Location: Room 106, Dirksen Senate Office BuildingOpen in New Window
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.
ARTHUR CORBINDownload Testimony (48k)President and CEOMunicipal Gas Authority of GeorgiaOh behalf of the American Public Gas Association, Kennesaw, Georgia
PAUL N. CICIODownload Testimony (20k)PresidentIndustrial Energy Consumers of AmericaWashington, D.C.
SEAN COTADownload Testimony (94k)President, New England Fuel InstituteNortheast President, Petroleum Marketers Association of AmericaCo-Owner and President, Cota & Cota, Inc., Watertown, Massachusetts
VINCE KAMINSKIDownload Testimony (30k)Professor, Jesse H. Jones Graduate School of ManagementRice UniversityHouston, Texas
Michael GreenbergerDownload Testimony (90k)Professor, School of LawUniversity of Maryland
SHANE LEEDownload Testimony (195k)Former Natural Gas Trader at Amaranth LLCCalgary, Alberta, Canada