In a move supported by both the New England Fuel Institute and the Petroleum Marketers Association of America (as part of an association of over 250 groups) new legislation has been introduced to solidly clamp down on the potential for excessive speculation in the oil markets. As noted by NEFI, the federal agency tasked with regulating the commodity derivatives already has broad authority to impose speculation limits under last year's new Wall Street Reform Law. The CFTC is expected to vote on a final rule on October 4, after eight months of delay, but a leaked draft of the proposed rules shows them to be watered down and regulators do not plan on imposing aggregate limits on speculation as a class of trader - a major priority for NEFI.
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