What are our elected officials doing about about regulating speculative oil futures trading on the stock mkt.?

Question

While they pontificate, and the economy teeters on the precipice of total collapse, due in large part to rising oil prices ($140 a barrel), our congressmen were preparing to depart for their summer break. By the time they return in August, this nation may very well be beyond the point of recovery — businesses bankrupt, jobs lost, and the number of Americans in food lines increased by tenfold, as the price at the pump climbs steadily higher.

Answer 1

It's going to take a little bit more than that to solve this problem.

Answer 2

We live in a free market economy.  Politicians have remarkably little positive influence on prices.  We are going to have to start making harder choices in the future.  The days of paying less than $3 for a gallon of gas are over.  What we really need to do is start making changes in mass transit.   Very soon cars are going to have to be considered a luxury instead of the necessity that we grew up thinking of them as.

Answer 3

ya well, they knew what was coming but decided to set themselves up to go down as the Richest SOB's ever known to mankind~!!!

they knew corn and ethanol wasn't the answer, but for a while everyone was raking in the profits until it fizzled out, they knew we would should stop making and buying the SUV's and start getting better gas mileage, but they raked in the profits until that fizzled out also, etc...etc...~!!!

now the speculators are locking in on the grain markets, and 70% of our high food prices is because of the cost of Biofuels~!!!

they did not use their advisors or anaylst or Economic Speacialist to help us gradually move into the slower economy and higher gas prices and mortgage crisis~!!!

they knew all this was coming, they just slapped us smack cold in the face with it, it dont hurt them at all~!!!

Greenspan retires, admits it was all for oil, and knew we were all goin to crash and burn~!!!

now he is writing a book about it and we paid his salary~!!!

only in America~!!!

Answer 4

As many of them have invested heavily in oil futures, they will do nothing substantial. It may already be beyond recovery any time soon. My own business, which has been quite successful for the last nineteen years is on the verge of collapse. The last two years have been worrisome. They just don't seem to get it.

Both Freddie Mac, and Fannie May, have shown great instability, and most recently the IndyBank (can't remember the rest of the name)is going to be bailed out by government. It's sounding more and more like the 20's, The Great Depression. It was so devastating, that no one will ever admit that a full-blown depression is quickly approaching. They make up new names for it. Or deny it altogether.

But to hear McCains buddy, it's all in our minds, and we're just a bunch of whiners. How out of touch are all these people.

Answer 5

Oil speculators are doing their job. Government has not given them any signs of intelligent thought process on energy that would indicate falling prices.

If congress would approve drilling, approve building refineries, and approve open exploration for oil, then the speculators would project lower prices almost immediately.

Answer 6

NOT ENOUGH !!! If they'd close the ENRON LOOPHOLE and regulate the Big Investment Banks and Hedge Funds they could help us a LOT !!!  If you are really interested in this GOOGLE: The Enron Loophole, then GOOGLE: The Dark Market.  Its an eyeopener !!