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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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BlueVanGroup
Champion Author Fort Collins

Posts:10,521
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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.
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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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Kmankeith
All-Star Author Rhode Island

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Points:900,095
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Message Posted: Feb 28, 2012 11:12:03 PM

no shit there against it. They stand to loose billions
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BCM1
Champion Author Pennsylvania

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

It would be ok to make some profit, but not the kind these bums are making.
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mrreferee
Champion Author Savannah

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Message Posted: Feb 28, 2012 11:09:23 PM

congressmen want to get their inside deal first...
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davenles
Champion Author Texas

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Message Posted: Feb 28, 2012 11:07:09 PM

No surprise here.
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mwc407
Champion Author North Carolina

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Message Posted: Feb 28, 2012 11:04:53 PM

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.
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John747
Champion Author Chicago

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Message Posted: Feb 28, 2012 11:03:46 PM

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.
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REKEY
Champion Author South Carolina

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Message Posted: Feb 28, 2012 11:01:43 PM

Of course they would!
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iamforiu
Champion Author Indiana

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Message Posted: Feb 28, 2012 10:53:35 PM

ok
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nwsynthetics
Champion Author Oregon

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Message Posted: Feb 28, 2012 10:51:35 PM

My Bad. VetteFan put me in my place. I re-read it. Boo wall street Ok
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BKool
Champion Author Michigan

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Message Posted: Feb 28, 2012 10:49:54 PM

Sure capitalism has it's downside, but, has provided opportunities for all who were prepared for the challenge.
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CostControl
Champion Author San Antonio

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Message Posted: Feb 28, 2012 10:49:21 PM

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????
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dinomen
Champion Author Arkansas

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Message Posted: Feb 28, 2012 10:47:20 PM

Ok.
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mcmonsta
Champion Author Honolulu

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Message Posted: Feb 28, 2012 10:47:15 PM

if more money is to be made guess who will want any limits?
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reidlej
Champion Author Columbus

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Message Posted: Feb 28, 2012 10:46:10 PM

Seems like crude takes on a whole different life in comparison to other commodities.
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carman11
Champion Author North Carolina

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Message Posted: Feb 28, 2012 10:44:54 PM

OK
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Asbury09
Champion Author Iowa

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Message Posted: Feb 28, 2012 10:44:05 PM

all markets need the same rules
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VetteFan
Champion Author Indiana

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Message Posted: Feb 28, 2012 10:42:55 PM

Speculation needs to be restricted. BOOOOOOOOOO Wall Street.
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nwsynthetics
Champion Author Oregon

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Message Posted: Feb 28, 2012 10:39:32 PM

Good for wall street. Speculators,suck
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AKmailman
Champion Author Alaska

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Message Posted: Feb 28, 2012 10:35:48 PM

there's a huge difference between wall street
and main street - different rules for different folk
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mgune9
All-Star Author Dallas

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Message Posted: Feb 28, 2012 10:34:09 PM

right -- it'll stop greed and speculators who never plan to take delivery - I hope the courts turn them down
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Mikeoids
Champion Author Columbus

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Message Posted: Feb 28, 2012 10:32:09 PM

They need the time to bribe the right people.
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GryphonX
Champion Author Nevada

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Message Posted: Feb 28, 2012 10:31:33 PM

Frickin' speculators! Throw all the bums out! They add no value, yet they jack the prices up!

Talk about highway robbery ...
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300kmiles
Champion Author Orange County

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Message Posted: Feb 28, 2012 10:28:47 PM

Can't wait to see what happens...
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my2002m
Champion Author Tulsa

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Message Posted: Feb 28, 2012 10:27:06 PM

I'm sure they will fight it, might limit some of their profits.
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theschmuck
Champion Author Michigan

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Message Posted: Feb 28, 2012 10:25:39 PM

Hope this is one fight they lose. We don't need the greedy crud anyway, get rid of the speculators altogether.
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danreino
Champion Author Twin Cities

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Message Posted: Feb 28, 2012 10:25:17 PM

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.
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sillywagon
Champion Author New York

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Message Posted: Feb 28, 2012 10:23:12 PM

We need limited commodity regulation... Now!!!
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drz614
Champion Author Harrisburg

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Message Posted: Feb 28, 2012 10:21:00 PM

ok
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Rudys Girl
Champion Author Detroit

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Message Posted: Feb 28, 2012 10:20:48 PM

it's already harming the markets! Supply and Demand no longer applies. What about harming the consumer?
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nvwarped
Champion Author Corpus Christi

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Message Posted: Feb 28, 2012 10:19:06 PM

ok
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AlgaeNOW
Champion Author Wyoming

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Message Posted: Feb 28, 2012 10:17:57 PM

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...!
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humblepie
Champion Author Toledo

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Message Posted: Feb 28, 2012 10:16:03 PM

too bad most of the bill is bovine excrement
this is the only part that helps consumers.
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g747
Champion Author Mobile

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Message Posted: Feb 28, 2012 10:15:06 PM

Lying Lying GREADY, GREEDY,GREEDY,Wall Streeter's want to still trying to bribing a Federal Judge to have business as usual!!!!!!!!!!.
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TedNC
Champion Author North Carolina

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Message Posted: Feb 28, 2012 10:14:50 PM

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.!!!
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4064BORI
Champion Author Virginia Beach

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Message Posted: Feb 28, 2012 10:12:42 PM

drill
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ericbcire
Champion Author Nevada

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Message Posted: Feb 28, 2012 10:11:57 PM

Impose limits now.
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NemoIL
Champion Author Illinois

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Message Posted: Feb 28, 2012 10:11:57 PM

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.
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Venzadriver
Champion Author Florida

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Message Posted: Feb 28, 2012 10:11:56 PM

Tough. They're 'killing' us with their rampant, out-of-control speculation. They have no discipline or idea that they're wrecking our economy.
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sammy518
Champion Author Austin

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Message Posted: Feb 28, 2012 10:11:40 PM

ok
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captfrankly
Rookie Author Ohio

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Joined:Aug 2011
Message Posted: Feb 28, 2012 10:11:32 PM

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.
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takethe_point
Champion Author Omaha

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Message Posted: Feb 28, 2012 10:09:32 PM

screw wall street.
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knot2swift
Champion Author Calgary

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Message Posted: Feb 28, 2012 10:06:59 PM

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.

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ExplorerWA
Champion Author Washington

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Message Posted: Feb 28, 2012 10:06:24 PM

I agree with DerHahn. Gas and food are commodities that have certainly gone up since they were opened up for trading.
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amearly
Champion Author Michigan

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Message Posted: Feb 28, 2012 10:05:27 PM

Of course look how much they have run up the price of gas with there manipulation of the market.
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saleboss
Champion Author Phoenix

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Message Posted: Feb 28, 2012 10:04:35 PM

Did anyone think that Wall Street millionaires wouldn't fight the new rule?
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NatureBoyKY
Champion Author Kentucky

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Message Posted: Feb 28, 2012 10:01:03 PM

Of course they do; they gamble for a living and in this case we pay the price.
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skyking19
Champion Author Little Rock

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Message Posted: Feb 28, 2012 10:00:31 PM

Not to their advantage, so why would they be for it?
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RitaVespa
Champion Author Oregon

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Message Posted: Feb 28, 2012 9:56:09 PM

Wall Street just looks out after themselves.
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Taurus1
Champion Author Ohio

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Message Posted: Feb 28, 2012 9:55:23 PM

Too bad for them.
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Digger52
Champion Author Chicago

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Message Posted: Feb 28, 2012 9:52:55 PM

Speculators MUST be controlled! DerHanh has it right!
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