Dennis Kelleher, president and CEO of Better Markets, made the following statement on the White House announcement today on a crackdown on manipulation in oil markets:
“We welcome additional funding for the CFTC and more cops on the beat. But, the problem with rising oil and gas prices is excess speculation. Claiming to “crack down” on manipulation and “single traders” will do nothing to stop Wall Street speculators from running amok in the commodity markets. Wall Street pours hundreds of billions of dollars into the commodity markets every month to speculate and that is causing prices to jump. Until Wall Street index fund speculation is stopped, no one is being serious about stopping rising oil and gas prices.”
For more information, visit the Better Markets website.