Sanders Introduces Oil Price Speculation Bill (elect, government, income, senator)

[sickofnyc]

“The last thing people need now is to be ripped off at the gas pump because speculators on Wall Street -- some of the same people who received the largest taxpayer bailout in U.S. history -- are allowed to jack up oil prices through price manipulation and outright fraud,” Sanders said. “Unfortunately, I am afraid that is exactly what is happening right now.”
Release: Sanders Introduces Oil Price Speculation Bill - Newsroom: U.S. Senator Bernie Sanders (Vermont)

[TempesT68]

Another outstanding proposal from Sanders. This will be one to watch to see who is on the side of big oil, and those for the people.

[bluesjuke]

Heard on the radio yesterday that 88% of oil is traded by speculators.

[cohdane]

Oil, food, coffee, housing, electricity-- need to get the speculators out of all of it.

Too many people have waaaaaay too much cash. So they try to protect it by speculating in things other people actually need to survive. If you're not going to take delivery, you shouldn't be participating in the supply/demand price dynamic.

It's sick and immoral.

Go buy a Picasso, Hope Diamond or joy ride on a privately owned space shuttle instead.

[hilgi]

Originally Posted by bluesjuke

Heard on the radio yesterday that 88% of oil is traded by speculators.

Yes, that is the current talking point. No clue how accurate or how it is derived.

[NJBest]

It was good while it lasted I guess...

[tickyul]

Well, if you put a the squeeze on Wall Street, the speculation/speculators will find another home. And I know Wall Street is evil and all, but those jobs and all that income will go elsewhere.

[Crossfire600]

Besides the fact that this bill, according to the article, was introduced in June of 2009. It also appears that he is reintroducing it since there are newer articles on it.. Not sure exactly where this stands but...

I just don't see how this bill could even remotely be successful in as much as I would like to see it that way. If we regulate speculation here there are many other speculators in many other countries buying oil through other markets.. So, in the end wouldn't we just be regulating the oil that is purchased through our market which means the price would still be driven up by outside sources?

Not sure about this one and I am interested in seeing what folks who have more knowledge of the market than I do have to say about it..

In the end, I think this is one of those warm fuzzy bills that make people think someone is fighting for them but, in the end, it will be the same tomorrow, next week, month and year as it was yesterday.

[Loveshiscountry]

Not a good idea to try and control prices. It doesn't work well.
The last attempt at a similar bill gave the Commodity Futures Trading Commission too much power to control the market.
Why not raise the margin?

[Roadking2003]

Another useless bill. If government would get out of the way, markets would bring down oil prices as people drive less.

We should eliminate ALL government price controls and ALL government energy subsidies.

Get government out of the oil business !!!!!!!!!!!!! Stop CRONY CAPITALISM !!!!!!!!!!!!