The United States on Thursday issued new rules on oil market manipulation that prohibits market players from providing misleading information to influence prices.
The Federal Trade Commission said in a statement it had issued a rule that “will prohibit fraud or deceit in wholesale petroleum markets, and omissions of material information that are likely to distort petroleum markets.”
Anyone who violates the rule faces civil penalties of up to one million dollars per violation per day, the FTC said.
The rule takes effect on November 4.
Clearly manipulation has been going on in the global market in oil – there’s nothing new about that – it’s what intermediaries who transact for profit do and have always done. Indeed, some market wags say that trading could be defined as “acceptable market manipulation”. But until the last few years what consenting adults were doing among themselves in the oil market didn’t really affect the man in the street.
But things have changed. We have now reached the culmination of a process of financialisation of the oil market to a degree where the market has become entirely sociopathic. It now operates to the detriment of consumers and producers alike and for the benefit of the intermediaries who control the market.
How did we get here? Who’s doing it? How are they doing it? And what can be done about it?
Continue reading:
When gas peaked at $4.00 and plummeted to $2.00 that was manipulation. When the Fed closed down the market mid morning, this past Autumn, they projected a $2 trillion outlay by 2:00P.M. What in the world is going on. Sometimes I feel like I’m living in a dream.
I just noticed this….
“The United States on Thursday issued new rules on oil market manipulation that prohibits market players from providing misleading information to influence prices.”
Are you kidding me? I guess telling the public we’re sitting on enough domestic oil to power the country for at least the next 100 years would certainly influence prices, but it certainly would NOT be misleading or inaccurate.
How do they publish this stuff? I guess we’re living deep inside Jean Baudrillard’s Third order Simulacra. Problem is, no one seems to notice, and all the vector leaders are spinning more simulation while pretending to do just the opposite.
http://en.wikipedia.org/wiki/Simulacra_and_Simulation
The real Oil deal…………..
http://www.reformation.org/energy-non-crisis.html