Washington-The Industrial Energy Consumers of America (IECA) said July 17 that it strongly supports Senate Majority Leader Reid and other co-sponsors of S.3268, the “Stop the Excess Energy Speculation Act.” “We urge the Congress to take action to eliminate excessive energy speculation in futures markets and to increase the domestic supply of energy,” said Paul Cicio, IECA president. “Excessive speculation is unnecessarily raising the cost of energy to every family, farmer and manufacturer.” The legislation would require the Commodity Futures Trading Commission (CFTC) to set position limits on traders who are not involved in legitimate hedge trading; require OTC large traders to report their positions to the CFTC; require index and swap dealers to routinely report to the CFTC; close the London loophole that lets traders evade U.S. regulatory oversight; improve collection of energy data; and, importantly, increase funding for the CFTC.
Transparency Across the Fertilizer Value-Chain