House Agriculture Committee will take two days to study commodity reform bills

July 10-11 The House Agriculture Committee will hold two days of public hearings on bills which have been proposed to amend the Commodity Exchange Act at 10 a.m. in Longworth House Office Building Room 1300.

Why it matters: Several House members believe energy commodity markets have been overrun with speculators who have inflated crude oil prices to record peaks and have introduced bills to correct the problem. This is the House committee which has jurisdiction over the Commodity Futures Trading Commission, which critics say has taken too cautions an approach. These sessions will attempt to produce a final bill to send on to the House floor, committee chairman Collin C. Peterson (D-Minn.) has indicated.

The fact that he has schedule two days for this reflects the range of proposals from an outright ban of purely financial interests from energy commodity markets to requiring the CFTC to order foreign boards of trade trading US oil contracts to comply with requirements which domestic exchanges have to meet.

CFTC Acting Chairman Walter L. Lukken has testified before several House and Senate Committees that the agency already has taken several significant steps to improve foreign exchanges' disclosures. The House overwhelmingly passed a bill on June 26 calling on the commission to use authority it already has to do just that, but the Senate defeated the measure the next day. These House Agriculture Committee hearings could be the primary point for consolidating proposals into a final working bill.

Contact Nick Snow at nicks@pennwell.com

Related Articles

EIA inaugurates monthly crude-by-rail shipping information

03/30/2015 The US Energy Information Administration is providing monthly data of crude oil shipments by rail for the first time. The new crude-by-rail movemen...

Senate crude exports hearing raises price, logistics, safety issues

03/30/2015 Potential consumer price impacts dominated a US Senate Energy and Natural Resources Committee hearing examining whether to allow more exports of do...

DOE report identifies deficiencies in crude oil analysis techniques

03/30/2015 A US Department of Energy report found gaps in important crude oil characterization data, uncertainty about how to best sample and analyze crude to...

CEQ should withdraw federal agency GHG guidance, CLNG recommends

03/27/2015 A seventh US natural gas group joined six others in calling for the White House Council on Environmental Quality to withdraw revised guidance it is...

Polarled pipeline installation under way from Norwegian Sea

03/27/2015 The Solitaire pipe-laying vessel has started Stage 1 of the Statoil ASA-operated Polarled installation project connecting Aasta Hansteen field...

Deck named senior VP of EnLink Midstream

03/27/2015

Andrew A. Deck has been appointed senior vice-president of the Permian basin of EnLink Midstream, Dallas.

Motiva to integrate Norco, Convent refineries in Louisiana

03/26/2015 Houston-based Motiva Enterprises LLC reported it will integrate the company’s two Louisiana refineries—the 220,000-b/cd Norco facility and the 227,...

NGC asks CEQ to withdraw GHG guidance for agencies

03/26/2015 Six US natural gas associations jointly asked the White House Council on Environmental Quality (CEQ) to withdraw its December 2014 guidance for fed...

Senate Democrats offer bill to reduce crude volatility on rail cars

03/26/2015 Four US Senate Democrats introduced a bill that would require reductions of volatility in crude oil shipped by rail. The bill, S. 859, also would h...
White Papers

Pipeline Integrity: Best Practices to Prevent, Detect, and Mitigate Commodity Releases

Commodity releases can have catastrophic consequences, so ensuring pipeline integrity is crucial for p...
Sponsored by

AVEVA’s Digital Asset Approach - Defining a new era of collaboration in capital projects and asset operations

There is constant, intensive change in the capital projects and asset life cycle management. New chall...
Sponsored by

Transforming the Oil and Gas Industry with EPPM

With budgets in the billions, timelines spanning years, and life cycles extending over decades, oil an...
Sponsored by

Asset Decommissioning in Oil & Gas: Transforming Business

Asset intensive organizations like Oil and Gas have their own industry specific challenges when it com...
Sponsored by

Squeezing the Green: How to Cut Petroleum Downstream Costs and Optimize Processing Efficiencies with Enterprise Project Portfolio Management Solutions

As the downstream petroleum industry grapples with change in every sector and at every level, includin...
Sponsored by

7 Steps to Improve Oil & Gas Asset Decommissioning

Global competition and volatile markets are creating a challenging business climate for project based ...
Sponsored by

The impact of aging infrastructure in process manufacturing industries

Process manufacturing companies in the oil and gas, utilities, chemicals and natural resource industri...
Sponsored by

What is System Level Thermo-Fluid Analysis?

This paper will explain some of the fundamentals of System Level Thermo-Fluid Analysis and demonstrate...
Available Webcasts


Cognitive Solutions for Upstream Oil and Gas

When Fri, Jun 12, 2015

The oil & gas sector is under pressure on all sides. Reserves are limited and it’s becoming increasingly expensive to find and extract new resources. Margins are already being squeezed in an industry where one wrong decision can cost millions. Analyzing data used in energy exploration can save millions of dollars as we develop ways to predict where and how to extract the world’s massive energy reserves.

This session with IBM Subject Matter Experts will discuss how IBM Cognitive Solutions contribute to the oil and gas industry using predictive analytics and cognitive computing, as well as real time streaming for exploration and drilling.

register:WEBCAST


The Alternative Fuel Movement: Four Need-to-Know Excise Tax Complexities

When Thu, Jun 4, 2015

Discussion on how to approach, and ultimately embrace, the alternative fuel market by pulling back the veil on excise tax complexities. Taxes may be an aggravating part of daily operations, but their accuracy is crucial in your path towards business success.

register:WEBCAST



On Demand

Prevention, Detection and Mitigation of pipeline leaks in the modern world

Thu, Apr 30, 2015

Preventing, detecting and mitigating leaks or commodity releases from pipelines are a top priority for all pipeline companies. This presentation will look at various aspects related to preventing, detecting and mitigating pipeline commodity releases from a generic and conceptual point of view, while at the same time look at the variety of offerings available from Schneider Electric to meet some of the requirements associated with pipeline integrity management. 

register:WEBCAST


Global LNG: Adjusting to New Realities

Fri, Mar 20, 2015

Oil & Gas Journal’s March 20, 2015, webcast will look at how global LNG trade will be affected over the next 12-24 months by falling crude oil prices and changing patterns and pressures of demand. Will US LNG production play a role in balancing markets? Or will it add to a growing global oversupply of LNG for markets remote from easier natural gas supply? Will new buyers with marginal credit, smaller requirements, or great need for flexibility begin to look attractive to suppliers? How will high-cost, mega-projects in Australia respond to new construction cost trends?

register:WEBCAST


Emerson Micro Motion Videos

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected