The CFTC took a dangerous step toward damaging the credibility of our nation's energy markets and may have harmed the economy and the average American. The commission's view that speculators are guilty until proven innocent is just another step in the Dodd-Frank regulatory overreach that is freezing our economy and stagnating job growth. This witch hunt against this elusive ghost called "excessive speculation" culminated in a 3 to 2 party line vote that will help drive trading in oil into a less transparent marketplace and will eventually lead to a less liquid and more volatile market.
You think trading is volatile now, well folks you haven't seen anything yet. In fact forget about volatility. I predict that the implementation of these new regulations will create shortages the next time the market is challenged by the type of economic crisis that we saw in 2008.
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