Prohibitions On Market Manipulation and False Information in Subtitle B of the Energy Independence and Security Act of 2007 #538416-00011

Submission Number:
538416-00011
Commenter:
John Q Public
State:
SC
Initiative Name:
Prohibitions On Market Manipulation and False Information in Subtitle B of the Energy Independence and Security Act of 2007
There was a reason for the Excessive Price Run - up in Oil and other commodities, starting in fall of 2007 and exploding in the first 6.5 months of 2008. For example, throughout this entire period of major price run-up, contrary to 'market hype and rumors', global oil demand was never greater than supply. There was NO REAL PHYSICAL SHORTAGE. Same thing pretty much in all the commodities. Sure the lower value of the dollar had an effect, but only @ $15 in oil. Yes, there was some geo-political excitement, (saber-rattling by those who stood to gain by such - Iran, Russia and the WH - drilling, remember), but NOT actual events that cut off supplies to any real extent. Therefore, something more insidious had to be at play. Something was 'moving' the markets above and beyond the standard events that NORMAL Commodity Speculators respond to. There was a certain, new 'bloatedness' in these markets that made the ups and downs larger - $4 to $9 dollar swings over 'news items'....that, again, were not actual events. Several major commodity trading players, right in the middle of these 'swings and price movements' are escaping scrutiny. Their activies have yet to be examined at a 30,000 foot level as well as at a 5,00 foot level. What was their intentions and their positions during these volatile days? What help did they have in effecting hype as to prices in the explosive speculative run-ups? Since the CFTC is NOT going to do its job, and since media hype may not be in their jurisdiction, it is up to the FTC to look into this matter on behalf of the American People. If there is nothing, then there is nothing. However, if there is something, it needs to be dealt with. Thank You, John Q. Public