Congress Pursues $80 Oil With Trading Limits, Disclosure Rules : from Bloomberg

what did you expect?
did you expect Congress to allow oil to go to 1,000,000 per barrel? They have voters to account for. The voters are up in arms.
Whether or not this will do anything to lower the price of gas at the pump in the long run, is anybody's guess. But it's a gesture by Congress.
 
No worries just don't trade futures in the U S of A. I hear that some middle eastern countries are starting commodity and futures exchanges.
 
"``Sophisticated paper speculators who never intend to use the oil are driving up costs for consumers and making huge profits with little to no risk,'' the groups wrote"


"Republican candidate John McCain, a Senator from Arizona, called June 25 for immediate steps to stop ``reckless speculation'' in oil futures."

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You have got to be kidding me.
These people are running and advising our country?
 
Is the smart money even still long after the past couple of weeks? Sorry for my ignorance, but does this have the potential to backfire and cause a short squeeze?
 
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