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Excessive Speculation In The Natural Gas Market (Day One)

Permanent Subcommittee on Investigations

Location: Room 106, Dirksen Senate Office Building

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Agenda

On June 25, 2007, the Permanent Subcommittee on Investigations held the first of two days of hearings entitled, Excessive Speculation In The Natural Gas Market. The Subcommittee’s hearing  examined the reasons for the extreme price levels and volatility in the natural gas futures markets in 2006 and how excessive speculation by a single hedge fund, Amaranth LLC, dominated the natural gas market and distorted natural gas futures prices. The hearing also examined the extent to which excessive speculative trading on unregulated energy exchanges contributed to the price distortions, and the need for statutory and regulatory changes to prevent manipulation and excessive speculation on unregulated exchanges from detrimentally affecting energy prices.

Staff Report - Excessive Speculation in the Natural Gas Market
Appendix - Excessive Speculation in the Natural Gas Market

Witnesses

Panel 1

  • ARTHUR CORBIN
    President and CEO
    Municipal Gas Authority of Georgia
    Oh behalf of the American Public Gas Association, Kennesaw, Georgia
    Download Testimony (48k)
  • PAUL N. CICIO
    President
    Industrial Energy Consumers of America
    Washington, D.C.
    Download Testimony (20k)
  • SEAN COTA
    President, New England Fuel Institute
    Northeast President, Petroleum Marketers Association of America
    Co-Owner and President, Cota & Cota, Inc., Watertown, Massachusetts
    Download Testimony (94k)

Panel 2

Panel 3