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Wall Street fights rule limiting oil speculation

CNN -- WASHINGTON (CNNMoney) -- Wall Street is pushing to stop a new rule that would crack down on speculation in the energy markets, which many blame for contributing to the spike in gas prices.

The new rule -- part of the 2010 Dodd-Frank Act to reform Wall Street -- would set limits on how much traders can buy, preventing firms from grabbing large chunks of the energy market.

But those limits may not be set anytime soon. Nearly two years after the new law, the rule has yet to be fully implemented. And on Monday, two Wall Street trade groups asked a federal judge in Washington to delay or block the rule.

The Wall Street groups said in a statement that the rule was lacking on an economic basis, and would harm markets if implemented.

Commissioner Bart Chilton estimates that Wall Street's

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Submitted Feb 28, 2012 By: bar1035

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honda0105 Champion Author Tallahassee Posts:18,650 Points:1,612,445 Joined:Nov 2008	Message Posted: Mar 1, 2012 5:09:40 AM Ignore honda0105 Report Abuse Dodge: indeed. This will eventually be another housing bubble. Just not immediately b/c there are not enough highly fuel efficient vehicles on the road yet.
tomok Champion Author Portland Posts:33,088 Points:2,348,435 Joined:Aug 2006	Message Posted: Mar 1, 2012 3:23:00 AM Ignore tomok Report Abuse Wall Street fights rule limiting oil speculation? Barry does not care about the price of fuel. The price of fuel at the pump is too high! 12/22/2012!
ericbcire Champion Author Nevada Posts:4,535 Points:1,270,410 Joined:Aug 2009	Message Posted: Feb 29, 2012 8:37:39 PM Ignore ericbcire Report Abuse Stop the speculators.
pse91 All-Star Author Calgary Posts:640 Points:561,375 Joined:May 2011	Message Posted: Feb 29, 2012 12:56:38 PM Ignore pse91 Report Abuse The Futures Boy's can thousands of dollars that we have to pay at the pummp because they bet on a up swing. I hope and pray that someone gets the message out that there will be no war in Iran which would cost the Futures Boy's thousands. Let's make that happen.
coughlin Champion Author San Jose Posts:5,195 Points:1,120,565 Joined:Sep 2009	Message Posted: Feb 29, 2012 12:14:59 PM Ignore coughlin Report Abuse This would be a blow against Capitalism.
numbers Champion Author North Dakota Posts:2,801 Points:850,040 Joined:Aug 2004	Message Posted: Feb 29, 2012 5:55:19 AM Ignore numbers Report Abuse They fought for the financing scams also
Dodge_Me Champion Author Atlanta Posts:2,214 Points:558,480 Joined:Mar 2006	Message Posted: Feb 28, 2012 11:24:54 PM Ignore Dodge_Me Report Abuse You think the speculators would want the limits, considing what will happen when they find the highest price of the market and then its like a cliff that everyone gets pushed off. They will find the highest price that the majority won't be able to pay and then what, the market that they jacked up falls apart. where is greed when it falls apart. When there is no spending then there is no profits. Maybe we should start an act that speculates when the speculators are going to lose it all. Ha
suzcoates Rookie Author South Bend Posts:46 Points:2,650 Joined:Feb 2012	Message Posted: Feb 28, 2012 11:07:16 PM Ignore suzcoates Report Abuse Our country is in such a mess :(
heartbroken2010 Champion Author Ottawa Posts:4,359 Points:900,460 Joined:Aug 2010	Message Posted: Feb 28, 2012 11:06:55 PM Ignore heartbroken2010 Report Abuse now i wonder why they would do this , Hmm.
LoneGuy Champion Author Lansing Posts:8,495 Points:2,320,920 Joined:Aug 2005	Message Posted: Feb 28, 2012 11:06:45 PM Ignore LoneGuy Report Abuse When government begins to quits manipulating oil, they might have some credibility to speak on speculation of others. [Edited by: LoneGuy at 2/29/2012 12:07:06 AM EST]
herndonks Champion Author Baltimore Posts:1,116 Points:211,685 Joined:Dec 2011	Message Posted: Feb 28, 2012 11:06:26 PM Ignore herndonks Report Abuse No surprise
regout Champion Author Quebec Posts:2,970 Points:835,630 Joined:May 2010	Message Posted: Feb 28, 2012 11:06:13 PM Ignore regout Report Abuse We don't know what will happen and I'm not to optimist.
big_mac64 Champion Author Tennessee Posts:10,593 Points:1,485,690 Joined:May 2005	Message Posted: Feb 28, 2012 11:05:58 PM Ignore big_mac64 Report Abuse whatever. It needs to be regulated or it will be our downfall!
billk44077 Champion Author Cleveland Posts:3,193 Points:634,480 Joined:Aug 2011	Message Posted: Feb 28, 2012 11:05:01 PM Ignore billk44077 Report Abuse F*! Wall Street bailout BAST*S
pastorpaulcg Champion Author Virginia Posts:3,615 Points:775,785 Joined:Dec 2010	Message Posted: Feb 28, 2012 11:04:48 PM Ignore pastorpaulcg Report Abuse Ok
umitb Champion Author Indianapolis Posts:3,692 Points:846,365 Joined:Apr 2010	Message Posted: Feb 28, 2012 11:03:15 PM Ignore umitb Report Abuse ok
southrob Champion Author Tucson Posts:3,615 Points:691,100 Joined:Mar 2011	Message Posted: Feb 28, 2012 11:02:47 PM Ignore southrob Report Abuse drill more.. refine more.. now so we are not talking about this in 5 years
ShutRBug Champion Author Ontario Posts:1,529 Points:655,190 Joined:Jun 2005	Message Posted: Feb 28, 2012 11:02:33 PM Ignore ShutRBug Report Abuse Of course they do
dmgas1 Sophomore Author Philadelphia Posts:122 Points:83,965 Joined:May 2011	Message Posted: Feb 28, 2012 11:01:08 PM Ignore dmgas1 Report Abuse so what else is new
Blue48 Champion Author Illinois Posts:7,320 Points:1,640,870 Joined:Feb 2007	Message Posted: Feb 28, 2012 10:58:00 PM Ignore Blue48 Report Abuse THERE SHOULD BE A LIMIT!
Alaydown Champion Author Los Angeles Posts:5,131 Points:824,820 Joined:May 2007	Message Posted: Feb 28, 2012 10:57:55 PM Ignore Alaydown Report Abuse They need to repeal Dodd-Frank Act.
trinda1 Champion Author Fort Worth Posts:2,011 Points:544,795 Joined:Dec 2010	Message Posted: Feb 28, 2012 10:56:42 PM Ignore trinda1 Report Abuse If we all act out on fear, the whole world would be in turmoil.
purplebears Champion Author Milwaukee Posts:9,060 Points:1,165,680 Joined:May 2009	Message Posted: Feb 28, 2012 10:56:24 PM Ignore purplebears Report Abuse It has been a long time since I've read a thread that didn't blame Obama for the topic's problem. I'm sure some nut-job will come along shortly and ruin a good thing...
kuma2000 Champion Author Honolulu Posts:3,238 Points:677,075 Joined:Jun 2011	Message Posted: Feb 28, 2012 10:52:48 PM Ignore kuma2000 Report Abuse okay.
BooHooMI Champion Author Michigan Posts:1,556 Points:344,610 Joined:Sep 2010	Message Posted: Feb 28, 2012 10:52:32 PM Ignore BooHooMI Report Abuse ok
jessek Champion Author Detroit Posts:2,657 Points:1,280,490 Joined:Sep 2008	Message Posted: Feb 28, 2012 10:51:58 PM Ignore jessek Report Abuse Amen.
stopforgas All-Star Author Mississippi Posts:996 Points:481,705 Joined:Jun 2011	Message Posted: Feb 28, 2012 10:47:40 PM Ignore stopforgas Report Abuse I'm all for this!
jrsva Champion Author Virginia Posts:9,866 Points:1,615,135 Joined:Jan 2006	Message Posted: Feb 28, 2012 10:47:01 PM Ignore jrsva Report Abuse Rampant speculation is one of several things driving oil markets. Getting that under control would offer some hope of stemming the price increases. At least without excessive speculation, prices would be based on real factors.
mstearno Champion Author Dayton Posts:8,080 Points:1,734,140 Joined:Jan 2008	Message Posted: Feb 28, 2012 10:45:19 PM Ignore mstearno Report Abuse to be expected
B_550i All-Star Author Seattle Posts:720 Points:192,945 Joined:Aug 2011	Message Posted: Feb 28, 2012 10:42:09 PM Ignore B_550i Report Abuse K
Ray_10589 Champion Author New York Posts:4,961 Points:1,185,910 Joined:May 2009	Message Posted: Feb 28, 2012 10:41:04 PM Ignore Ray_10589 Report Abuse They belong in Jail!!
RAKARWOWSKI Champion Author Chicago Posts:4,015 Points:824,050 Joined:Jan 2011	Message Posted: Feb 28, 2012 10:40:57 PM Ignore RAKARWOWSKI Report Abuse To bad, so sad.
vtroger Veteran Author Vermont Posts:284 Points:563,470 Joined:Mar 2011	Message Posted: Feb 28, 2012 10:40:18 PM Ignore vtroger Report Abuse This is a great new rule. This needs to be enforced. Speculators need to be held accountable.
FastAndy Champion Author Indianapolis Posts:4,496 Points:1,988,000 Joined:Jun 2007	Message Posted: Feb 28, 2012 10:38:57 PM Ignore FastAndy Report Abuse That is just to bad.
OGW Champion Author London Posts:5,334 Points:1,534,725 Joined:Sep 2005	Message Posted: Feb 28, 2012 10:36:37 PM Ignore OGW Report Abuse New rules or send them to jail!
roadrunnin Champion Author Richmond Posts:1,760 Points:566,955 Joined:May 2008	Message Posted: Feb 28, 2012 10:34:14 PM Ignore roadrunnin Report Abuse WHAT no more making money while robbing the everyday man NO WAY [he he] we'll see what the lobbyists think about that.
jindodog Veteran Author Missouri Posts:430 Points:98,075 Joined:Jan 2012	Message Posted: Feb 28, 2012 10:33:16 PM Ignore jindodog Report Abuse The rich get greedier, the middle class gets poorer, and the rest go on welfare.
fishnhuntWV Sophomore Author West Virginia Posts:231 Points:65,870 Joined:Aug 2011	Message Posted: Feb 28, 2012 10:32:18 PM Ignore fishnhuntWV Report Abuse We need better regulations on oil speculation but we can't hate on the stock market most people retirement savings are in the stock market
cateyes8264 Champion Author Tennessee Posts:2,957 Points:644,865 Joined:Jul 2011	Message Posted: Feb 28, 2012 10:31:01 PM Ignore cateyes8264 Report Abuse if its not the ragheads ripping us its big business and big oil
Chris46 Champion Author Dayton Posts:23,716 Points:2,084,490 Joined:Sep 2005	Message Posted: Feb 28, 2012 10:30:33 PM Ignore Chris46 Report Abuse Speculators are harming the economy.
txkrb Champion Author Texas Posts:1,564 Points:640,110 Joined:May 2011	Message Posted: Feb 28, 2012 10:30:09 PM Ignore txkrb Report Abuse There needs to be stricter limits etc for commodity traders ie The amount of money required to be put up(risked) needs to be increased currently a contract can be purchased for less than 20 cents on the dollar and caliberman "Reagan deregulated all businesses"? that must be why there are no rules etc from FTC, FCC, Energy Dept and EPA stupid comment [Edited by: txkrb at 2/28/2012 11:31:01 PM EST]
CaliberMan71 All-Star Author Ohio Posts:519 Points:188,225 Joined:Mar 2007	Message Posted: Feb 28, 2012 10:22:31 PM Ignore CaliberMan71 Report Abuse Do you nay sayers not see that ever since Reagan deregulated businesses that this country has been going downward? You can not let any form of business, or Government go unchecked. It is a recipe for, well we are in it now. You can trace all of this mess back to the Reagan era and trickle down economics. Unchecked you can bet the farm that evil will show its ugly head and money speaks louder than morals, and ethics.
carefrey Champion Author Orlando Posts:5,545 Points:1,161,435 Joined:Sep 2009	Message Posted: Feb 28, 2012 10:22:21 PM Ignore carefrey Report Abuse We need that rule to slow down those speculators.
STLcardsfan Champion Author St. Louis Posts:1,039 Points:1,376,810 Joined:Apr 2006	Message Posted: Feb 28, 2012 10:21:34 PM Ignore STLcardsfan Report Abuse They shouldn't be allowed to affect prices
Ethan777OH Veteran Author Ohio Posts:270 Points:25,720 Joined:May 2011	Message Posted: Feb 28, 2012 10:20:31 PM Ignore Ethan777OH Report Abuse .........sigh
Thomtec Champion Author Nashville Posts:2,484 Points:611,070 Joined:May 2011	Message Posted: Feb 28, 2012 10:18:42 PM Ignore Thomtec Report Abuse Yeah, ask a crack dealer if they like government regulation either. Govt regulations and wacky environmentalism are the reasons that we have this problem in our country.
RADIOCANADA499 Champion Author Ontario Posts:2,351 Points:779,855 Joined:Aug 2005	Message Posted: Feb 28, 2012 10:17:51 PM Ignore RADIOCANADA499 Report Abuse suprise suprise
tippybuddy Champion Author Ontario Posts:1,523 Points:207,740 Joined:Feb 2011	Message Posted: Feb 28, 2012 10:17:14 PM Ignore tippybuddy Report Abuse I too think speculation should be banned...or restrict in some way...we poorer people don't have the money to invest in the stock markets not that I'd want to if millions and millions of people would suffer for it...I'm pretty sure if I were rich I'd feel the same way..
BlueVanGroup Champion Author Colorado Posts:7,214 Points:1,530,445 Joined:May 2008	Message Posted: Feb 28, 2012 10:16:56 PM Ignore BlueVanGroup Report Abuse Night Owl, the 2008 crash was caused by the federal government mandating worthless loans to people who couldn't afford to pay them under the assumption that real estate would continue to appreciate forever. Since we still have ridiculous government mandates, it looks like we didn't learn.
BlueVanGroup Champion Author Colorado Posts:7,214 Points:1,530,445 Joined:May 2008	Message Posted: Feb 28, 2012 10:15:32 PM Ignore BlueVanGroup Report Abuse Oil contract transactions will simply move to other exchanges. Once again Congress creates regulations that push economic activity to other nations.