Witnesses Defend Oil Speculation At Senate Hearing

Law360, New York (April 3, 2008, 12:00 AM EDT) -- Various oil-industry-related parties took the stage on Thursday morning to convince the U.S. Senate that oil prices, which recently broke the $110 per barrel mark, were not related to rampant speculation on oil futures.

Witnesses, including the chief economist of the Commodity Futures Trading Commission and the managing directors of highly influential energy consulting companies, stood before the Senate Committee on Energy and Natural Resources to examine the influence of noncommercial investors on the price of oil.

For the most part, the witnesses argued that traders...
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