2 chapters across the catalog
Critics argue that current record-high oil prices are driven by market manipulation and the "Enron loophole," which allows for unregulated energy trading. Financial speculators now control an estimated one-third of the commodities market, leading to claims that prices are rigged rather than based on supply and demand. Despite calls for reform, heavy lobbying in Washington has prevented Congress from fully closing these regulatory gaps.
Oil Price Manipulation and City of London Autonomy
High oil prices are attributed to trading loopholes in the City of London, a unique financial entity with its own laws and mayor. The "Enron loophole" allows for excessive speculation in oil futures without the disclosure requirements typically found in US markets. The US government is reportedly attempting to pressure the City of London to adopt more transparent trading limits.
