Publications: Notes at the Margin

Energy Futures Markets: Economic Terrorist Organizations? (October 14, 2024)

 

Have energy futures markets, particularly the CME and ICE, become economic terrorist organizations? Sadly, one can argue that their activities, intentional or not, disrupt markets, cause financial distress or disaster, and affect policy decisions in much the same way as actual terrorists spread chaos and fear among societies and national politics on the world stage. In 2022 and again in 2024, speculative money distorted energy prices. In 2022, European utilities that had hedged confronted bankruptcy when speculators drove electricity prices to record highs. Today, speculative money is again pushing oil prices up, threatening the global economy.

 

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