From the ICE (Intercontinental Exchange) comes to the defense of speculators. I strongly recommend reading the expert opinions. Here’s one opinion…
“That additional oversight of commodity markets wasn’t the answer to record oil prices.”
“Oil producers that haven’t invested enough in expanding production, combined with widespread subsidies that shield consumers in countries such as China and India from the full cost of their fuel were the key drivers of soaring crude futures”“We’ve looked at it and have concluded unfortunately that this is not a matter where there needs to be more regulation of markets.”
“Therefore I don’t think that there’s going to be a lot of use in increasing or changing margin requirements.”
– US Energy Secy: No Need For More Oil Mkt Regulation – Samual Bodman (U.S. Energy Secretary), Dow Jones (06/07/08)
