http://www.washingtonwatch.com/bills info@washingtonwatch.com http://www.pjdoland.com/chai/?v=0.1 http://www.washingtonwatch.com/bills/show/110_SN_3268.html#39608 We need more energy now. Wake up people, we are being scammed by politicians and foreign interests who benefit from our paralysis. Congress must enable nuclear power and natural gas production to coordinate the wind and solar sources as they develop and grow.... 39608@http://www.washingtonwatch.com Wed, 30 Jul 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_SN_3268.html#39632 This bill assumes that capital can only play on the traditional US dollar denominated commodities markets (NYMEX and the ICE.) Basically this bill assumes that if we shut down the speculation game in New York and London that will be the end of the game. It STUPIDLY ignores the new (Euro denominated) oil bourses in the UAE, Russia, japan, Iran and China. If we try to shut this game down it will collapse the US dollar FOREVER as capital flees the American market in search of greener pastures. This may be the only time I have ever agreed with the Bush Admin but I must agree that this is a very very stupid bill, unless you actually want to crush the America economy forever.... 39632@http://www.washingtonwatch.com Wed, 30 Jul 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_SN_3268.html#39465 The commodity futures markets were established to insure continuity of supply and stability of price. Hedgeing by markey makers does just that. Currently a high percentage of contracts are held and bid upon by investment banks and speculators not in the business of physically dealing with a specific commodity. S. 3268 would be a positive step to close loopholes and introduce proper oversite. Urge your Congressman to support this bill.... 39465@http://www.washingtonwatch.com Mon, 28 Jul 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_SN_3268.html#39499 Don't give me quotes, don't show me statistics, don't show me trends, explain exactly WHY speculation is causing the price of oil to be artificially high. I have yet to hear a coherent explanation on why speculation is to blame and I doubt I ever will. If you don't understand it either then don't buy into it. This demonization of speculators is about as bad as the demonization of the oil companies, the Iranians and the mortgage lenders.... 39499@http://www.washingtonwatch.com Mon, 28 Jul 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/history/110_SN_3268.html?rev=28278 <p>S. 3268 would amend the Commodity Exchange Act, to prevent excessive price speculation with respect to energy commodities.</p> <h2 id="toc0"> Detailed Summary </h2> <p>Stop Excessive Energy Speculation Act of 2008 - Amends the Commodity Exchange Act to extend its coverage to energy commodities such as petroleum products and natural gas.</p> <p>Prohibits the Commodity Futures Trading Commission (CFTC) from permitting a foreign board of trade to provide its members or other participants subject to CFTC jurisdiction direct access to its electronic trading and order matching system unless it meets specified requirements.</p> <p>Authorizes the CFTC to require recordkeeping by any person either located within the United States or entering trades directly into the trade matching system of a foreign board of trade from the United States.</p> <p>Subjects such persons to liability for violation of CFTC rules and regulations.</p> <p>Directs the CFTC to convene a working group of international regulators to develop uniform international reporting and regulatory standards to ensure protection of energy futures markets from nonlegitimate hedge trading, excessive speculation, manipulation, location shopping, and lowest common dominator regulation, each of which poses systemic risks to all energy futures markets, countries, and consumers.</p> <p>Defines &amp;quot;legitimate hedge trading&amp;quot; as transactions by commercial producers and purchasers of actual physical petroleum and energy commodities for future delivery and the direct counterparties to such trades.</p> <p>Directs the CFTC to review oversight actions regarding all energy futures market participants or market activity in order to ensure that: (1) legitimate hedge trading is protected and promoted; and (2) excessive speculation is eliminated.</p> <p>Requires the CFTC to set maximum speculative position limits on nonlegitimate hedge trading.</p> <p>Instructs the CFTC to convene an advisory group to recommend an appropriate level for position limits designed for traders or entities that are not legitimate hedge traders.</p> <p>Authorizes the CFTC to exercise oversight over any disturbance in a commodity market that disrupts its liquidity and price discovery function from accurately reflecting a commodity's supply and demand (&amp;quot;major market disturbance&amp;quot;).</p> <p>Requires the CFTC to identify each large over-the-counter transaction or class of such transactions in order to detect and prevent potential price manipulation of, or excessive speculation in, any contract listed for trading on a registered entity.</p> <p>Instructs the CFTC to: (1) routinely require detailed reporting from index traders and swap dealers in markets under its jurisdiction; and (2) review the trading practices for index traders in markets under its jurisdiction to ensure that index trading is not adversely impacting the price discovery process.</p> <p>Requires the CFTC to disaggregate and make public monthly: (1) the number of positions and total value of index funds and other passive, long-only positions in energy markets; and (2) data on speculative positions relative to bona fide physical hedgers in energy markets.</p> <p>Directs the CFTC to appoint additional CFTC employees for enforcement purposes.</p> <p>Establishes a Working Group on Energy Markets to: (1) identify the factors that affect the pricing of crude oil and refined petroleum products, including market speculation; and (2) assess the roles, missions, and structures of relevant federal agencies, interagency coordination, and the gaps that need to be filled for federal oversight and regulation of markets critical to energy security.</p> <p>Amends the Department of Energy Organization Act to require each federal agency head to provide information to the Administrator of the Energy Information Administration for identification of each energy-producing company.</p> <p>Establishes within such Administration a Financial Market Analysis Office responsible for financial analysis of energy markets.</p> <p>Directs the Federal Energy Regulatory Commission to investigate and report to certain congressional committees on the role of financial institutions in natural gas markets.</p> <p>Directs the Comptroller General of the United States to study and report to certain congressional committees on: (1) the international regime for regulating the trading of energy commodity futures and derivatives; and (2) the effects of noncommercial speculators upon energy futures markets and energy prices.</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc1"> Status of the Legislation </h2> <p>Latest Major Action: 7/25/2008: Senate floor actions. Status: Motion by Senator Reid to reconsider the vote by which cloture on the measure was not invoked (Record Vote Number 184) entered in Senate.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc2"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc3"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 28278@http://www.washingtonwatch.com Sat, 26 Jul 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_SN_3268.html#39393 Recent testimony of oil company executives before Congress showed oil should be $55 per barrel based on the rules of supply and demand. But the price is being bid up to unrealistic highs by unregulated speculators and investors.... 39393@http://www.washingtonwatch.com Fri, 25 Jul 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_SN_3268.html 7/25/2008: Senate floor actions. Status: Motion by Senator Reid to reconsider the vote by which cloture on the measure was not invoked (Record Vote Number 184) entered in Senate. 38144@http://www.washingtonwatch.com Fri, 25 Jul 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/history/110_SN_3268.html?rev=28083 <p>S. 3268 would amend the Commodity Exchange Act, to prevent excessive price speculation with respect to energy commodities.</p> <h2 id="toc4"> Detailed Summary </h2> <p>Stop Excessive Energy Speculation Act of 2008 - Amends the Commodity Exchange Act to extend its coverage to energy commodities such as petroleum products and natural gas.</p> <p>Prohibits the Commodity Futures Trading Commission (CFTC) from permitting a foreign board of trade to provide its members or other participants subject to CFTC jurisdiction direct access to its electronic trading and order matching system unless it meets specified requirements.</p> <p>Authorizes the CFTC to require recordkeeping by any person either located within the United States or entering trades directly into the trade matching system of a foreign board of trade from the United States.</p> <p>Subjects such persons to liability for violation of CFTC rules and regulations.</p> <p>Directs the CFTC to convene a working group of international regulators to develop uniform international reporting and regulatory standards to ensure protection of energy futures markets from nonlegitimate hedge trading, excessive speculation, manipulation, location shopping, and lowest common dominator regulation, each of which poses systemic risks to all energy futures markets, countries, and consumers.</p> <p>Defines &amp;quot;legitimate hedge trading&amp;quot; as transactions by commercial producers and purchasers of actual physical petroleum and energy commodities for future delivery and the direct counterparties to such trades.</p> <p>Directs the CFTC to review oversight actions regarding all energy futures market participants or market activity in order to ensure that: (1) legitimate hedge trading is protected and promoted; and (2) excessive speculation is eliminated.</p> <p>Requires the CFTC to set maximum speculative position limits on nonlegitimate hedge trading.</p> <p>Instructs the CFTC to convene an advisory group to recommend an appropriate level for position limits designed for traders or entities that are not legitimate hedge traders.</p> <p>Authorizes the CFTC to exercise oversight over any disturbance in a commodity market that disrupts its liquidity and price discovery function from accurately reflecting a commodity's supply and demand (&amp;quot;major market disturbance&amp;quot;).</p> <p>Requires the CFTC to identify each large over-the-counter transaction or class of such transactions in order to detect and prevent potential price manipulation of, or excessive speculation in, any contract listed for trading on a registered entity.</p> <p>Instructs the CFTC to: (1) routinely require detailed reporting from index traders and swap dealers in markets under its jurisdiction; and (2) review the trading practices for index traders in markets under its jurisdiction to ensure that index trading is not adversely impacting the price discovery process.</p> <p>Requires the CFTC to disaggregate and make public monthly: (1) the number of positions and total value of index funds and other passive, long-only positions in energy markets; and (2) data on speculative positions relative to bona fide physical hedgers in energy markets.</p> <p>Directs the CFTC to appoint additional CFTC employees for enforcement purposes.</p> <p>Establishes a Working Group on Energy Markets to: (1) identify the factors that affect the pricing of crude oil and refined petroleum products, including market speculation; and (2) assess the roles, missions, and structures of relevant federal agencies, interagency coordination, and the gaps that need to be filled for federal oversight and regulation of markets critical to energy security.</p> <p>Amends the Department of Energy Organization Act to require each federal agency head to provide information to the Administrator of the Energy Information Administration for identification of each energy-producing company.</p> <p>Establishes within such Administration a Financial Market Analysis Office responsible for financial analysis of energy markets.</p> <p>Directs the Federal Energy Regulatory Commission to investigate and report to certain congressional committees on the role of financial institutions in natural gas markets.</p> <p>Directs the Comptroller General of the United States to study and report to certain congressional committees on: (1) the international regime for regulating the trading of energy commodity futures and derivatives; and (2) the effects of noncommercial speculators upon energy futures markets and energy prices.</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc5"> Status of the Legislation </h2> <p>Latest Major Action: 7/23/2008: Senate floor actions. Status: Motion by Senator Reid to commit to Senate Committee on Agriculture, Nutrition, and Forestry with instructions to report back forthwith, wtih the following amendment [SA 5100] made in Senate.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc6"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc7"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 28083@http://www.washingtonwatch.com Thu, 24 Jul 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/history/110_SN_3268.html?rev=27954 <p>S. 3268 would amend the Commodity Exchange Act, to prevent excessive price speculation with respect to energy commodities.</p> <h2 id="toc8"> Detailed Summary </h2> <p>Stop Excessive Energy Speculation Act of 2008 - Amends the Commodity Exchange Act to extend its coverage to energy commodities such as petroleum products and natural gas.</p> <p>Prohibits the Commodity Futures Trading Commission (CFTC) from permitting a foreign board of trade to provide its members or other participants subject to CFTC jurisdiction direct access to its electronic trading and order matching system unless it meets specified requirements.</p> <p>Authorizes the CFTC to require recordkeeping by any person either located within the United States or entering trades directly into the trade matching system of a foreign board of trade from the United States.</p> <p>Subjects such persons to liability for violation of CFTC rules and regulations.</p> <p>Directs the CFTC to convene a working group of international regulators to develop uniform international reporting and regulatory standards to ensure protection of energy futures markets from nonlegitimate hedge trading, excessive speculation, manipulation, location shopping, and lowest common dominator regulation, each of which poses systemic risks to all energy futures markets, countries, and consumers.</p> <p>Defines &amp;quot;legitimate hedge trading&amp;quot; as transactions by commercial producers and purchasers of actual physical petroleum and energy commodities for future delivery and the direct counterparties to such trades.</p> <p>Directs the CFTC to review oversight actions regarding all energy futures market participants or market activity in order to ensure that: (1) legitimate hedge trading is protected and promoted; and (2) excessive speculation is eliminated.</p> <p>Requires the CFTC to set maximum speculative position limits on nonlegitimate hedge trading.</p> <p>Instructs the CFTC to convene an advisory group to recommend an appropriate level for position limits designed for traders or entities that are not legitimate hedge traders.</p> <p>Authorizes the CFTC to exercise oversight over any disturbance in a commodity market that disrupts its liquidity and price discovery function from accurately reflecting a commodity's supply and demand (&amp;quot;major market disturbance&amp;quot;).</p> <p>Requires the CFTC to identify each large over-the-counter transaction or class of such transactions in order to detect and prevent potential price manipulation of, or excessive speculation in, any contract listed for trading on a registered entity.</p> <p>Instructs the CFTC to: (1) routinely require detailed reporting from index traders and swap dealers in markets under its jurisdiction; and (2) review the trading practices for index traders in markets under its jurisdiction to ensure that index trading is not adversely impacting the price discovery process.</p> <p>Requires the CFTC to disaggregate and make public monthly: (1) the number of positions and total value of index funds and other passive, long-only positions in energy markets; and (2) data on speculative positions relative to bona fide physical hedgers in energy markets.</p> <p>Directs the CFTC to appoint additional CFTC employees for enforcement purposes.</p> <p>Establishes a Working Group on Energy Markets to: (1) identify the factors that affect the pricing of crude oil and refined petroleum products, including market speculation; and (2) assess the roles, missions, and structures of relevant federal agencies, interagency coordination, and the gaps that need to be filled for federal oversight and regulation of markets critical to energy security.</p> <p>Amends the Department of Energy Organization Act to require each federal agency head to provide information to the Administrator of the Energy Information Administration for identification of each energy-producing company.</p> <p>Establishes within such Administration a Financial Market Analysis Office responsible for financial analysis of energy markets.</p> <p>Directs the Federal Energy Regulatory Commission to investigate and report to certain congressional committees on the role of financial institutions in natural gas markets.</p> <p>Directs the Comptroller General of the United States to study and report to certain congressional committees on: (1) the international regime for regulating the trading of energy commodity futures and derivatives; and (2) the effects of noncommercial speculators upon energy futures markets and energy prices.</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc9"> Status of the Legislation </h2> <p>Latest Major Action: 7/22/2008: Senate floor actions. Status: Cloture invoked in Senate by Yea-Nay Vote. 94 - 0. Record Vote Number: 183.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc10"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc11"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 27954@http://www.washingtonwatch.com Wed, 23 Jul 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_SN_3268.html 7/23/2008: Senate floor actions. Status: Motion by Senator Reid to commit to Senate Committee on Agriculture, Nutrition, and Forestry with instructions to report back forthwith, wtih the following amendment [SA 5100] made in Senate. 38014@http://www.washingtonwatch.com Wed, 23 Jul 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/history/110_SN_3268.html?rev=27859 <p>S. 3268 would amend the Commodity Exchange Act, to prevent excessive price speculation with respect to energy commodities.</p> <h2 id="toc12"> Detailed Summary </h2> <p>Stop Excessive Energy Speculation Act of 2008 - Amends the Commodity Exchange Act to extend its coverage to energy commodities such as petroleum products and natural gas.</p> <p>Prohibits the Commodity Futures Trading Commission (CFTC) from permitting a foreign board of trade to provide its members or other participants subject to CFTC jurisdiction direct access to its electronic trading and order matching system unless it meets specified requirements.</p> <p>Authorizes the CFTC to require recordkeeping by any person either located within the United States or entering trades directly into the trade matching system of a foreign board of trade from the United States.</p> <p>Subjects such persons to liability for violation of CFTC rules and regulations.</p> <p>Directs the CFTC to convene a working group of international regulators to develop uniform international reporting and regulatory standards to ensure protection of energy futures markets from nonlegitimate hedge trading, excessive speculation, manipulation, location shopping, and lowest common dominator regulation, each of which poses systemic risks to all energy futures markets, countries, and consumers.</p> <p>Defines &amp;quot;legitimate hedge trading&amp;quot; as transactions by commercial producers and purchasers of actual physical petroleum and energy commodities for future delivery and the direct counterparties to such trades.</p> <p>Directs the CFTC to review oversight actions regarding all energy futures market participants or market activity in order to ensure that: (1) legitimate hedge trading is protected and promoted; and (2) excessive speculation is eliminated.</p> <p>Requires the CFTC to set maximum speculative position limits on nonlegitimate hedge trading.</p> <p>Instructs the CFTC to convene an advisory group to recommend an appropriate level for position limits designed for traders or entities that are not legitimate hedge traders.</p> <p>Authorizes the CFTC to exercise oversight over any disturbance in a commodity market that disrupts its liquidity and price discovery function from accurately reflecting a commodity's supply and demand (&amp;quot;major market disturbance&amp;quot;).</p> <p>Requires the CFTC to identify each large over-the-counter transaction or class of such transactions in order to detect and prevent potential price manipulation of, or excessive speculation in, any contract listed for trading on a registered entity.</p> <p>Instructs the CFTC to: (1) routinely require detailed reporting from index traders and swap dealers in markets under its jurisdiction; and (2) review the trading practices for index traders in markets under its jurisdiction to ensure that index trading is not adversely impacting the price discovery process.</p> <p>Requires the CFTC to disaggregate and make public monthly: (1) the number of positions and total value of index funds and other passive, long-only positions in energy markets; and (2) data on speculative positions relative to bona fide physical hedgers in energy markets.</p> <p>Directs the CFTC to appoint additional CFTC employees for enforcement purposes.</p> <p>Establishes a Working Group on Energy Markets to: (1) identify the factors that affect the pricing of crude oil and refined petroleum products, including market speculation; and (2) assess the roles, missions, and structures of relevant federal agencies, interagency coordination, and the gaps that need to be filled for federal oversight and regulation of markets critical to energy security.</p> <p>Amends the Department of Energy Organization Act to require each federal agency head to provide information to the Administrator of the Energy Information Administration for identification of each energy-producing company.</p> <p>Establishes within such Administration a Financial Market Analysis Office responsible for financial analysis of energy markets.</p> <p>Directs the Federal Energy Regulatory Commission to investigate and report to certain congressional committees on the role of financial institutions in natural gas markets.</p> <p>Directs the Comptroller General of the United States to study and report to certain congressional committees on: (1) the international regime for regulating the trading of energy commodity futures and derivatives; and (2) the effects of noncommercial speculators upon energy futures markets and energy prices.</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc13"> Status of the Legislation </h2> <p>Latest Major Action: 7/21/2008: Senate floor actions. Status: Motion to proceed to measure considered in Senate.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc14"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc15"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 27859@http://www.washingtonwatch.com Tue, 22 Jul 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_SN_3268.html 7/22/2008: Senate floor actions. Status: Cloture invoked in Senate by Yea-Nay Vote. 94 - 0. Record Vote Number: 183. 37934@http://www.washingtonwatch.com Tue, 22 Jul 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_SN_3268.html#39194 God help us.... 39194@http://www.washingtonwatch.com Mon, 21 Jul 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_SN_3268.html#39200 We're slipping down the slope to socialism and total government control. Soon we'll be in line to receive our 'ration' of oil. Let the free market 'free'. That is what has made this a great nation.... 39200@http://www.washingtonwatch.com Mon, 21 Jul 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_SN_3268.html#39201 What we need is greater transparency into the true supply/demand that is driving the speculation. Right now, it appears the speculation is not just based on real numbers.... 39201@http://www.washingtonwatch.com Mon, 21 Jul 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_SN_3268.html#39208 The problem was created by congress with the limitations on production in collusion with the environmental extremists. Until the artificial causes are removed, we need some artificial means to stop the problem.... 39208@http://www.washingtonwatch.com Mon, 21 Jul 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_SN_3268.html#39210 The cause is deregulation since 2000 & lack of oversight. The data is mostly public people, check their site & docs...then check the public sources. The speculators have 71% of the oil market now up from 37% in 2000. The futures are trading at a ratio of 13.8x world demand up 500% from the 2.7x value in 1997: http://www.eguyana.net/Eddiebauer/blog/62/ http://www.stopoilspeculationnow.com./uploads/Paper_Chase.pdf World Supply vs. Demand in balance & demand increasing linearly. http://www.eia.doe.gov/emeu/ipsr/t21.xls http://www.eia.doe.gov/emeu/ipsr/t46.xls No supply problem either, but I'm out of space. Senate knew in June of 2006: http://www.senate.gov/~levin/newsroom/release.cfm?id=257862 Tell your reps to support Bill S. 3268 or let a small group damage or destroy the world!... 39210@http://www.washingtonwatch.com Mon, 21 Jul 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_SN_3268.html#39215 Free trade is one thing "excessive price speculation" ( as stated in S.3268) is another.... 39215@http://www.washingtonwatch.com Mon, 21 Jul 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_SN_3268.html 7/21/2008: Senate floor actions. Status: Motion to proceed to measure considered in Senate. 37881@http://www.washingtonwatch.com Mon, 21 Jul 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_SN_3268.html#39150 This bill is not against all speculation, just the speculation that has no intention of using the product. The speculators having no interest in using the product are ripping everyone off by abusing loopholes in the system. If this bill does what they say, it should restrict speculation and hedging to the ones with a true physical interest in the product. The public should see immediate results. Check out www.stopoilspeculationnow.com for more info.... 39150@http://www.washingtonwatch.com Sat, 19 Jul 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_SN_3268.html#39125 Speculation helps moderate supply and demand. Speculators, hoping for higher prices at a later date purchase present supplies. This increases the current price and slows current consumption. Later, if the speculator is correct, this prevents shortages and even higher prices. If the speculator is wrong, he loses big bucks and the future price will decline.... 39125@http://www.washingtonwatch.com Fri, 18 Jul 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/history/110_SN_3268.html?rev=27738 <p>S. 3268 would amend the Commodity Exchange Act, to prevent excessive price speculation with respect to energy commodities.</p> <h2 id="toc16"> Detailed Summary </h2> <p>(Log in to edit the wiki and be the first to provide a detailed summary of the bill!)</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc17"> Status of the Legislation </h2> <p>Latest Major Action: 7/17/2008: Senate floor actions. Status: Cloture motion on the motion to proceed to the measure presented in Senate.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc18"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc19"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 27738@http://www.washingtonwatch.com Fri, 18 Jul 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/history/110_SN_3268.html?rev=27739 <p>S. 3268 would amend the Commodity Exchange Act, to prevent excessive price speculation with respect to energy commodities.</p> <h2 id="toc20"> Detailed Summary </h2> <p>Stop Excessive Energy Speculation Act of 2008 - Amends the Commodity Exchange Act to extend its coverage to energy commodities such as petroleum products and natural gas.</p> <p>Prohibits the Commodity Futures Trading Commission (CFTC) from permitting a foreign board of trade to provide its members or other participants subject to CFTC jurisdiction direct access to its electronic trading and order matching system unless it meets specified requirements.</p> <p>Authorizes the CFTC to require recordkeeping by any person either located within the United States or entering trades directly into the trade matching system of a foreign board of trade from the United States.</p> <p>Subjects such persons to liability for violation of CFTC rules and regulations.</p> <p>Directs the CFTC to convene a working group of international regulators to develop uniform international reporting and regulatory standards to ensure protection of energy futures markets from nonlegitimate hedge trading, excessive speculation, manipulation, location shopping, and lowest common dominator regulation, each of which poses systemic risks to all energy futures markets, countries, and consumers.</p> <p>Defines &amp;quot;legitimate hedge trading&amp;quot; as transactions by commercial producers and purchasers of actual physical petroleum and energy commodities for future delivery and the direct counterparties to such trades.</p> <p>Directs the CFTC to review oversight actions regarding all energy futures market participants or market activity in order to ensure that: (1) legitimate hedge trading is protected and promoted; and (2) excessive speculation is eliminated.</p> <p>Requires the CFTC to set maximum speculative position limits on nonlegitimate hedge trading.</p> <p>Instructs the CFTC to convene an advisory group to recommend an appropriate level for position limits designed for traders or entities that are not legitimate hedge traders.</p> <p>Authorizes the CFTC to exercise oversight over any disturbance in a commodity market that disrupts its liquidity and price discovery function from accurately reflecting a commodity's supply and demand (&amp;quot;major market disturbance&amp;quot;).</p> <p>Requires the CFTC to identify each large over-the-counter transaction or class of such transactions in order to detect and prevent potential price manipulation of, or excessive speculation in, any contract listed for trading on a registered entity.</p> <p>Instructs the CFTC to: (1) routinely require detailed reporting from index traders and swap dealers in markets under its jurisdiction; and (2) review the trading practices for index traders in markets under its jurisdiction to ensure that index trading is not adversely impacting the price discovery process.</p> <p>Requires the CFTC to disaggregate and make public monthly: (1) the number of positions and total value of index funds and other passive, long-only positions in energy markets; and (2) data on speculative positions relative to bona fide physical hedgers in energy markets.</p> <p>Directs the CFTC to appoint additional CFTC employees for enforcement purposes.</p> <p>Establishes a Working Group on Energy Markets to: (1) identify the factors that affect the pricing of crude oil and refined petroleum products, including market speculation; and (2) assess the roles, missions, and structures of relevant federal agencies, interagency coordination, and the gaps that need to be filled for federal oversight and regulation of markets critical to energy security.</p> <p>Amends the Department of Energy Organization Act to require each federal agency head to provide information to the Administrator of the Energy Information Administration for identification of each energy-producing company.</p> <p>Establishes within such Administration a Financial Market Analysis Office responsible for financial analysis of energy markets.</p> <p>Directs the Federal Energy Regulatory Commission to investigate and report to certain congressional committees on the role of financial institutions in natural gas markets.</p> <p>Directs the Comptroller General of the United States to study and report to certain congressional committees on: (1) the international regime for regulating the trading of energy commodity futures and derivatives; and (2) the effects of noncommercial speculators upon energy futures markets and energy prices.</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc21"> Status of the Legislation </h2> <p>Latest Major Action: 7/17/2008: Senate floor actions. Status: Cloture motion on the motion to proceed to the measure presented in Senate.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc22"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc23"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 27739@http://www.washingtonwatch.com Fri, 18 Jul 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/history/110_SN_3268.html?rev=27620 <p>S. 3268 would amend the Commodity Exchange Act, to prevent excessive price speculation with respect to energy commodities.</p> <h2 id="toc24"> Detailed Summary </h2> <p>(Log in to edit the wiki and be the first to provide a detailed summary of the bill!)</p> <!--Leave in the 'summary' tags if you want the latest summary from the Congressional Research Service automatically to replace the text between the tags once it becomes available. --> <h2 id="toc25"> Status of the Legislation </h2> <p>Latest Major Action: 7/16/2008: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 882.</p> <!-- Leave in the 'status' tags if you want the latest reported status from THOMAS automatically to replace the text between the tags once it becomes available. --> <h2 id="toc26"> Points in Favor </h2> <p>(Log in to edit the wiki and be the first to show why the bill should pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> <h2 id="toc27"> Points Against </h2> <p>(Log in to edit the wiki and be the first to show why the bill should not pass!)<br /> <!-- First editor: Go ahead and take out the sentence in parentheses, and this notice! --> </p> 27620@http://www.washingtonwatch.com Thu, 17 Jul 2008 00:00:00 EDT http://www.washingtonwatch.com/bills/show/110_SN_3268.html 7/17/2008: Senate floor actions. Status: Cloture motion on the motion to proceed to the measure presented in Senate. 37842@http://www.washingtonwatch.com Thu, 17 Jul 2008 00:00:00 EDT