Clueless / Embarrassing.

"Lawmaker says global effort needed on oil markets

Post-Crescent Washington bureau • June 18, 2008" Lawmaker says global effort needed on oil markets | Postcrescent.com | Appleton Post-Crescent

WASHINGTON — Rep. Tom Petri is calling on Congress to send the Bush administration and the international community this message: Work out new rules to police overseas oil speculators.Petri, R-Fond du Lac, filed his "sense of the House" resolution Tuesday. The measure, if passed, would not have the force of law.

He tells Bush to do something, didn't our guy Steve just sponcer a bill to sue OPEC? Oh sorry, just grandstanding, "the measure, if passed, would not have the force of law." Then why bring it up?

Congress is scrutinizing the energy futures markets for their role in boosting crude oil prices to record levels. House and Senate committees have held hearings on the issue with Democrats being the most vocal critics of oil traders.

Are not the dems always the most vocal critics? Blow hards!

The U.S. Commodity Futures Trading Commission recently announced it would require foreign exchanges to adopt tougher rules for dealing with transactions involving U.S. crude oil. But the agency's reach is limited and there are unregulated over-the-counter markets to which oil traders could move.

Petri said he worries that speculators would move to such overseas markets to escape any new federal laws or U.S. regulations That's why his resolution urges the United States "to lead a global diplomatic initiative" to adopt international standards to substantially increase the amount of capital or margin payment traders must put up when they buy a contract.

Worried speculaters would go overseas? They will go overseas because no other country in the world screws people as much as the left. All the federal and union retirement accounts must not be in oil, oil companies or oil trading. Go ahead pass more laws, take em down and and when the gov. workers loose their butt on their retirement, what will you tell them? It's Bush's fault? Ahhh, he will be gone next year!

Petri has a handful of cosponsors for the resolution, including Rep. Steve Kagen, D-Appleton. Kagen believes pension funds and other major investors in the energy futures market have helped to drive up crude oil prices.

So union pension funds drove up the price of oil? You see how clueless these guys are? This is unbelievable!

But Kagen said Congress has to be careful about any action it takes because lawmakers don't "want to chase investment overseas."

Oh really, what does he think they are going to do, roll over!

Simply clueless.

Simply embarrassing.