Oil.

Oil prices to be probed by US regulator CFTC
By James Quinn, Wall Street Correspondent
30/05/2008

America's leading commodities regulator has launched an unprecedented investigation into possible market manipulation in the US crude oil market amid record prices which continue to cripple various parts of the global economy.

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The development adds fuel to the view that the recent surge in oil prices - which hit record highs of $135.14 a barrel last week - has been largely the work of speculators in the energy markets rather than any actual increase in demand.

[...]

The FSA yesterday signed an agreement with the CFTC, and with ICE Futures Europe - which runs the leading European energy exchange from London - to agree to share surveillance information for crude oil trading, including data on contracts based on West Texas Intermediate (WTI) oil that are traded in London.


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About time.

What this means is, individuals who have intentionally set out to raise the price of oil for whatever reason, will be found out.

Across the globe, cooperation into the trading and markets in oil ... will reveal all, eventually.

This group will accomplish more than all the feckless Senate hearings intended to embarrass Bush and achieve no benefit for the American people. NOW we will see what happens. Whatever they find, we should stand behind - if oil companies or hedge fund managers, investors - whoever is behind it, find them, and seize their wealth, throw them into prison, and hang 'em after a hearing - good ol' Iranian style.


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May 30 (Bloomberg) -- Anyone wondering why Americans show no signs of abandoning their vehicles as gasoline fetches almost $4 gallon can find the answer in Europe, where the price of petrol hasn't been that low in at least six years.


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Again, what is the issue here people - that our gas price is cheaper than in Europe. So we should appreciate it being cheaper. Come on, stop with the ignorant commentary. Seriously. All this sort of gibberish does is show how utterly ignorant Americans really are.

The other $8 per gallon on their fuel is TAX. Government tax. If you removed the heavy taxation on fuel in Europe, it would be the same. They FUND their society with fuel taxes. Geesh. Get a clue.







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