Excellent C-SPAN segment w/ Michael Greenberger Re: Oil commodity trading

Michael Greenberger is the former Dir. of the Commodity Futures Trading Commission (1997-99), and had some very enlightening things to say about the ever-rising cost of oil. He is concerned that investment banks, hedge funds, and wealthy investors are "gerry-rigging" the futures market, and that the commodities markets are largely unregulated. He states that no matter how much oil is produced, that these speculators will continue to use corrupt markets to drive up oil prices to artificial highs. Also, that the banks are hording heating oil, crude oil, and gasoline, because they are appreciating commodities, much like gold. Of course the Bush administration is looking the other way on this, I wonder why? :sarcasm:

Greenberger goes on to state that if the DoJ were to look into the corruption of the market, that the futures on oil would sharply decrease. He believes Congress is slowly catching on to this, but we need them to move with more urgency. As long as the commodities markets are corrupt, any type of energy, including biofuels, will be subject to hording and speculation driving the prices up well beyond what they should be. There is not an oil shortage, but rather a PERCEPTION of a shortage, supply and demand is not the driving force in the recent run-up of oil costs. Commodity trading MUST be regulated fully, or this upward spiral of energy futures will continue unabated, even though it isn't warranted by actual supply.

Go to: http://www.c-span.org/homepage.asp?Cat=Series&Code=WJE&ShowVidNum=6&Rot_Cat_CD=WJ&Rot_HT=205&Rot_WD to find the video of this 28 minute interview.

as well. Thanks for posting it. I wish KO would book him his show. He was not afraid to state the truth. There is no regulation on the futures markets or anywhere else for that matter. This administration has been more then criminally negligent in oversight of everything.

Has known about the problem with these investors for some time, but the leadership in both parties don't want to tick of the big money they have coming their way from these jerks!

Now the public is getting to the point they want something done, and so they are going through the motions, and maybe if we are lucky they will actually do something about this. We really need to write those in congress and tell them to start standing up for the people of this country, and not the big corporations or we will vote them out of office!