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Mark Greenblatt
ABC News

Every time you fill up your car with gas, your dollar ends up in the hands of a wide range of interests from around the world. Some of your money goes to oil companies, some of what you pay goes to refineries, and more still gets divided up by the gas stations you stop at.

What may surprise you, however, is what one of Wall Street’s top regulators has to say about who else you’re paying: speculators on Wall Street.

Bart Chilton, a commissioner at the Commodity Futures Trading Commission, the federal agency that regulates commodity futures and option trading in the United States, said it’s time to look at home — in addition to overseas — when searching for the reasons why gas prices are on the rise.

“I’m fired up,” Chilton said. “I’m concerned and we have to look after consumers.”
According to Chilton, much of the problem is actually “made in the USA,” created by Wall Street traders who gamble on oil prices.
“There aren’t markets without speculation,” Chilton told ABC News. “It’s the excessive speculation we are concerned about.”
Chilton, who has served as commissioner since 2007, said far too few players control far too much of the market, allowing them to push the price of gas higher and higher. Chilton and the CFTC are attempting to implement caps on the total positions speculators can take when trading in the oil futures markets.

He shared calculations with ABC News for the first time.

By Chilton’s calculation, if you drive a car like a Honda Civic, you’re paying $7.30 more than you should every time you fill up — to Wall Street speculators. If your car is a Ford Explorer you’re paying an extra $10.41.
For a Ford F150, he says owners pay an additional $14.56 per fill up -or more than $750 a year.

For their part, industry groups representing Wall Street say there is no evidence their trading activities actually push up the price of oil.


Chilton isn’t doesn’t buy that argument. He and the CFTC are currently attempting to implement new rules that would put limits on speculation. In response, Wall Street is suing the CFTC attempting to get an injunction, which would allow everything to remain status quo.

“They don’t want these limits,” he said. “They want unbridled ability to speculate in these markets and that’s not good for consumers. It’s not good for markets. It’s not good for the economy.”




Um, Conks - you got some 'splainin to do here, boys. That sound you hear is W laughing all the way to the bank...





"OK, no more pussy for Conks until this shit changes!!!!"

BFD. While you're at it, Bart, why not stop trading in all types of commodity futures, from corn to hogs to Winthorpe's good old frozen concentrated orange juice.

Ivytalk wrote:BFD. While you're at it, Bart, why not stop trading in all types of commodity futures, from corn to hogs to Winthorpe's good old frozen concentrated orange juice.

Good idea, Biff, if those items were not especially critical to and impactful on the economy.

Run for office!


"And I hereby decree that the IvyTalk administration will place substantial regulations on the rampant speculation in plywood and ball bearings!"

Cap'n Cat wrote:

Ivytalk wrote:BFD. While you're at it, Bart, why not stop trading in all types of commodity futures, from corn to hogs to Winthorpe's good old frozen concentrated orange juice.

Good idea, Biff, if those items were not especially critical to and impactful on the economy.

Run for office!


"And I hereby decree that the IvyTalk administration will place substantial regulations on the rampant speculation in plywood and ball bearings!"

Bart referred to Bart Chilton, the CFTC whiner quoted in the article. I'm honored that you preppified me by calling me Biff. I'm public-school educated all the way through grade 12.

And have you checked plywood prices lately?

Ivytalk wrote:

Cap'n Cat wrote:

Good idea, Biff, if those items were not especially critical to and impactful on the economy.

Run for office!


"And I hereby decree that the IvyTalk administration will place substantial regulations on the rampant speculation in plywood and ball bearings!"

Bart referred to Bart Chilton, the CFTC whiner quoted in the article. I'm honored that you preppified me by calling me Biff. I'm public-school educated all the way through grade 12.

And have you checked plywood prices lately?

Plywood is the new gold.


BTW, "Biff" is our Uncle Alex's nickname. Always thought it was funny.

Cap'n Cat wrote:

Ivytalk wrote: Bart referred to Bart Chilton, the CFTC whiner quoted in the article. I'm honored that you preppified me by calling me Biff. I'm public-school educated all the way through grade 12.

And have you checked plywood prices lately?

Plywood is the new gold.


BTW, "Biff" is our Uncle Alex's nickname. Always thought it was funny.

"Biff" is right up there on the male preppie moniker list with Trip, Trey, Fiver, and Thorp.

Preppie chicks get Muffy, Dolly, Molly, Sissy and Tish.

I thought the Cap'n was looking forward to mandatory $5.00 gallon/gas. You have stated as much here before.

catamount man wrote:I thought the Cap'n was looking forward to mandatory $5.00 gallon/gas. You have stated as much here before.

Yeah, now that I have a Fiesta and you clowns are stuck in your Suburbans!

Cap'n Cat wrote:

catamount man wrote:I thought the Cap'n was looking forward to mandatory $5.00 gallon/gas. You have stated as much here before.

Yeah, now that I have a Fiesta and you clowns are stuck in your Suburbans!

Nope. Still driving my 1999 Toyota Camry. 306,000 and going.

Cap'n Cat wrote:

catamount man wrote:I thought the Cap'n was looking forward to mandatory $5.00 gallon/gas. You have stated as much here before.

Yeah, now that I have a Fiesta and you clowns are stuck in your Suburbans!

Do you have to push the seat all the way back, like Bubba Smith in Police Academy I?

Ivytalk wrote:

Cap'n Cat wrote:

Yeah, now that I have a Fiesta and you clowns are stuck in your Suburbans!

Do you have to push the seat all the way back, like Bubba Smith in Police Academy I?

Actually, no, IT. I have it up rather close. Because I have to lean the seat back rather far, having the bottom so far back makes for uncomfortable driving as I have to reach.

Cap'n Cat wrote:

Ivytalk wrote:
Do you have to push the seat all the way back, like Bubba Smith in Police Academy I?

Actually, no, IT. I have it up rather close. Because I have to lean the seat back rather far, having the bottom so far back makes for uncomfortable driving as I have to reach.

Don't know how you do it. I can't fit comfortably into one of those things, and you're even taller than I am.

Ivytalk wrote:

Cap'n Cat wrote:
Actually, no, IT. I have it up rather close. Because I have to lean the seat back rather far, having the bottom so far back makes for uncomfortable driving as I have to reach.

Don't know how you do it. I can't fit comfortably into one of those things, and you're even taller than I am.

There is minor difficulty getting into it, IT. Getting out requires effort, too. However, once I'm in it's a great car to drive. Spunky, responsive.

The only downside is climbing larger hills in that 1.6 liter engine. Shit, I almost have to pull over to let people pass me. I think my riding lawnmower has a bigger power plant!

Cap'n Cat wrote:

Ivytalk wrote: Don't know how you do it. I can't fit comfortably into one of those things, and you're even taller than I am.

There is minor difficulty getting into it, IT. Getting out requires effort, too. However, once I'm in it's a great car to drive. Spunky, responsive.

The only downside is climbing larger hills in that 1.6 liter engine. Shit, I almost have to pull over to let people pass me. I think my riding lawnmower has a bigger power plant!

The 450lb. payload doesn't help either.

Ivytalk wrote:

Cap'n Cat wrote:

Plywood is the new gold.


BTW, "Biff" is our Uncle Alex's nickname. Always thought it was funny.

"Biff" is right up there on the male preppie moniker list with Trip, Trey, Fiver, and Thorp.

Preppie chicks get Muffy, Dolly, Molly, Sissy and Tish.

Sweet! I'm on the preppie moniker list!

Cap'n Cat wrote:

Ivytalk wrote: Don't know how you do it. I can't fit comfortably into one of those things, and you're even taller than I am.

There is minor difficulty getting into it, IT. Getting out requires effort, too. However, once I'm in it's a great car to drive. Spunky, responsive.

The only downside is climbing larger hills in that 1.6 liter engine. Shit, I almost have to pull over to let people pass me. I think my riding lawnmower has a bigger power plant!

This is where my diesel cars shine. (I own 2 of them, mine and the wife's) I can go up Parley's canyon (Runs from Salt Lake to Park City) in 5th gear and not drop below the speed limit. I still get 46mpg and I drive it like I stole it. I can get better than 50mpg if I drive nice, but really, who wants to do that?

But but but.......the worldwide economy is exploding! Hurricanes, floods, fire.......refinery capacity......blah blah blah.

They can all go fvck themselves.

HI54UNI wrote:

Ivytalk wrote: "Biff" is right up there on the male preppie moniker list with Trip, Trey, Fiver, and Thorp.

Preppie chicks get Muffy, Dolly, Molly, Sissy and Tish.

Sweet! I'm on the preppie moniker list!

So you're Henry the Fifth?

Ivytalk wrote:

Cap'n Cat wrote:BTW, "Biff" is our Uncle Alex's nickname. Always thought it was funny.

"Biff" is right up there on the male preppie moniker list with Trip, Trey, Fiver, and Thorp.

Preppie chicks get Muffy, Dolly, Molly, Sissy and Tish.

Pedestrian. I coach at a very blue blood, private country club (far stuffier than the one I belong to) and just a sampling of some of the first names of kids on the hockey teams: Hayes, Cashell, Jackson, McLean, Weaver, Chesley, Warwick, Carter...

-

Saw this on ABC news with Obama's pal George yesterday.

I don't think the average voter will believe this if they even see this

Just like when Obummer says the economy is great now...common sense and their eyes say no it isn't


I'm looking forward to the ads showing our failed president saying how prices will rise because of his policies

So the answer is to stop having markets for commodity goods? I understand the angst over wasted costs, I just wonder if people understand the alternative (say no trading market for these goods) will results in far higher costs and waste (I don't wonder, actually, I know people don't understand that).

Ivytalk wrote:BFD. While you're at it, Bart, why not stop trading in all types of commodity futures, from corn to hogs to Winthorpe's good old frozen concentrated orange juice.

I'll bet you $1 you'd fail.

Bronco wrote:-

Saw this on ABC news with Obama's pal George yesterday.

I don't think the average voter will believe this if they even see this

Just like when Obummer says the economy is great now...common sense and their eyes say no it isn't


I'm looking forward to the ads showing our failed president saying how prices will rise because of his policies

Bronchitis,
Pull up a video of Obama saying the economy is "great" and I'll blow you.

89Hen wrote:

Ivytalk wrote: "Biff" is right up there on the male preppie moniker list with Trip, Trey, Fiver, and Thorp.

Preppie chicks get Muffy, Dolly, Molly, Sissy and Tish.

Pedestrian. I coach at a very blue blood, private country club (far stuffier than the one I belong to) and just a sampling of some of the first names of kids on the hockey teams: Hayes, Cashell, Jackson, McLean, Weaver, Chesley, Warwick, Carter...

Just nouveau-riche wannabes. Ibanez probably knows lots of 'em in Chawlstun. Those are androgynous family names that would instantly make anyone doubt his or her own sexuality. No Cabot, Putnam, Lodge or Auchincloss would be caught dead with one of those.

And I almost forgot Chip!