Category Archives: Oil speculation
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Amid high oil and gasoline prices US President Barack Obama demonized oil speculators in a speech, proposing more regulation. He said he wants lawmakers to fund a six-fold increase for surveillance and enforcement staff at the Commodities Futures Trading Commission to put "more cops on the beat" overseeing oil market. He’s asking Congress to empower the CFTC to raise margin requirements for traders’ oil positions and raise penalties for market manipulation. We have some proposals of our own. How about getting the cops already on the beat to enforce rules on the books, which appeared majorly lacking in the MF Global bankruptcy for example? And as for stiffer fines for manipulation, what about going after the accusations of manipulation already going on in for example the silver market? As for the price of oil and what’s really behind it what role does a weak dollar play? We talk to commodities expert Dr. Stephen Leeb. He’s author of "Red Alert" and also Chairman & CIO of Leeb Capital Management.
While we’re on oil, we ask if the Argentinian government’s move to take control of its largest oil company YPF, despite political fallout, is the latest example of the increasing tension between energy and the economy? The Spanish company Repsol is the controlling shareholder, and the company, Madrid, and others are angry for obvious reasons about the move to nationalize YPF. But here’s what the Argentinian president reportedly said defending the decision: "We do not choose a nationalizing model, but we promote a model focused on recovering the sovereignty of the country’s resources." Is this one example that as oil is being depleted and prices rise, controlling natural resources and your energy future, is needed to control your economic future? Does the same trend apply to corporations, as Delta moves to acquire a refinery?
And a record number of Americans are reportedly denouncing their citizenship or handing in their green cards. Many say it’s for tax reasons. That’s right, it’s tax day in the US. We talk about the international backlash against the Internal Revenue Service in Loose Change with special guest The Alyona Show’s Alyona Minkovski.