“Walter Lukken, acting chairman of the Commodity Futures Trading Commission, today offered eight specific recommendations to improve oversight of swaps dealers in energy futures markets – all of which should be implemented immediately.
I fundamentally believe that all energy commodities should be overseen, monitored and regulated. Energy is a limited commodity. There are many who believe that speculation in this limited commodity has increased prices. While it is difficult to pinpoint precisely how much so, some say that it is responsible for between 25 to 40 percent of the cost of oil. And prior to the recent entrance of large, over-the-counter investors in these futures markets, there was not the price volatility in the market that we see today.
Bottom line: we need to close the swaps loophole. And we in Congress need to keep a close eye on the CFTC to make sure that it is doing its job to keep our nation’s energy markets functioning properly.”