Report questions CFTC speculation investigation
Models used by the Commodity Futures Trading Commission (CFTC) last year to assess the effect of speculation on the price of oil might have been inadequate, according to a report released this week.
Testifying in front of a US House of Representatives committee in 2008, then chairman Walter Lukken said CFTC analysis found no direct evidence that speculation had driven commodity prices, which reached a peak of $147 per barrel in July of that year. However, the Commission's research methods were possibly flawed, according to a report by Kenneth Medlock and Amy Myers Jaffe of the James A. Baker III Institute for Public Policy, Rice University.
The report said that the time-series techniques
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