Nofsdad
Joined: 06 Jul 2003
Posts: 7085
Location: Central CA
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Posted: Mon Jun 16, 2008 10:42 pm Post subject: Congress To Probe Oil Price Spike
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Oil traders will come under increasing scrutiny in Washington this week as two Senate committees hold hearings on whether speculators are to blame for part, or all, of oil's spectacular price rise this year.
Oil prices are up at least 40 percent since January, with prices almost setting daily records. The price of crude has hit $140 a barrel and a growing number of lawmakers have begun to view speculation as the main reason.
Acting Chairman of the Commodity Futures Trading Commission Walter Lukken will try to explain the price surge when he appears Tuesday before a joint hearing of two Senate panels – the Committee on Agriculture, Nutrition and Forestry and an Appropriations Committee subcommittee on financial services. |
The Rest Of The Story
So, even if congress decides that fuel and energy prices are being manipulated by the professional moneychangers, what can we expect them do do about it?
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