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Jul 09 2009

The Regulators Are Coming

Remember when we were talking about speculators being responsible for spiking gas prices? Seems like said speculators may be in for a nasty shock:

I’ve been following this for a while, and it’s encouraging news if the commodities regulators follow through. These guys have been driving up the cost of oil with the same sort of shady tactics used in the financial markets. Good for the Obama administration if they take this aggressive approach:

WASHINGTON — Reacting to the violent swings in oil prices in recent months, federal regulators announced on Tuesday that they were considering new restrictions on “speculative” traders in markets for oil, natural gas and other energy products.

The move is a big departure from the hands-off approach to market regulation of the last two decades. It also highlights a broader shift toward tougher government oversight under President Obama.

[snip]

In the case of oil and gas trading, regulators made it clear that they were willing to move, without waiting for Congress to act on Mr. Obama’s overhaul, invoking their existing powers.

Woot! You go, guys!

You know, I often wish Obama would do a better job – his Bush Mark II impression on various detainee issues and sundry other national security issues being the prime examples – but when I get news like this, I’m reminded just how much he doesn’t resemble Bush.

Once we get the man disabused of certain notions, I think he’s going to turn out to be a delight. Well, to folks who don’t make their livings fucking over the financial markets, that is. This is change I can believe in.