Futures Markets: Approach for Examining Oversight of Energy Futures
Highlights
Record high crude oil and natural gas prices have generated significant concerns by the public and members of Congress that the high and relatively volatile prices may be the result of factors other than market forces. Several members of the House and the Senate have expressed concerns over the upward trending prices and factors that may be causing the perceived increases in volatility of several energy commodities, including crude oil, gasoline, natural gas, and heating oil. As a result, we initiated this study under the authority of the Comptroller General. This testimony focuses on our ongoing study of (1) changes in energy futures markets and volatility since 2000 and (2) Commodity Futures Trading Commission (CFTC) surveillance and enforcement activities in the oversight of energy futures trading.