Sen. Wants To Require Offshore-Hoarding Disclosures

Law360, New York (June 10, 2009, 12:00 AM EDT) -- In the wake of reports that JPMorgan Chase & Co. recently hired a ship to store heating oil off the coast of Malta, Sen. Bernie Sanders, I-Vt., has said such activity amounts to price manipulation and is pushing legislation that would require oil commodity traders to divulge such information.

“These companies are hoarding heating oil right now, in the hope of selling it at a higher price this winter when senior citizens on fixed incomes and middle-class Americans in cold-weather states need heating oil to stay...
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