[i_dont_chat]

When is legislature going to be passed to prevent crude oil commodity trading from manipulating the “law of supply and demand” regards crude oil?

In short, there are no curbs to prevent commodity traders from buying huge amounts of crude oil – WITHOUT TAKING DELIVERY – and thus preventing the supply from being replenished. The traders are CREATING a shortage and at the same time, benefiting from the rise in cost.

http://www.citizensvoice.com/site/news.cfm?newsid=19757457&BRD=2259&PAG=461&dept_id=455154&rfi=6

The PUMP Act — Prevent Unfair Manipulation of Prices.

Under the current model, traders can buy oil and natural gas even though they don’t have to deliver the product to consumers. Other commodities (like corn, for example) require taking delivery on a percent of the purchase – thereby keeping the supply open and flowing. Not so with crude oil — they don’t have to move any product. The traders own it, but the product stays in place, and clogs up the supply. In other words, the movement of crude oil comes to a stand-still. In simple terms, production stops, the pipes are full, and prices soar. That’s exactly what is happening.

Our free enterprise system is balanced by the law of supply and demand. The price of crude is being is manipulated, not by supply and demand, but by hoarding by commodity brokers.

Why isn’t anyone talking about this?

[kempo]

You can forget all that B.S. When the “hoarding” as you call it becomes real (show me the full storage tanks with no buyers) the price will fall like a lead balloon. We are using every barrel being produced and there is a need for more. Thats why oil is at $145 a barrel and climbing. In other words there is no hoarding. Two things will bring down the price. Less demand (world wide) and more supply. It's that simple.