US Senators seek curbs on London trading in oil futures
By James Quinn in New York
Two leading US politicians are pushing for tighter controls on London’s oil community by handing the American Commodity Futures Trading Commission (CFTC) a remit to regulate trading on foreign energy exchanges.
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| Carl Levin and Dianne Feinstein: both senators are keen to reduce the amount of speculative energy trading |
Senators Carl Levin and Dianne Feinstein intend to close the “London loophole” by empowering the CFTC to impose speculative limits on US traders who use London exchanges. The move is aimed at helping to prevent price manipulation and excessive speculation in the oil market.
The senators’ aim goes one step further than the CFTC’s current investigation into the US crude oil market, which was announced on Thursday, by giving the American futures regulator the power to intervene in trading activities that occur outside its own legal jurisdiction.
Both politicians are keen to reduce the amount of speculative energy trading, which they believe pushes up the price of crude oil, and so petrol prices, unfairly hurting their constituents.
Levin said: “The traders can do it by using computer terminals that are located in the US but provide direct access to the London exchange.”
The proposed new law will require foreign exchanges that operate trading terminals in the US to comply with US speculative trading limits and reporting requirements.
The Bill is aimed in part at the London-basedICE Futures Europe, the former International Petroleum Exchange, which conducts the majority of trade in oil done through London, and which uses terminals in the US where traders can trade US crude oil in London.
In a statement, ICE said: “Sound market oversight and cooperation between regulators in the US and UK are already in place for energy futures markets.
The hastily submitted legislative proposals to place arbitrary controls on regulated energy futures markets do not offer short-term relief or long-term solutions to the drivers of crude oil prices.
The rise in worldwide demand for crude oil cannot be impacted by government-imposed market controls.”
A spokesman for Feinstein, who represents the state of California, confirmed on Saturday that although she believes the CFTC’s investigation is a start, more needs to be done.
“She also believes it’s critical that we don’t allow the London electronic exchange [ICE Futures Europe] to be used as a loophole.”
Royal Dutch Shell conspired directly with Hitler, financed the Nazi Party, was anti-Semitic and sold out its own Dutch Jewish employees to the Nazis. Shell had a close relationship with the Nazis during and after the reign of Sir Henri Deterding, an ardent Nazi, and the founder and decades long leader of the Royal Dutch Shell Group. His burial ceremony, which had all the trappings of a state funeral, was held at his private estate in Mecklenburg, Germany. The spectacle (photographs below) included a funeral procession led by a horse drawn funeral hearse with senior Nazis officials and senior Royal Dutch Shell directors in attendance, Nazi salutes at the graveside, swastika banners on display and wreaths and personal tributes from Adolf Hitler and Reichsmarschall, Hermann Goring. Deterding was an honored associate and supporter of Hitler and a personal friend of Goring.
Deterding was the guest of Hitler during a four day summit meeting at Berchtesgaden. Sir Henri and Hitler both had ambitions on Russian oil fields. Only an honored personal guest would be rewarded with a private four day meeting at Hitler’s mountain top retreat.
IN JULY 2007, MR BILL CAMPBELL (ABOVE, A RETIRED GROUP AUDITOR OF SHELL INTERNATIONAL SENT AN EMAIL TO EVERY UK MP AND MEMBER OF THE HOUSE OF LORDS: 
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.
