All three of these products are important for the nation to operate and thrive. Eventually, its abilities were gradually stripped. The scope of the CFTC's power to control is restricted to dealing within the official setting of the New York Mercantile Return (NYMEX).
Traders on this exchange must information file everyday reviews on transactions so the commission can keep an eye on rumours. Costs remained low (less than $30 a barrel), but mechanisms were set in motion that would raise prices and vastly enhance oil organization earnings.
That season, The legislature (under lobby by Enron and other oil companies) removed the regulatory abilities of the CFTC over United states oil futures exchanged over the counter (OTC) [source: Levin].
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