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GasBuddy News Article

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Wall Street fights rule limiting oil speculation

CNN -- WASHINGTON (CNNMoney) -- Wall Street is pushing to stop a new rule that would crack down on speculation in the energy markets, which many blame for contributing to the spike in gas prices.

The new rule -- part of the 2010 Dodd-Frank Act to reform Wall Street -- would set limits on how much traders can buy, preventing firms from grabbing large chunks of the energy market.

But those limits may not be set anytime soon. Nearly two years after the new law, the rule has yet to be fully implemented. And on Monday, two Wall Street trade groups asked a federal judge in Washington to delay or block the rule.

The Wall Street groups said in a statement that the rule was lacking on an economic basis, and would harm markets if implemented.

Commissioner Bart Chilton estimates that Wall Street's


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Submitted Feb 28, 2012 By: bar1035
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REPLIES (newest first) Post a Reply
honda0105
Champion Author Tallahassee

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Message Posted: Mar 1, 2012 6:09:40 AM

Dodge: indeed. This will eventually be another housing bubble. Just not immediately b/c there are not enough highly fuel efficient vehicles on the road yet.
tomok
Champion Author Portland

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Message Posted: Mar 1, 2012 4:23:00 AM

Wall Street fights rule limiting oil speculation?
Barry does not care about the price of fuel.
The price of fuel at the pump is too high!
12/22/2012!
ericbcire
Champion Author Nevada

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Message Posted: Feb 29, 2012 9:37:39 PM

Stop the speculators.
pse91
All-Star Author Calgary

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Message Posted: Feb 29, 2012 1:56:38 PM

The Futures Boy's can thousands of dollars that we have to pay at the pummp because they bet on a up swing. I hope and pray that someone gets the message out that there will be no war in Iran which would cost the Futures Boy's thousands. Let's make that happen.
coughlin
Champion Author San Jose

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Message Posted: Feb 29, 2012 1:14:59 PM

This would be a blow against Capitalism.
numbers
Champion Author North Dakota

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Message Posted: Feb 29, 2012 6:55:19 AM

They fought for the financing scams also
Dodge_Me
Champion Author Atlanta

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Message Posted: Feb 29, 2012 12:24:54 AM

You think the speculators would want the limits, considing what will happen when they find the highest price of the market and then its like a cliff that everyone gets pushed off. They will find the highest price that the majority won't be able to pay and then what, the market that they jacked up falls apart. where is greed when it falls apart. When there is no spending then there is no profits.
Maybe we should start an act that speculates when the speculators are going to lose it all. Ha
suzcoates
Rookie Author South Bend

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Message Posted: Feb 29, 2012 12:07:16 AM

Our country is in such a mess :(
heartbroken2010
Champion Author Ottawa

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Message Posted: Feb 29, 2012 12:06:55 AM

now i wonder why they would do this , Hmm.
LoneGuy
Champion Author Lansing

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Message Posted: Feb 29, 2012 12:06:45 AM

When government begins to quits manipulating oil, they might have some credibility to speak on speculation of others.

[Edited by: LoneGuy at 2/29/2012 12:07:06 AM EST]
herndonks
Champion Author Baltimore

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Message Posted: Feb 29, 2012 12:06:26 AM

No surprise
regout
Champion Author Quebec

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Message Posted: Feb 29, 2012 12:06:13 AM

We don't know what will happen and I'm not to optimist.
big_mac64
Champion Author Tennessee

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Message Posted: Feb 29, 2012 12:05:58 AM

whatever. It needs to be regulated or it will be our downfall!
billk44077
Champion Author Cleveland

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Message Posted: Feb 29, 2012 12:05:01 AM

F***! Wall Street bailout BAST***S
pastorpaulcg
Champion Author Virginia

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Message Posted: Feb 29, 2012 12:04:48 AM

Ok
umitb
Champion Author Indianapolis

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Message Posted: Feb 29, 2012 12:03:15 AM

ok
southrob
Champion Author Tucson

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Message Posted: Feb 29, 2012 12:02:47 AM

drill more.. refine more.. now so we are not talking about this in 5 years
ShutRBug
Champion Author Ontario

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Message Posted: Feb 29, 2012 12:02:33 AM

Of course they do
dmgas1
Sophomore Author Philadelphia

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Message Posted: Feb 29, 2012 12:01:08 AM

so what else is new
Blue48
Champion Author Illinois

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Message Posted: Feb 28, 2012 11:58:00 PM

THERE SHOULD BE A LIMIT!
Alaydown
Champion Author Los Angeles

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Message Posted: Feb 28, 2012 11:57:55 PM

They need to repeal Dodd-Frank Act.
trinda1
Champion Author Fort Worth

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Message Posted: Feb 28, 2012 11:56:42 PM

If we all act out on fear, the whole world would be in turmoil.
purplebears
Champion Author Milwaukee

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Message Posted: Feb 28, 2012 11:56:24 PM

It has been a long time since I've read a thread that didn't blame Obama for the topic's problem. I'm sure some nut-job will come along shortly and ruin a good thing...
kuma2000
Champion Author Honolulu

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Message Posted: Feb 28, 2012 11:52:48 PM

okay.
BooHooMI
Champion Author Michigan

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Message Posted: Feb 28, 2012 11:52:32 PM

ok
jessek
Champion Author Detroit

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Message Posted: Feb 28, 2012 11:51:58 PM

Amen.
stopforgas
Champion Author Mississippi

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Message Posted: Feb 28, 2012 11:47:40 PM

I'm all for this!
jrsva
Champion Author Virginia

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Message Posted: Feb 28, 2012 11:47:01 PM


Rampant speculation is one of several things driving oil markets. Getting that under control would offer some hope of stemming the price increases. At least without excessive speculation, prices would be based on real factors.
mstearno
Champion Author Dayton

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Message Posted: Feb 28, 2012 11:45:19 PM

to be expected
B_550i
All-Star Author Seattle

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Message Posted: Feb 28, 2012 11:42:09 PM

K
Ray_10589
Champion Author New York

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Message Posted: Feb 28, 2012 11:41:04 PM

They belong in Jail!!
RAKARWOWSKI
Champion Author Chicago

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Message Posted: Feb 28, 2012 11:40:57 PM

To bad, so sad.
vtroger
Veteran Author Vermont

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Message Posted: Feb 28, 2012 11:40:18 PM

This is a great new rule. This needs to be enforced. Speculators need to be held accountable.
FastAndy
Champion Author Indianapolis

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Message Posted: Feb 28, 2012 11:38:57 PM

That is just to bad.
OGW
Champion Author London

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Message Posted: Feb 28, 2012 11:36:37 PM

New rules or send them to jail!
roadrunnin
Champion Author Richmond

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Message Posted: Feb 28, 2012 11:34:14 PM

WHAT no more making money while robbing the everyday man NO WAY [he he]
we'll see what the lobbyists think about that.
jindodog
Veteran Author Missouri

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Message Posted: Feb 28, 2012 11:33:16 PM

The rich get greedier, the middle class gets poorer, and the rest go on welfare.
fishnhuntWV
Veteran Author West Virginia

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Message Posted: Feb 28, 2012 11:32:18 PM

We need better regulations on oil speculation but we can't hate on the stock market most people retirement savings are in the stock market
cateyes8264
Champion Author Tennessee

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Message Posted: Feb 28, 2012 11:31:01 PM

if its not the ragheads ripping us its big business and big oil
Chris46
Champion Author Dayton

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Message Posted: Feb 28, 2012 11:30:33 PM

Speculators are harming the economy.
txkrb
Champion Author Texas

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Message Posted: Feb 28, 2012 11:30:09 PM

There needs to be stricter limits etc for commodity traders
ie The amount of money required to be put up(risked) needs to be increased
currently a contract can be purchased for less than 20 cents on the dollar

and caliberman "Reagan deregulated all businesses"?
that must be why there are no rules etc from FTC, FCC, Energy Dept and EPA

stupid comment


[Edited by: txkrb at 2/28/2012 11:31:01 PM EST]
CaliberMan71
All-Star Author Ohio

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Message Posted: Feb 28, 2012 11:22:31 PM

Do you nay sayers not see that ever since Reagan deregulated businesses that this country has been going downward? You can not let any form of business, or Government go unchecked. It is a recipe for, well we are in it now. You can trace all of this mess back to the Reagan era and trickle down economics. Unchecked you can bet the farm that evil will show its ugly head and money speaks louder than morals, and ethics.
carefrey
Champion Author Orlando

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Message Posted: Feb 28, 2012 11:22:21 PM

We need that rule to slow down those speculators.
STLcardsfan
Champion Author St. Louis

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Message Posted: Feb 28, 2012 11:21:34 PM

They shouldn't be allowed to affect prices
Ethan777OH
Veteran Author Ohio

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Message Posted: Feb 28, 2012 11:20:31 PM

.........sigh
Thomtec
Champion Author Nashville

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Message Posted: Feb 28, 2012 11:18:42 PM

Yeah, ask a crack dealer if they like government regulation either. Govt regulations and wacky environmentalism are the reasons that we have this problem in our country.
RADIOCANADA499
Champion Author Ontario

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Message Posted: Feb 28, 2012 11:17:51 PM

suprise suprise
tippybuddy
Champion Author Ontario

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Message Posted: Feb 28, 2012 11:17:14 PM

I too think speculation should be banned...or restrict in some way...we poorer people don't have the money to invest in the stock markets not that I'd want to if millions and millions of people would suffer for it...I'm pretty sure if I were rich I'd feel the same way..
BlueVanGroup
Champion Author Fort Collins

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Message Posted: Feb 28, 2012 11:16:56 PM

Night Owl, the 2008 crash was caused by the federal government mandating worthless loans to people who couldn't afford to pay them under the assumption that real estate would continue to appreciate forever.

Since we still have ridiculous government mandates, it looks like we didn't learn.
BlueVanGroup
Champion Author Fort Collins

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Message Posted: Feb 28, 2012 11:15:32 PM

Oil contract transactions will simply move to other exchanges.

Once again Congress creates regulations that push economic activity to other nations.
Night Owl
Champion Author Toronto

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Message Posted: Feb 28, 2012 11:13:47 PM

Wall Street is far too greedy. Didn't the US learn anything from the financial collapse in 2008 caused by Wall Street greed?
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