House bill would make DOE form oil-market study group

WASHINGTON, DC, June 13 — US House Energy and Commerce Committee Chairman John D. Dingell (D-Mich.) introduced a bill on June 11 to make the US Department of Energy form an interagency working group to identify factors influences crude oil and product prices.

A day earlier, the Commodity Futures Trading Commission announced that it had formed its own interagency taskforce to examine investment practices, fundamental supply and demand factors, and the possible of role of speculators and index traders in energy commodity markets.

“Given the record energy prices that are harming businesses, farmers, consumers, and our economy as a whole, Congress should act to determine the precise effects that manipulation and speculation are having on energy prices and work to identify where there are gaps in regulation that allow this rampant speculation,” Dingell said as he announced his legislation.

The measure, which is cosponsored by the committee’s ranking minority member, Joe Barton (R-Tex.), would direct DOE to establish a working group which would include representatives from the CFTC, Federal Energy Regulatory Commission, Federal Trade Commission, and Securities and Exchange Commission.

Oil & Gas Journal