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Ed Markey: We Cannot Let Market Manipulation Drive Up Oil Prices

President Obama is taking important steps to close dangerous loopholes

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It simply is not possible to speculate where there is abundance. No one is speculating in natural gas or beach sand for that matter. Most of the earths surface has never had a hole poke in it and if the impediments to drilling and development are removed the incentive to manipulate disappears.

surfdog of CA 7:32PM April 20, 2012

If you have proof bring charges you lying sack of crap!

If not, shut up, and sit down!

MWalters of OH 6:56PM April 20, 2012

We have heard this a million times and no wrongdoing is ever proven. If people are running up the price beyond actual demand, where are all the suckers sitting on inventory they can't sell? There isn't any.

John Galt of FL 6:48PM April 20, 2012

"Speculators" are the free market. Oil stocks are higher than they have been in a decade. What could possibly drive up oil prices? FEAR. And that fear is the fear of a WAR in the middle east. Duh.

Patrick Henry of VA 5:19PM April 20, 2012

Note that Markey never says what illegal activities would be stopped. Buying oil without intending to take delivery is not a crime. It's not even shady -- it's a perfectly normal thing that farmers, airlines, railroads, etc. do to protect themselves against fuel price hikes.

Does Markey say what makes a trade illegal or shady? No.

Does he say how many "speculators" there are? No.

Does he say what a speculator is? No.

Does he name any names? No.

Does he tell us anything, at all?

No.

Mr. Lynch of CA 5:16PM April 20, 2012

Who is to blame for the price of natural gas falling to the historic current low price?

Why is Obama not spending more borrowed money looking into this?

If speculation can drive the price of one commodity up, can it not be driving another down?

Re-election drives all that he does.

Derik Rentrop of TX 5:14PM April 20, 2012

This politician only demonstrates the truth of elected officials. They are all very good at being elected but no nothing regarding economics. Oil is rising due to the FEDs printing of money on 2 fronts. First, the banks,i.e. GoldSacs is not lending the money they are speculating w/ it in ALL of the markets, US and foreign. Secondly, oil is a commodity which has intrinsic value. Individuals, countries who want to reduce their exposure to the US dollar and its loss in value seek out asset classes which will protect their purchasing power. Obama, Geithner, and the FED are doing all they can to devalue the dollar. Malarkey only demonstrates his ignorance w/ articles such as this. What else should you expect from a politician but to blame others for their mess.

Santi415 of CA 4:20PM April 20, 2012

Google the "$2.5 Trillion Oil Scam - slideshare." Purchase electric cars and solar panels. The price of oil and gasoline is determined by those who manipulate and control the crude oil futures markets, namely the IntercontinentalExcahange (ICE), ICE Futures Europe and the NYMEX, and is not decided by Obama, OPEC, Saudi Aramco,Inc. and the laws of supply and demand.

Earl Richards 2:53PM April 20, 2012

So, when are you going to do another one of your photo ops to call out the failed policies of the Obama administration like you did when gas was more than a dollar cheaper under Bush?

Keith Messina of MA 1:20PM April 20, 2012

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