ICPA Press

"From the well documented manipulation of California’s electricity market by Enron, to the multi-billion dollar melt down of the hedge fund Amaranth that was manipulating natural gas pricing, or or the recent settlement of BP for having manipulated the propane markets, the manipulation of the oil market outlined by Senators Levin and Coleman, it is glaringly obvious that there is something nefarious going on..”

[Cromwell, CT] Prices of crude oil on commodities exchanges hit $100 per barrel today, up from just $49 a barrel one year ago.

Why? According to the New York Times "Oil markets have become increasingly volatile and unpredictable this year, with large swings that analysts attribute partly to financial speculation, not just market fundamentals." January 2, 2008. www.nytimes.com

It's not just the New York Times. The Wall Street Journal, the Government Accountability Office [GAO] and several independent studies of energy commodities markets point to excessive speculation for the run-up in prices. While hedge funds and investment banks are making a killing, fuel retailers and their customers are left out in the cold.

How Can This Happen? In the lame duck session of the Decembe

r 2000 Congress passed the "Enron Loophole" as part of the Commodities Futures Modernization Act. The loophole allows electronic commodities exchanges set up for large traders to operate without any federal oversight or regulation. Some experts estimate that as much as 40% of the cost of crude oil stems from excessive speculation that opens wide the door to manipulation.

Why Should You Care? Did you hear the enormous year-end bonuses just handed out on Wall Street? $50 billion in bonuses paid to commodities traders. Remember that while you didn't get that bonus, you are paying for it when you drive your car or heat your home.

What We are Doing The Independent Connecticut Petroleum Association and its more than 540 members have joined a national coalition of fuel users and retailers to urge federal lawmakers and presidential candidates to support us and our customers by CLOSING THE ENRON LOOPHOLE NOW.

	ICPA, 10 Alcap Ridge, Cromwell, Connecticut 06416 Tel 860-613-2041 Toll Free 866-521-ICPA Fax 860-632-1122 website www.icpa.org
Contact: Gene Guilford gene@icpa.org
For Immediate Release January 2, 2008

IT HAPPENED...$100 CRUDE "From the well documented manipulation of California’s electricity market by Enron, to the multi-billion dollar melt down of the hedge fund Amaranth that was manipulating natural gas pricing, or or the recent settlement of BP for having manipulated the propane markets, the manipulation of the oil market outlined by Senators Levin and Coleman, it is glaringly obvious that there is something nefarious going on..” [Cromwell, CT] Prices of crude oil on commodities exchanges hit $100 per barrel today, up from just $49 a barrel one year ago. Why? According to the New York Times "Oil markets have become increasingly volatile and unpredictable this year, with large swings that analysts attribute partly to financial speculation, not just market fundamentals." January 2, 2008. www.nytimes.com It's not just the New York Times. The Wall Street Journal, the Government Accountability Office [GAO] and several independent studies of energy commodities markets point to excessive speculation for the run-up in prices. While hedge funds and investment banks are making a killing, fuel retailers and their customers are left out in the cold. How Can This Happen? In the lame duck session of the December 2000 Congress passed the "Enron Loophole" as part of the Commodities Futures Modernization Act. The loophole allows electronic commodities exchanges set up for large traders to operate without any federal oversight or regulation. Some experts estimate that as much as 40% of the cost of crude oil stems from excessive speculation that opens wide the door to manipulation. Why Should You Care? Did you hear the enormous year-end bonuses just handed out on Wall Street? $50 billion in bonuses paid to commodities traders. Remember that while you didn't get that bonus, you are paying for it when you drive your car or heat your home. What We are Doing The Independent Connecticut Petroleum Association and its more than 540 members have joined a national coalition of fuel users and retailers to urge federal lawmakers and presidential candidates to support us and our customers by CLOSING THE ENRON LOOPHOLE NOW. For More Information See: http://www.closetheenronloophole.com/ XXX


ICPA represents more than 500 Connecticut based independent businesses. These businesses employ 13,000 Connecticut citizens and supply the majority of our state's 1,600 motor fuels outlets and 350 heating fuels dealers. ICPA's offices are at 10 Alcap Ridge, Cromwell, CT 06416. For more information about today's Press Release, contact Gene Guilford or Chris Herb.