Obama and CFTC lash out at speculators

A senior US futures regulator has joined President Barack Obama in squarely blaming market speculators for rising fuel and energy prices.

As Obama promised to monitor the markets at a campaign rally near Washington DC, the Commodity Futures Trading Commission’s Bart Chilton weighed in with a sideswipe against the “Wall Street premium”.

The commissioner suggested there may be “too much speculation” and called for the regulator to use powers given to it by Congress to bring an end to “excessive” activities.

Chilton said: “There is a Wall Street premium on gas prices today. Every time folks fill up their tanks, they can expect that several dollars are due to speculation.

“Speculative dollars are coming into energy markets at a blistering pace. Speculative positions in energy contracts have increased 64 per cent since we last saw such high prices in 2008.

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