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Farm Bill and Oil Prices
Posted on May 15, 2008
After being up over $2 in the morning, oil has reversed course andis trading sharply lower (over $5 from the high) in early afternoontrading. This may in part be related to the Farm Bill that was passedearlier by the US Senate by a vote of 85 to 15. As a result of thestrong support for the bill, even if President Bush dusts off his vetopen, the Senate will have the necessary 67 votes to override the veto.So why is the Farm Bill impacting oil prices? One of the amendmentsto the Bill is called the CFTC Reauthorization Act of 2008, whichwill put all significant energy trades on electronic p...
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