A real pain in the gas - Folsom:
"“Then, apparently to make sure the way was opened really wide to potential market oil price manipulation, in January 2006, the George W Bush administration’s CFTC permitted the Intercontinental Exchange, the leading operator of electronic energy exchanges, to use its trading terminals in the United States for the trading of U.S. crude oil futures on the exchange in London - called “ICE Futures.”
The editorial takes the position that “how today’s oil prices are really determined is done by a process so opaque only a handful of major oil trading banks, such as Goldman Sachs or Morgan Stanley, have any idea who is buying and who is selling oil futures or derivative contracts that set physical oil prices in this strange new world of ‘paper oil.’”
Ties exist between Phil Gramm and investors, including Goldman Sachs, who helped move regulation of WTI offshore, with the ICE Futures Europe purchase."
Phil Gramm is John McCain's economic "advisor".