Comments on: CFTC Initiates Wide Probe into False Oil Inventory Reports http://www.citizeneconomists.com/blogs/2008/09/12/cftc-initiates-wide-probe-into-false-oil-inventory-reports/ Citizen Economists is an online economics magazine written by citizen journalists. These ordinary citizens provide reports and commentary on the current events affecting the economics of the fields they work in. Wed, 08 Feb 2012 04:44:52 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: Follow the Money http://www.citizeneconomists.com/blogs/2008/09/12/cftc-initiates-wide-probe-into-false-oil-inventory-reports/comment-page-1/#comment-1219 Follow the Money Sun, 14 Sep 2008 16:42:39 +0000 http://www.amateureconomists.com/blogs/?p=278#comment-1219 Contrary to what US Energy Secretary Samuel Bodman says I don't think supply and demand are really causing the problem. There are to many other factors at play here. Too many middle men skimming profits. Too much manipulation of supplies and inventories. The price of oil nearly doubled and gas went up a third in just one year and yet figures are coming out that indicate we are using less gas, not more, probably because people are cutting back on gas. That clearly means supply and demand have nothing to do with these prices. Speculation is driving prices !!! Lawmakers blame loopholes in commodities trading like the Swaps loophole or Enron Loophole. Whatever you want to call it, It's a get rich quick scheme and not much less obvious than a pyramid scheme. There is no way supply is causing this gas crisis. I put the full blame on speculators and commodities traders and I am sick of the smoke and mirrors. Democratic Senator Ron Wyden from Oregon, said Quote "I think the CFTC is losing credibility by the day, The agency's lack of oversight has hurt a lot of businesses." End Quote. In a seperate and rare dissident vote, Bart Chilton, one of the four CFTC commissioners, said the actions were insufficient. He said Quote "I do not believe the Commission's recommendations go far enough," End Quote. I say, "How come no one is talking about compensation for the public? That’s right. We all got ripped off at the pumps and we want our money back. Vitol, Goldman Sachs, Morgan Stanley and the rest of the scoundrals have an obligation to make it right again and the CFTC should be disbanded and punishment administered to the ones that covered up this massive mistake". Remember the Vitol "Oil for food" scandal in 2007 and then there was the Vitol "Contaminated oil scandal" in 1993 which involve the selling of 280,000 barrels of dirty oil to Pakistan? I guess we can call this one the "Vitol Swaps Scandal" Why is a company like Vitol even allowed to speculate in the first place? Contrary to what US Energy Secretary Samuel Bodman says I don’t think supply and demand are really causing the problem. There are to many other factors at play here. Too many middle men skimming profits. Too much manipulation of supplies and inventories. The price of oil nearly doubled and gas went up a third in just one year and yet figures are coming out that indicate we are using less gas, not more, probably because people are cutting back on gas. That clearly means supply and demand have nothing to do with these prices. Speculation is driving prices !!! Lawmakers blame loopholes in commodities trading like the Swaps loophole or Enron Loophole. Whatever you want to call it, It’s a get rich quick scheme and not much less obvious than a pyramid scheme. There is no way supply is causing this gas crisis. I put the full blame on speculators and commodities traders and I am sick of the smoke and mirrors.

Democratic Senator Ron Wyden from Oregon, said Quote “I think the CFTC is losing credibility by the day, The agency’s lack of oversight has hurt a lot of businesses.” End Quote.

In a seperate and rare dissident vote, Bart Chilton, one of the four CFTC commissioners, said the actions were insufficient. He said Quote “I do not believe the Commission’s recommendations go far enough,” End Quote.

I say, “How come no one is talking about compensation for the public? That’s right. We all got ripped off at the pumps and we want our money back. Vitol, Goldman Sachs, Morgan Stanley and the rest of the scoundrals have an obligation to make it right again and the CFTC should be disbanded and punishment administered to the ones that covered up this massive mistake”. Remember the Vitol “Oil for food” scandal in 2007 and then there was the Vitol “Contaminated oil scandal” in 1993 which involve the selling of 280,000 barrels of dirty oil to Pakistan? I guess we can call this one the “Vitol Swaps Scandal” Why is a company like Vitol even allowed to speculate in the first place?

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