Electricity Markets Expert to Testify Tuesday on Oil Price Speculation
Posted on: Monday, 15 September 2008, 12:00 CDT
Robert McCullough of McCullough Research (Portland, OR) will speak to members of the Subcommittee on Energy of the U.S. Senate Committee on Energy and Natural Resources on September 16 at 2:30 pm in Hearing Room SD-366.
The purpose of the hearing is to receive testimony on recent analyses of the role of speculative investment in energy markets.
Robert McCullough will call for more transparency in data reported to and published by federal agencies.
"The resemblance of the July 3, 2008 oil price spike to Enron's market manipulation during the California energy crisis in 2000-2001 is eerie," McCullough says. "Even more troubling is that data gathered by FERC, the FTC, the CFTC, and the EIA is too insufficient to determine whether the price of oil was manipulated."
Last week, US Senators Maria Cantwell and Brian Dorgan renewed their charge to hold hearings, examine specific trading patterns of large energy speculators, and ask why the Commodities Future Trading Commission has said repeatedly that no speculation is occurring despite growing evidence to the contrary.
McCullough Research provides strategic advice and economic research to industrial clients and utilities throughout the US and Canada. In 2001 McCullough was retained by several Pacific Northwest utilities and industries to investigate the high prices in the Western energy markets in 2000-2001. As a result of his testimony before the US Senate in January 2002, the Federal Energy Regulatory Commission launched an investigation that has resulted in numerous criminal charges and sanctions against market manipulations. The Commission staff's final report endorsed the firm's analysis, and McCullough's testimony was a major component of the 1.6-billion-dollar judgment against Enron in 2007.
Link to US Senate Energy Subcommittee hearing, September 16, 2008
http://energy.senate.gov/public/index.cfm?FuseAction=Hearings. Hearing&Hearing_ID=492aa9fc-9622-2cfa-00af-8a091f7d187e
Long URLs in this release may need to be copied/pasted into your Internet browser's address field. Remove the extra space if one exists.
Source: Business Wire
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