The Commodity Futures Trading Commission has been under increasing pressure by Congress to rein in speculation in the markets, which many believe has contributed to record-high oil and gasoline prices.
Gas Prices
U.S. Asks the U.K. to Set Limits on Oil Speculation
$4 Gasbags
Anyone wondering why U.S. energy policy is so dysfunctional need only review Congress's recent antics. Members have debated ideas ranging from suing OPEC to the Senate's carbon tax-and-regulation monstrosity, to a windfall profits tax on oil companies, to new punishments for "price gouging" everything except expanding domestic energy supplies.
CFTC in talks to plug London loophole
The US energy markets watchdog on Tuesday held talks with its UK counterpart about the possibility of introducing limits on traders positions in Londons oil markets, underlining in a sign of persistent US congressional concern that London is being exploited by speculators contributing to record oil prices.
Petrol sales fall 20pc as drivers feel the pinch
The drop in demand for petrol among British drivers is greater than that being experienced in other countries.
Gasoline Hits Average of $4 a Gallon
The average price of gasoline in the U.S. hit $4 a gallon for the first time Sunday, the latest milestone in a run-up in fuel prices that is sapping consumer confidence and threatening to nudge the nation into recession.
Oil executives say soaring costs hurt them, too
WASHINGTON Executives from the five biggest international oil companies on Wednesday said they are victims of high oil prices along with U.S. consumers, but Senate lawmakers showed little sympathy.
U.S. Commodity Futures Trading Commission investigate oil price manipulation
An investigation of oil trading by the U.S. Commodity Futures Trading Commission will likely target evidence that traders intended to manipulate markets rather than just schemed to make money, former officials of the agency said.
Shocked! How the oil crisis has hit the world
All around the world, in a multitude of ways, the soaring price of oil is hurting rich and poor alike. For the lucky ones, it is simply a matter of changing their lifestyle. But those most vulnerable to the price of oil have been driven on to the streets in angry protests, which raise a fundamental question: what can we do to survive in a world where a barrel of oil costs $127 (£64)?
“I Was Shot by Soldiers Bought and Paid for by Chevron”
Editor's note: this is a statement given to Chevron's annual shareholders' meeting by Larry Bowoto, a lead plaintiff in Bowoto v. Chevron, which will come to trial in federal court in San Francisco in September. See here for background.
Regulators Step Up Probes Of Trading in Oil Markets
The move Thursday by the Commodity Futures Trading Commission, including its unusual announcement of an investigation in progress, comes after crude-oil prices topped $130 a barrel last week and tested all-time highs.
Can ExxonMobil Get Back to Business Now?
To achieve its success, ExxonMobil has been forced to do business with a less-than-hospitable Russian government, which has strong-armed Royal Dutch Shell and BP. It must also contend with Venezuelan wild man Hugo Chavez, who last year helped himself to the assets of half a dozen big oil companies. So Exxon's core business clearly involves something more than casually nibbling on bon-bons.
If $4 Gas Is Bad, Just Wait
Judging from the futures markets, shock at the gas pump is bound to get worse. Maybe much worse.
The Same Old Song on High Gas Prices
Ms. Wasserman Schultz, Democrat of Florida, channeled the rage of every parent in America who has pulled into a gas station recently on the way to ballet lessons or soccer practice, letting loose on the men from Exxon Mobil, Shell, Chevron, ConocoPhillips andBP America.
High prices spawn search for energy alternatives
A Royal Dutch Shell executive said there's "plenty of oil in the world," but whoever restricts supply -- read Saudi Arabia, Venezuela et al -- are in fact spurring alternatives such as wind, solar and nuclear energy and Canadian tar sands.
Oil Sets Record Near $128
The price for a barrel of benchmark light, sweet crude for June delivery jumped $2.17 to settle at record close of $126.29 on the New York Mercantile Exchange. Earlier in the session, prices surged to $127.82 a barrel, also a new high. It was the eighth time in the past 10 sessions traders rewrote the record books, and the first time prices topped $127 a barrel.