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Worst Oil-Price Speculators Democrats Whom Denounced in 2006, Will Run Carbon Trading Demanded by Al Gore

March 23, 2007 (EIRNS)—In May and June 2006, the Senate Democratic Policy Committee (SDPC) held two hearings on the role of speculation in driving the prices of oil and gasoline into the stratosphere. The Senators, led by Carl Levin, Dianne Feinstein, and Byron Dorgan, pinpointed the role of the all-electronic commodity futures exchange called ICE, InterContinental Exchange, for driving the oil/gas price speculation.

As Senator Levin charged, they found that futures speculation on the ICE was the driver in speculators adding $20-25 to the price of every barrel of oil, causing hardship to industry and households, and suffering to underdeveloped nations.

Now, the people who run ICE will run the "carbon emissions trading" demanded by Al Gore and his backers under color of the global warming hoax.

The Senators' report, "The Role of Market Speculation in Rising Oil and Gas Prices," is still on Sen. Levin's website.

The ICE, the testimony to the Senators established, was created in 2000 by international banks led by Goldman Sachs, and oil companies led by British Petroleum and Royal Dutch Shell. The ICE had bought the International Petroleum Exchange in London, and had taken domination of oil and gas futures trading, completely unregulated, "opaque" electronic trading with no records kept of the trades. Furthermore, the ICE, though headquartered in Atlanta, was juridically located in London. "No-action letters" between the Bank of England and the U.S. Commodity Futures Trading Commission, protected the ICE from any form of regulation or record-keeping required by American agencies. ICE was literally a British "offshore financial center," though located in Atlanta.

"Put a Cop Back on the Beat" was the subtitle of the Democrats' report, which called for forcing regulation of the criminal speculation on the ICE.

Now, who is in charge of the Chicago Climate Exchange (CCX) and its parent, the London Climate Exchange (LCX); who is to be in charge of the carbon-offset trading which Al Gore demands and some Democratic Congressional leaders are energetically promoting? The principals of ICE!

Most particularly, ICE founding partner and board member Richard L. Sandor, runs both CCX and LCX, and is the "inventor" of carbon swaps and carbon-offset derivatives trading. Goldman Sachs, largest share-owner of CCX, and second largest of ICE, put Al Gore himself into the hedge fund field, when in 2003, David Blood, formerly CEO of Goldman Sachs Assets Management, formed General Investment Management Plc with Gore—Blood and Gore, and with two other former Goldman Sachs officers.

And the ICE on March 22 launched a bid to buy the Chicago Board of Trade.

Those Democratic leaders may have had seven years to forget who Al Gore is, and what he did to President Bill Clinton, and to the Democratic Party in 2000. But only 10 months have passed since they investigated and blasted the wild and untraceable speculation on ICE for forcing up oil and gas prices $20 and more a barrel. Are they now cheering for the same people to run the speculation in carbon emission rights, and push up the price of electricity by $50 a megawatt-hour?

When is a swindle by international banks and global oil companies not a swindle? When it's promoted by Al Gore and the hoax of global warming?

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