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Germany in call for ban on oil speculation


Spurious George

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Germany in call for ban on oil speculation

German leaders are to propose a worldwide ban on oil trading by speculators, blaming the latest spike in crude prices on manipulation by hedge funds.

It is the most drastic proposal to date amid escalating calls from Europe, the US and Asia for controls on market forces, underscoring the profound shift in the political climate since the credit crunch began. India has already suspended futures trading of five commodities.

Uwe Beckmeyer, transport chief for Germany's Social Democrats, said his party would call for joint measures by the G8 powers to prohibit leveraged trading on energy contracts. "It's an extreme step but it has to be done," he told the Berlin media.

Mr Beckmeyer said the last 25pc rise in the price of oil to $135 a barrel had nothing to do with underlying supply and demand. “It’s pure speculation,” he said.

Oil has doubled in price over the past year and the concerns are echoed on Washington’s Capitol Hill where irate Democrats want rules compelling traders to take delivery of crude oil, a move which would paralyse the market.

There is now broad support in Germany for a clampdown on “locust” funds. President Horst Köhler said modern capitalism had turned into a “monster”, bringing the entire financial system to the brink of collapse this spring.

http://www.telegraph.co.uk/money/main.jhtm...26/cnoil126.xml

Japan blames speculators for oil hike

http://www.theaustralian.news.com.au/story...2-30538,00.html

Japan estimates real crude oil price at $60 a barrel

http://www.breitbart.com/article.php?id=D9...;show_article=1

Speculators blamed for high oil prices

http://www.upi.com/NewsTrack/Business/2008...il_prices/9246/

OPEC blames 'speculators' for high oil price

http://www.abc.net.au/rural/news/content/200805/s2257137.htm

Billionaire Soros Blames Oil Price Hike On Speculators

http://www.allheadlinenews.com/articles/7011065592

Iran says oil market well supplied

http://economictimes.indiatimes.com/News/E...how/3080111.cms

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What can I say, I agree with Germany. Oil speculation man oh man all I hear is the price of oil will soon be $ 200.00 a barrel. Speculation is just that, but it does impact us hard. You keep screaming $ 200.00 bucks a barrel and heard enough the people will accept it with out second thought.

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Regulation is not the solution...a serious cut-back in consumption is.

That way the speculators loose lots of money and will drive them away from speculating with commodities.

How do we do that?

Avoid unnecessary use of your car, electricity, heating and cooling. Just needs a little planning... no real big effort.

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Regulation is not the solution...a serious cut-back in consumption is.

That way the speculators loose lots of money and will drive them away from speculating with commodities.

How do we do that?

Avoid unnecessary use of your car, electricity, heating and cooling. Just needs a little planning... no real big effort.

That is very true but the catch is the less you use the more they charge for what you do use.

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That is very true but the catch is the less you use the more they charge for what you do use.

at first...as soon as they sit on contracts that nobody wants they'll reduce the prices... fast.

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