Quote:
Originally Posted by kane
Actually you can blame Bush for the speculative buyers. He was the one the decided to not regulate the way oil was traded and rejected an in work Clinton plan to regulate it. This allowed for people to control huge lots of oil with very little actual capitol. With speculation you only need to put 5% down. So you can control 1 million worth of oil for as little at 50K, this has helped drive the price way up.
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Didn't WJC sign the Commodity Futures Modernization Act of 2000 into law about two months before he left office when it was attached as a rider to an appropriations bill? I'd love to hear more about this rejected Clinton plan to "regulate it".