Corzine and Obama Target Oil Market Speculation

By
Brian Zumhagen
WNYC News | Jul 12, 2010

New York, NY —

Presidential hopeful Barack Obama's campaign is responding to high prices at the pump by calling for an end to excessive speculation in the energy market.

REPORTER: Supporting Obama's position during a conference call today, New Jersey governor Jon Corzine said hedge fund managers and investment bankers can now use the so-called Enron loophole in a 2000 commodities law to manipulate the market, and he says *that's* helped cause the current spike in gas prices.

CORZINE: One thing is for sure.:I can tell you from my days as a trader of financial assets that the volatility that you see is absolutely indicative of speculation in the marketplace.

REPORTER: Obama would like to coordinate the regulation of the oil futures market with other countries, in an effort to stop investors from trading US oil futures on offshore exchanges.

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Brian Zumhagen

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