Last Thursday the House of Representatives acted to curb excessive OIL speculation, but in the absence of any indication that the Senate will act, prices have spiked.
The largest one-day price increase in NYMEX history occurred today. Although we recognize the impact of the financial crisis on Wall Street, the weak dollar and the aftermath of Hurricane Ike, this unprecedented 16% one date jump also reflects the impact of excessive energy speculation. Reversing recent price decreases, oil peaked at $130 a barrel, closing at $120.92 a barrel reflecting the impact of excessive energy speculation.
The market’s extreme volatility suggests that speculators who withdrew tens of billions of dollars from the energy markets when Congress threatened to tighten oversight over excessive and harmful speculation breathed a sigh of relief last week when action in the Senate seemed unlikely, and returned to the energy markets in full force today.
We need a bipartisan approach to a national energy policy. Congress must pass a comprehensive energy plan or all Americans will pay the price as oil prices return to or exceed this summer’s record levels.
Tell your Senators to give us an oil break, cause we're broke!
Sincerely,
Coalition to Stop Oil Speculation Now
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