Oil Speculators To Be Probe By British MPs [Oil $146/Barrel]
July 4, 2008 Leave a comment
Source – Wikipedia
Concern over the possible role of speculators in driving record crude oil prices has prompted the House of Commons’ Treasury select committee to hold its first hearing into regulation of London’s oil markets, John McFall, the committee’s chairman, said on Thursday.
The development is a sign that the intense political pressure to address – or, at least, be seen to address – the causes of high oil prices are emerging in Britain after initially appearing in the US. In recent weeks, Congress has held multiple hearings on the issue.
The US House of Representatives last week passed by a big margin legislation requiring the US futures and commodities watchdog, the Commodity Futures Trading Commission to “utilise all its authority, including emergency powers, to take steps to curb excessive speculation in the energy futures markets”.
Mr McFall, a Labour MP for West Dumbartonshire, said that the two US presidential candidates, Republican John McCain and Democrat Barack Obama, as well as independent senator Joseph Lieberman, all had expressed concern about the role of speculation in oil markets.
He said he planned to hold a hearing into the issue – set for July 15.
Mr McFall told a meeting of the UK’s parliamentary liaison committee: “There is a real problem here. We really need to some action because it’s reported there is $260bn of speculative money in the oil futures market.”