduced		Voted on by Senate		Voted on by House		Considered By President		Bill Becomes Law
June 24, 2008

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All Bill Actions

• Introduced on Jun 24, 2008.
• Jun 24, 2008: Sponsor introductory remarks on measure. (CR S6021-6022)
• Jun 24, 2008: Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.

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Related Issue Areas:

• Finance
• Administrative procedure
• Business
• Commodity Futures Trading Commission
• 13 more
• Commodity exchanges
• Energy
• Executive departments
• Foreign policy
• Futures trading
• Governmental investigations
• Independent regulatory commissions
• Information disclosure (Securities law)
• International affairs
• International cooperation
• Law
• Margins (Security trading)
• Petroleum

Data from the Congressional Research Service

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Blog Coverage

December 11, 2008 W S J Warszawa - jaron.salon24.pl

S. 3183: End Oil Speculation Act of 2008 - H.R. 6377: Energy Markets Emergency Act of 2008. Eliminacja importu ropy naftowej z Bliskiego Wschodu I Wenezueli. · Ostrzejsza polityka licencyjna wobec wydobywających ropę i gaz (“Use it or ...

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Source: kejow: Najnowsze informacje

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November 05, 2008 Barack Obama i energia

S. 3183: End Oil Speculation Act of 2008 - HR 6377: Energy Markets Emergency Act of 2008 - S. 3255: Over-the-Counter Speculation Act - S. 3205: Energy Markets Emergency Act of 2008 - S. 3248: Commodity Speculation Reform Act of 2008 ...

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Source: Blog Andrzeja Szczęśniaka

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November 04, 2008 Szczęśniak: Barack Obama i energia - Bankier.pl

S. 3183: End Oil Speculation Act of 2008 - H.R. 6377: Energy Markets Emergency Act of 2008 - S. 3255: Over-the-Counter Speculation Act - S. 3205: Energy Markets Emergency Act of 2008 - S. 3248: Commodity Speculation Reform Act of 2008 ...

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Source: Bankier.pl - Giełda

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