28 Apr '11, 5pm

The Oil-Price Rocket: What Factors Fuel It?

Tracking the prices of commodities through indexing had been around for years, but they had been created for academic purposes. That changed in 2000, with the passage of the Commodity Futures Modernization Act (CFMA) under President Bill Clinton and then-Fed Chairman Alan Greenspan. The CFMA opened the road for new commodity swap instruments to be created away from the regulated exchanges and over-the-counter trading...and also paved the way for the sale and marketing of commodity indexes as an insvestment. Many competitors began to devise instruments to capture the price of commodity indexes... As money began to flow into them, it wasn't surprising to see one index product separate from the crowd to become the benchmark: The Goldman Sachs Commodity Index (GSCI). During the early years of my career on the floor in the 1980s and 1990s, the only well-known and reliable commo...

Full article: http://switchboard.nrdc.org/blogs/dlovaas/the_oil-price_r...

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