WE NEED MORE OVERSIGHT OF U.S. ENERGY MARKETS
September 09, 2008
September 09, 2008
WASHINGTON, Sept. 9 -- Sen. Dianne Feinstein, D-Calif., issued the following column:
You might not think it possible for a single company to control 11 percent of the oil market -- but that's exactly what happened earlier this year.
We now know that a firm headquartered in Switzerland, named Vitol, controlled 57.7 million barrels of oil on NYMEX until June 6. To put that in perspective, this translates to almost three times as much oil as the United States consumes . . .
You might not think it possible for a single company to control 11 percent of the oil market -- but that's exactly what happened earlier this year.
We now know that a firm headquartered in Switzerland, named Vitol, controlled 57.7 million barrels of oil on NYMEX until June 6. To put that in perspective, this translates to almost three times as much oil as the United States consumes . . .