'Enron loophole' enables oil speculation

As this is a Worldwide problem, are we to assume that no commodity trading should occur any place else but in the U.S? Hello Congress? We are not alone in the world! U.S. regulation will not help - only an abundant supply will affect prices and speculation. http://brokengovernment.wordpress.com

Oil demand has gone up...supply is not keeping pace and therefore the price of oil has gone up. Increase the supply of oil or introduce a cheap energy alternative and the price will go down.

The assertions in this piece just don't hold together. Are people really so credulous that they believe these kinds of contradictory assertions without question? One example: assertion that $2 billion a month is flowing into the futures markets, controlling 99% of the multitrillion dollar oil markets that are bankrupting the U.S. Well, $2 billion a month is $24 billion a year, which even highly leveraged is not going to "control" a multitrillion dollar oil market. And that does not take into account further that for everyone on one side of a derivatives trade, there is someone on the other side. For every winner there is a loser. So for all these "speculators" supposedly driving the markets up, there have to be some speculators on the other side losing as much money (remember, these guys assert that these speculators "control" 99% of the market). And then there is the laugher that Phil Gramm arranged to put the "Enron loophole" into the agriculture bill. SENATOR Gramm was not on the Agriculture Committee at that time, but was Chairman of the Senate Banking Committee, and that bill was passed in the House of Representatives--when it came over to the Senate, no amendments were in order, none were made. The Senate passed the House bill as it was sent to them from the House. SENATOR Gramm left the House in the early 1980s.

The new website continues to be an annoying mistake for a number of reasons. Speculation is driving by demand v supplies. The speculator is betting that in the future the demand will outstrip supply and prices will be higher. With proposals like those of Slick Barry and the Wizard of Smart, Thomas L. Friedman to drive prices through the roof, how could the speculator be wrong? You can bet George Soros is buying all the futures he can get his greedy hands on?

The entire perspective of the article is interesting from the title to who they blame for it, who signed it into legislation and the administration that prosecuted Enron.

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