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U.S. Government Considers Capping Speculation In Oil Trading

U.S. Government Considers Capping Speculation In Oil Trading

By Richard Read's avatar Richard ReadRichard Read July 8th, 2009

'Oil Barrels, 2008' (detail) by Chris Jordan

'Oil Barrels, 2008' (detail) by Chris Jordan

Enlarge Photo

It's no secret that the price of oil--and subsequently, gasoline--has a profound effect on the types of vehicles consumers want. When per-barrel prices hit $145 last summer and gas was over $4 per gallon, folks finally paid attention to all those minicars they'd been hearing about. Now that oil is less than half that, SUVs are on everyone's mind. In light of such volatility, the Commodity Futures Trading Commission is looking to stabilize things by limiting speculative trading in oil and other energy commodities. It won't make everyone happy, but until elected officials get on the gas tax bandwagon, it may be the best we get. [NYTimes]

'Oil Barrels, 2008' (detail) by Chris JordanEnlarge Photo It's no secret that the price of oil--and subsequently, gasoline--has a profound effect on the types of vehicles consumers want. When per-barrel prices hit $145 last summer and gas was over $4 per gallon, folks finally paid attention to all those minicars they'd been hearing about. Now that oil is less than half that, SUVs are on everyone's mind. In light of such volatility, the Commodity Futures Trading Commission is looking to stabilize things by limiting speculative trading in oil and other energy commodities. It won't make everyone happy, but until elected officials get on the gas tax bandwagon, it may be the best we get. [NYTimes]

Tags: Gasoline, oil, Gas Prices, gasoline tax



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