quotable archives: June 2008 | May 2008 | April 2008
"Fairness also requires that we reform the oil futures market. We must purge the market of the reckless speculation, unrelated to any kind of productive commerce, that has inflated the price of gasoline -- at the expense of working men and women across our country. With new regulations, I intend to assure integrity in oil-futures trading, and to protect the public interest," said John McCain on his energy security plan. 06/25/08
"We can't ignore the advice of experts who believe that excessive speculation by noncommercial traders is having an adverse impact, it is driving up the price beyond what it otherwise would be and what the fundamentals would predict," said Senator Susan Collins (R-ME). CNBC Squawk Box 06/24/08
"John McCain has been part of an effort to close the Enron loophole," said McCain's top economic adviser Douglas Holtz-Eakin. Reuters 06/23/08
"On behalf of all Americans, it is time for Congress to close the Enron loophole [and] end the excessive speculation in energy," said Rep. Stupak. News Release: Stupak Introduces Revised Legislation to Address Excessive Energy Market Speculation 06/20/08
"At a time when American people cannot escape the direct impact that rising gas and oil prices have on their day-to-day lives, it is incumbent that we ensure that our energy futures markets are transparent and demonstrate supply and demand -- not manipulation by large institutional investors," said Sen. Olympia J. Snowe (Maine). Washington Post 06/19/08
"James May, president and CEO of the Air Transport Association of America, also compared the hike in commodity prices to the Enron scandal of 2000-2001. "[T]his country does not need another Enron scandal," May said in prepared testimony. 'We have to restore CFTC's authority to prevent improper and excess speculations in the energy sector.'" Platts 6/17/08
“…the hyperbolic rise in oil prices witnessed thus far in 2008 suggests to us that speculators now dominate the oil markets," said Michael Jones of Riverfront Investment Group. AFP 06/16/08
"It's time to open the books on the oil futures market...we can't expect the CFTC to properly monitor the market...if they don't have the information they need. Congress needs to give the CFTC the authority to monitor these trades closely and the staff and IT system to get the job done," said Sen. Durbin. International Business Times 06/13/08
"Democratic senators, Jack Reed of Rhode Island and Carl Levin of Michigan, said Wednesday that the White House had agreed to their request for a new federal task force to investigate whether 'manipulative or deceptive practices' are adding to the run-up in energy prices." New York Times, 06/12/08
“…more and more energy economists believe that a significant part of the increase in oil prices is not…simply…supply and demand or the cost of production…it is due to is speculation in oil futures. You have companies…who are bidding up prices, which some people think may amount for 25 to 50% or what a barrel of oil is,” said Senator Sanders. CSPAN 06/10/08
"Beleaguered airlines are slashing capacity…While there is little doubt of the speculative value of a strategically vital commodity like oil, it can easily become overvalued from time to time. We think this is such a time." MF Global Energy Overview 06/09/08
"Hedge funds and big Wall Street banks are taking advantage of loopholes in federal trading limits to buy massive amounts of oil contracts, according to a growing number of lawmakers and prominent investors, who blame the practice for helping to push oil prices to record highs." washingtonpost.com/MSNBC 06/06/08
"With jet fuel costing 84 percent more than it did a year ago, major airlines are raising fares and re-examining every feature of their flights, eliminating those they cannot afford." New York Times 06/05/08
"With oil at $130 barrel, small jets don't carry enough people to pay for fuel on many routes. The grounding of scores of regional jets and other small aircraft will usher in many of this year's air-service cuts." USA Today, 06/04/08
"...as fuel prices cut into airlines' profits, many officials predict the result will be massive financial losses, layoffs and cutbacks in service..." Wall Street Journal, 06/02/08