Excessive

With Senate action on its Stop Excessive Speculation bill (S3268) apparently stalled, attention this week turns to a House version of legislation to extend the Commodity Futures Trading Commission’s (CFTC) role in monitoring futures markets, which may make it to the House floor before the Congress leaves for its August recess. After two days of rhetoric, the Senate Friday failed to muster the votes necessary to close debate.

President Bush Tuesday dismissed Democrats’ claims that domestic producers are not actively pursuing their oil and natural gas leases and that excessive speculation is responsible for escalating crude oil prices.

Senate Republicans blocked a recent attempt by Sen. Maria Cantwell (D-WA) to win expedited approval of a bill that sought to wring out “excessive” speculation and possible manipulation in the energy futures markets that Democrats contend are responsible for record high crude oil prices, which eclipsed $143 a barrel early Monday.

Senate Republicans Friday blocked an attempt by Sen. Maria Cantwell (D-WA) to win expedited approval of a bill that sought to wring out “excessive” speculation and possible manipulation in the energy futures markets that Democrats contend are responsible for record high crude oil prices, which eclipsed $143 a barrel early Monday.

Droughts, heavy downpours, excessive heat and intense hurricanes are likely to become more common as humans continue to increase the atmospheric concentrations of heat-trapping greenhouse gases (GHG), according to a scientific assessment of observed and projected changes in weather and climate extremes in North America and U.S. territories.

Droughts, heavy downpours, excessive heat and intense hurricanes are likely to become more common as humans continue to increase the atmospheric concentrations of heat-trapping greenhouse gases (GHG), according to a scientific assessment of observed and projected changes in weather and climate extremes in North America and U.S. territories.

As a congressional committee zeroed in on skyrocketing oil prices, leveling accusations of excessive speculation, the Commodity Futures Trading Commission (CFTC) last week announced that its staff has amended the “no-action relief letter” under which ICE Futures Europe is permitted direct access to U.S. customers. The change requires the adoption of equivalent U.S. position limits and accountability levels on its West Texas Intermediate (WTI) crude oil contract, which is linked to the Nymex crude oil contract.

As a congressional committee zeroed in on skyrocketing oil prices, leveling accusations of excessive speculation, the Commodity Futures Trading Commission (CFTC) announced that its staff has amended the “no-action relief letter” under which ICE Futures Europe is permitted direct access to U.S. customers. The change requires the adoption of equivalent U.S. position limits and accountability levels on its West Texas Intermediate (WTI) crude oil contract, which is linked to the Nymex crude oil contract.

After warning earlier Monday that it might be required to declare a Strained Operating Condition (SOC) due to excessive drafting of its system, El Paso later followed through by declaring an SOC-Draft to become effect Tuesday for eight specified locations. El Paso initially set the tolerance for negative daily imbalances at 10% but said it “will reduce the imbalance tolerance if conditions do not sufficiently improve. A combination of receipt underperformance and takes in excess of scheduled quantities has resulted in a substantial loss of linepack on [the El Paso] system over the past weekend with linepack at approximately 7,200 MMcf. Washington Ranch [storage facility] is on withdrawal at maximum rate.”