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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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BlueVanGroup Champion Author Colorado Posts:7,214 Points:1,531,320 Joined:May 2008	Message Posted: Feb 28, 2012 11:16:56 PM Ignore BlueVanGroup Report Abuse 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 Colorado Posts:7,214 Points:1,531,320 Joined:May 2008	Message Posted: Feb 28, 2012 11:15:32 PM Ignore BlueVanGroup Report Abuse 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 Posts:7,570 Points:1,790,500 Joined:Jul 2004	Message Posted: Feb 28, 2012 11:13:47 PM Ignore Night Owl Report Abuse Wall Street is far too greedy. Didn't the US learn anything from the financial collapse in 2008 caused by Wall Street greed?
Kmankeith Veteran Author Rhode Island Posts:459 Points:368,155 Joined:Sep 2011	Message Posted: Feb 28, 2012 11:12:03 PM Ignore Kmankeith Report Abuse no shit there against it. They stand to loose billions
BCM1 Champion Author Pennsylvania Posts:1,864 Points:782,995 Joined:Jun 2007	Message Posted: Feb 28, 2012 11:11:09 PM Ignore BCM1 Report Abuse It would be ok to make some profit, but not the kind these bums are making.
mrreferee Champion Author Savannah Posts:1,346 Points:559,580 Joined:Jun 2011	Message Posted: Feb 28, 2012 11:09:23 PM Ignore mrreferee Report Abuse congressmen want to get their inside deal first...
davenles Champion Author Texas Posts:3,211 Points:721,585 Joined:May 2011	Message Posted: Feb 28, 2012 11:07:09 PM Ignore davenles Report Abuse No surprise here.
mwc407 Champion Author North Carolina Posts:1,095 Points:560,185 Joined:Jan 2011	Message Posted: Feb 28, 2012 11:04:53 PM Ignore mwc407 Report Abuse Sounds like a god idea rooted in common sense. But Wall Street is a powerful entity and as the Occupy movement tells us - Wall Street and Corporate America are in bed with all the politicos anyway. I suspect Wall Street will find a way to wiggle out of this and keep their speculation going.
John747 Champion Author Chicago Posts:472,563 Points:3,627,835 Joined:Aug 2001	Message Posted: Feb 28, 2012 11:03:46 PM Ignore John747 Report Abuse Once you get your wish and rein in the speculators you're going to have to find someone else to blame when gas prices rise.
REKEY Champion Author South Carolina Posts:8,594 Points:1,702,340 Joined:May 2008	Message Posted: Feb 28, 2012 11:01:43 PM Ignore REKEY Report Abuse Of course they would!
iamforiu Champion Author Indiana Posts:3,590 Points:714,665 Joined:May 2011	Message Posted: Feb 28, 2012 10:53:35 PM Ignore iamforiu Report Abuse ok
nwsynthetics Champion Author Oregon Posts:1,014 Points:347,625 Joined:Dec 2011	Message Posted: Feb 28, 2012 10:51:35 PM Ignore nwsynthetics Report Abuse My Bad. VetteFan put me in my place. I re-read it. Boo wall street Ok
BKool Champion Author Michigan Posts:5,273 Points:1,902,255 Joined:Aug 2005	Message Posted: Feb 28, 2012 10:49:54 PM Ignore BKool Report Abuse Sure capitalism has it's downside, but, has provided opportunities for all who were prepared for the challenge.
CostControl Champion Author San Antonio Posts:13,389 Points:2,033,325 Joined:Mar 2004	Message Posted: Feb 28, 2012 10:49:21 PM Ignore CostControl Report Abuse Wall Street & Corporate Executives took the money earned from their companies, took bail out money that was intended to bring their companies back & bring jobs BACK TO THE USA but instead took that money too & now for the last SIX (6) YEARS have been taking OUR money & YOUR MONEY at the pump & in the grocery stores due to EXCESSIVE GREED, Graft, Collusion, Price Fixing, Supply Manipulation! The CFTC MUST be able to POLICE these BUZZARDS from picking OUR WALLETS & MONEY & TOTALLY WRECKING THE USA ECONOMY & RETURN OF USA JOBS to...THE USA! IF WE The USA Citizens & Consumers SA NOTHING then THEY (WALL STREET & OUR government will NOT hear & will do NOTHING! It is high time that WE UNITE & speak out & do something NOW before it is too late! Question: IF a person stole from you would YOU do NOTHING? Folks WALL STREET is STEALING from ALL OF US & IF WE continue to allow this to happen then WE have only ourselves to blame! Time for talk is OVER & the time for action is NOW! It is time that WE DO SOME THING...E-Mail, Snail Mail, Face Book, Twitter, Text, Call or visit with your U.S. Senator & or U.S. Congressman or Congresswoman & most importantly contact The White House & DEMAND that these Controls be implemented NOW & that ALL USA Crude Oil & ALL USA Refined Fuels such as Gasoline, Diesel fuel, Home Heating Oil & Aviation Fuels be sold in THE USA & NOT allowed to be EXPORTED OVERSEAS to FOREIGN COUNTRIES! Refineries MUST run HIGHER than the 50-55% percent Production Rates! Think...IF Prices At The PUMP are this BAD now during The LOW Demand Period then WHAT WILL HAPPEN DURING The HIGH DEMAND OR PEAK SUMMER DRIVING SEASON ESPECIALLY "IF" a Hurricane threatens or GOD FORBID impacts The USA Coasts!? Comments & or Observations????
dinomen Champion Author Arkansas Posts:1,882 Points:718,685 Joined:May 2010	Message Posted: Feb 28, 2012 10:47:20 PM Ignore dinomen Report Abuse Ok.
mcmonsta Champion Author Honolulu Posts:3,237 Points:821,245 Joined:Sep 2009	Message Posted: Feb 28, 2012 10:47:15 PM Ignore mcmonsta Report Abuse if more money is to be made guess who will want any limits?
reidlej Veteran Author Columbus Posts:404 Points:609,120 Joined:Jul 2011	Message Posted: Feb 28, 2012 10:46:10 PM Ignore reidlej Report Abuse Seems like crude takes on a whole different life in comparison to other commodities.
carman11 Champion Author North Carolina Posts:3,353 Points:694,650 Joined:Jun 2011	Message Posted: Feb 28, 2012 10:44:54 PM Ignore carman11 Report Abuse OK
Asbury09 Champion Author Iowa Posts:7,228 Points:1,533,230 Joined:Jan 2009	Message Posted: Feb 28, 2012 10:44:05 PM Ignore Asbury09 Report Abuse all markets need the same rules
VetteFan Champion Author Indiana Posts:9,754 Points:2,031,405 Joined:Aug 2005	Message Posted: Feb 28, 2012 10:42:55 PM Ignore VetteFan Report Abuse Speculation needs to be restricted. BOOOOOOOOOO Wall Street.
nwsynthetics Champion Author Oregon Posts:1,014 Points:347,625 Joined:Dec 2011	Message Posted: Feb 28, 2012 10:39:32 PM Ignore nwsynthetics Report Abuse Good for wall street. Speculators,suck
AKmailman Champion Author Alaska Posts:5,648 Points:1,560,490 Joined:Jul 2004	Message Posted: Feb 28, 2012 10:35:48 PM Ignore AKmailman Report Abuse there's a huge difference between wall street and main street - different rules for different folk
mgune9 All-Star Author Dallas Posts:914 Points:200,395 Joined:Feb 2012	Message Posted: Feb 28, 2012 10:34:09 PM Ignore mgune9 Report Abuse right -- it'll stop greed and speculators who never plan to take delivery - I hope the courts turn them down
Mikeoids Champion Author Columbus Posts:16,786 Points:3,398,705 Joined:Jun 2003	Message Posted: Feb 28, 2012 10:32:09 PM Ignore Mikeoids Report Abuse They need the time to bribe the right people.
GryphonX Champion Author Nevada Posts:6,115 Points:1,591,025 Joined:Nov 2007	Message Posted: Feb 28, 2012 10:31:33 PM Ignore GryphonX Report Abuse Frickin' speculators! Throw all the bums out! They add no value, yet they jack the prices up! Talk about highway robbery ...
300kmiles All-Star Author Orange County Posts:529 Points:416,020 Joined:Dec 2009	Message Posted: Feb 28, 2012 10:28:47 PM Ignore 300kmiles Report Abuse Can't wait to see what happens...
my2002m Champion Author Tulsa Posts:6,088 Points:1,673,205 Joined:Jul 2008	Message Posted: Feb 28, 2012 10:27:06 PM Ignore my2002m Report Abuse I'm sure they will fight it, might limit some of their profits.
theschmuck Champion Author Michigan Posts:2,932 Points:1,514,550 Joined:Mar 2007	Message Posted: Feb 28, 2012 10:25:39 PM Ignore theschmuck Report Abuse Hope this is one fight they lose. We don't need the greedy crud anyway, get rid of the speculators altogether.
danreino Champion Author Twin Cities Posts:8,368 Points:1,543,655 Joined:Mar 2008	Message Posted: Feb 28, 2012 10:25:17 PM Ignore danreino Report Abuse REINSTATE the regulations on oil trading/speckulation/manipulation that were abolished in 2006. Also terminate the London ICE; Europe is in even worse shape than we are with petrol prices.
sillywagon Champion Author New York Posts:14,907 Points:1,443,295 Joined:Oct 2008	Message Posted: Feb 28, 2012 10:23:12 PM Ignore sillywagon Report Abuse We need limited commodity regulation... Now!!!
drz614 Champion Author Harrisburg Posts:2,314 Points:600,545 Joined:Aug 2011	Message Posted: Feb 28, 2012 10:21:00 PM Ignore drz614 Report Abuse ok
Rudys Girl Champion Author Detroit Posts:26,995 Points:2,873,500 Joined:Oct 2004	Message Posted: Feb 28, 2012 10:20:48 PM Ignore Rudys Girl Report Abuse it's already harming the markets! Supply and Demand no longer applies. What about harming the consumer?
nvwarped All-Star Author Corpus Christi Posts:893 Points:456,750 Joined:Sep 2011	Message Posted: Feb 28, 2012 10:19:06 PM Ignore nvwarped Report Abuse ok
AlgaeNOW Champion Author Wyoming Posts:1,012 Points:312,030 Joined:Sep 2005	Message Posted: Feb 28, 2012 10:17:57 PM Ignore AlgaeNOW Report Abuse THE LOBBYING SYSTEMS SUCKS AND SHOULD BE ELIMINATED...! Algae NOW...Algae NOW...Algae NOW...Algae NOW...Algae NOW...Algae NOW...Algae NOW...Algae NOW...Algae NOW...Algae NOW...Algae NOW...!
humblepie Champion Author Toledo Posts:34,330 Points:2,374,295 Joined:Mar 2006	Message Posted: Feb 28, 2012 10:16:03 PM Ignore humblepie Report Abuse too bad most of the bill is bovine excrement this is the only part that helps consumers.
g747 Champion Author Mobile Posts:4,551 Points:935,620 Joined:Jul 2009	Message Posted: Feb 28, 2012 10:15:06 PM Ignore g747 Report Abuse Lying Lying GREADY, GREEDY,GREEDY,Wall Streeter's want to still trying to bribing a Federal Judge to have business as usual!!!!!!!!!!.
TedNC Champion Author North Carolina Posts:1,005 Points:228,900 Joined:May 2011	Message Posted: Feb 28, 2012 10:14:50 PM Ignore TedNC Report Abuse Wall St. screws over the country so a handful of people can make millions. Wall St. caused the Recession and Wall St. got BILLIONS of free dollars from the people and now Wall St. has the gall to cry over this rule? SCREW Wall St.!!!
4064BORI Champion Author Virginia Beach Posts:1,382 Points:422,300 Joined:Feb 2010	Message Posted: Feb 28, 2012 10:12:42 PM Ignore 4064BORI Report Abuse drill
ericbcire Champion Author Nevada Posts:4,535 Points:1,270,410 Joined:Aug 2009	Message Posted: Feb 28, 2012 10:11:57 PM Ignore ericbcire Report Abuse Impose limits now.
NemoIL Champion Author Illinois Posts:3,040 Points:1,316,145 Joined:Aug 2008	Message Posted: Feb 28, 2012 10:11:57 PM Ignore NemoIL Report Abuse Here is what needs to be done to properly fix the speculation problem. HOW TO FIX THE COMMODITIES FUTURES SPECULATION PROBLEM 1. require that all sellers of futures contracts have the actual underlying commodity on hand in physical inventory, or be in the day-to-day business of drilling for it, mining it, growing it, etc. Enforce this by random on-site inspection. Violation will be a federal felony with mandatory minimum incarceration on the first offense. 2. require that all buyers of futures contracts have the physical ability to take actual delivery of the underlying commodity. Enforce this by random on-site inspection. Violation will be a federal felony with mandatory minimum incarceration on the first offense. 3. eliminate the practice known as "naked short-selling." 4. reinstate the up-tick rule for all short sales. 5. reinstate the recently repealed Glass Steagal act and get bankers out of the trading business, and traders out of the banking business. And one more point: 6. require that all 'long' positions in commodities futures be transacted in the CASH ACCOUNT and not in the MARGIN ACCOUNT. Want to buy a contract? Fine - pay cash for it - all of it. And along with this, require that all short positions be "against the box" in the CASH ACCOUNT. If you don't know what "against the box" means, please look it up! Please note that the above provisions do NOT make "speculation illegal." What they do is to return the commodities markets and their exchanges to the original purpose: to provide a market and a liquidity to people and companies involved in the day-to-day production of the commodity.
Venzadriver Champion Author Florida Posts:1,325 Points:361,615 Joined:Dec 2010	Message Posted: Feb 28, 2012 10:11:56 PM Ignore Venzadriver Report Abuse Tough. They're 'killing' us with their rampant, out-of-control speculation. They have no discipline or idea that they're wrecking our economy.
sammy518 Champion Author Austin Posts:2,589 Points:539,790 Joined:Dec 2010	Message Posted: Feb 28, 2012 10:11:40 PM Ignore sammy518 Report Abuse ok
captfrankly Rookie Author Ohio Posts:33 Points:17,260 Joined:Aug 2011	Message Posted: Feb 28, 2012 10:11:32 PM Ignore captfrankly Report Abuse I'm all for free markets, but only when everyone plays by the same set of rules. Energy has become a strategic national interest, and no one company or group should be permitted to hold any part of our energy resources hostage to the detriment of our nation as a whole.
takethe_point Champion Author Omaha Posts:1,961 Points:129,040 Joined:Apr 2008	Message Posted: Feb 28, 2012 10:09:32 PM Ignore takethe_point Report Abuse screw wall street.
knot2swift Champion Author Calgary Posts:4,398 Points:699,905 Joined:Nov 2009	Message Posted: Feb 28, 2012 10:06:59 PM Ignore knot2swift Report Abuse DerHanh...Such good ideas but so Un American. You wanna make the money making by "Mr. Hanover Fist" difficult. America was built by greed and by those willing to arm themselves to the teeth. Let me guess...Next you wanna control the arms dealers, the oil companies and the banks. Good luck with that. Summer is coming, go stock on some beer and soak up some sun. Government is run by wall street as well as the others. Picking a good candidate for government is like choosing what STD you would like to have.
ExplorerWA Champion Author Washington Posts:4,093 Points:800,075 Joined:Feb 2011	Message Posted: Feb 28, 2012 10:06:24 PM Ignore ExplorerWA Report Abuse I agree with DerHahn. Gas and food are commodities that have certainly gone up since they were opened up for trading.
amearly Champion Author Michigan Posts:12,134 Points:2,470,535 Joined:Jan 2006	Message Posted: Feb 28, 2012 10:05:27 PM Ignore amearly Report Abuse Of course look how much they have run up the price of gas with there manipulation of the market.
saleboss Champion Author Phoenix Posts:3,929 Points:1,177,875 Joined:Feb 2006	Message Posted: Feb 28, 2012 10:04:35 PM Ignore saleboss Report Abuse Did anyone think that Wall Street millionaires wouldn't fight the new rule?
NatureBoyKY Champion Author Kentucky Posts:3,374 Points:1,297,730 Joined:Jan 2008	Message Posted: Feb 28, 2012 10:01:03 PM Ignore NatureBoyKY Report Abuse Of course they do; they gamble for a living and in this case we pay the price.
skyking19 Champion Author Little Rock Posts:2,006 Points:1,701,665 Joined:Jan 2007	Message Posted: Feb 28, 2012 10:00:31 PM Ignore skyking19 Report Abuse Not to their advantage, so why would they be for it?
RitaVespa Champion Author Oregon Posts:2,996 Points:795,285 Joined:Jan 2011	Message Posted: Feb 28, 2012 9:56:09 PM Ignore RitaVespa Report Abuse Wall Street just looks out after themselves.
Taurus1 Champion Author Ohio Posts:3,140 Points:1,676,425 Joined:Apr 2006	Message Posted: Feb 28, 2012 9:55:23 PM Ignore Taurus1 Report Abuse Too bad for them.