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CFTC: Cause of 2008’s oil-price surge remains elusive

04/20/2009
Nine months after crude oil prices reached record levels, experts agreed at the US Energy Information Administration’s 2009 annual conference on Apr. 7 that speculators shouldn’t be blamed. They also could not say definitively what pushed prices upward during the first half of 2008.The US Commodity Futures Trading Commission’s large trade reporting system gives it a powerful tool to determine what’s moving markets, according to Jeffrey Harris, CFTC’s chief economist. An effort is continuing to determine why crude prices surged and then plunged in 2008, he continued.“The answers haven’t been palatable to politicians or to us. We haven’t been ...
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