Probing Oil Market
I have my doubts on market speculations being the prime force driving oil price higher recently. Dwindling supply and outstripping demand in the energy market, the basics in world economics mostly are playing major part in rising fuel price in the pump. However, there should be government and independent organizations monitored procedures in place so that no abuse of the system like market manipulation is taking place from various active players. Last year in U.S., The Commodity Futures Trading Commission started a probe in possible price manipulation in energy market. Here is a few quotes from Globe and Mail : "The CFTC said in a statement that in December, its enforcement unit “launched a nationwide crude oil investigation into practices surrounding the purchase, transportation, storage, and trading of crude oil and related derivative contracts.” It added that all enforcement inquiries are focused on ensuring markets are properly policed for manipulative and abusive practices. “...