爱上海EN

Senate committee adopts Sanders proposal on oil price speculation

Posted on

first_imgA Senate panel today adopted a proposal by Senator Bernie Sanders (I-Vermont) to make big oil traders divulge reserves held in offshore tankers to skirt reporting requirements, distort supply records and artificially drive up prices. As oil prices rose to $69 a barrel, near the record high for the year, Sanders also announced that he will introduce legislation to require the Commodity Futures Trading Commission to use emergency powers to stem oil price manipulation.The Senate Energy and Natural Resources Committee folded Sanders proposal on offshore hoarding into legislation aimed at promoting oil and gas exploration. The amendment would require the 50 largest traders of oil contracts to report to federal regulators all of their oil reserves that are stored offshore.Global diesel storage at sea has climbed to about 41 million barrels, Reuters reported today, citing traders and shipbrokers. Seven tankers with an estimated 14 million barrels of North Sea crude are anchored off Great Britain, Bloomberg reported. JP Morgan Chase recently hired a ship to store up to 2 million barrels of heating oil off the coast of Malta.  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 warm, Sanders said.Since the storage of oil in oversees tankers is not reported to the federal government, the practice already is distorting supplies and leading to unnecessarily high prices. We cannot allow this to continue, especially when the firms that are taking advantage of this situation have received the largest taxpayer bailout in the history of the world, the senator said.Sanders proposal drew support from US and Vermont fuel dealers. Giving federal regulators the necessary authority to bring greater transparency to these markets is a top priority to ensure that these markets are stable and reliable, wrote Dan Gilligan of the Petroleum Marketers Association of America, Shane Sweet of the New England Fuel Institute, and Matt Cota of the Vermont Fuel Dealers Association.With demand down and oil supplies up, Sanders also planned to introduce legislation directing federal regulators to stop speculators from artificially driving up prices. The bill introduction follows a letter Sanders sent to the Commodity Futures Trading Commission urging it to seize this opportunity to redefine the CFTC as a strong regulator that will do everything within its power to benefit consumers.Commissioner Bart Chilton reacted in a letter today. I wholeheartedly agree with you that the time to act on these issues is now, and the CFTC should aggressively utilize all available authorities ¦to address these pressing issues, Chilton wrote to Sanders.Source: Sanders’ Office. WASHINGTON, June 9last_img read more

Team Nigeria Finishes Ninth as Australia Wins 2018 C’wealth Games

Posted on

first_imgBy Femi SolajaAt the end of 2018 Commonwealth Games  yesterday in Gold Coast , Australia, Team Nigeria won nine gold, nine silver and six bronze medals to finish ninth on the overall medals table.The feat though achieved through personal efforts of most Team Nigeria athletes, was a spot below the eighth placement at the Glasgow Games four years ago when we won 11 gold, 11 silver and 14 bronze medals.Aruna Quadri won Team Nigeria’s last medal at the 2018 Games edition  after clinching silver in the men’s  table tennis singles event, losing to Ning Gao of Singapore on Sunday morning.South Africa emerged Africa’s best team as they finished in the sixth position with 13 gold, 11 silver, 13 bronze medals.Kenya were 14th with four gold, seven silver, six bronze, Uganda 15th with three gold, one silver, two bronze, Botswana occupied the 16th position on three gold, one silver, one bronze and Namibia with two gold ended in the 19th position.Cameroon who had one silver and two bronze finished in the 32nd position, Mauritius were in joint-34th position with one silver while Ghana and Seychelles who only won one bronze, were joint-39th in the medal table.Hosts Australia, were the overall winners at this year’s games after amassing 80 gold, 59 silver, 59 bronze to bring their medals total to 198.England who were champions at the 2014 edition, came second with 45 gold, 45 silver, 46 bronze, India clinched third spot with 26 gold, 20 silver, 20 bronze.Canada came fourth with 15 gold, 40 silver, 27 bronze and New Zealand finished fifth after securing 15 gold, 16 silver and 15 bronze medals.Meanwhile the Sports Minister, Solomon Dalung, commended the team for not just doing the nation proud but better the performance at the last edition in Glasgow. “ I thank you very much for making us proud. We have done a comparative analysis and looked at the size of our contingent when we went to Glasgow. How many sports we competed in and how much money was voted? These are the factors which will confirm whether we have done better here or not. From the average knowledge of what I have, we have done better here than what we did in Glasgow.”The Minister also announced that arrangements to host those available back in Nigeria has been put in place.“This will enable us to interface, interact, cross pollinate ideas and enjoy ourselves. I don’t want us to access our success with medals. We should assess our success by participation and the way we conducted ourselves during the Games.It is also time to begin to invest in our athletes if we want to do well in sports,” he remarked. The next edition of the Commonwealth Games in 2022, will be hosted in Birmingham, England, from July 27 to August 7.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegramlast_img read more