The Dodd-Frank Act gave the CFTC until January 2011 to set limits to curb excessive speculation in the energy markets. Lo and behold, Chairman Gensler told lawmakers the CFTC wouldn't meet the deadline "because it doesn't yet have sufficient data."
Anyone who believes the Democrats got a 13 month extension of unemployment this week should think again. It is more like 2 months. Unless a rise in the debt ceiling beyond the 2012 elections is part of the package.
Fort Sumter National Monument is taking the first shot at ushering in a new era of energy independence with plans to take the island off the electric utility grid and make it completely self-sufficient.
What is needed is a practical and bottom-up clean energy policy consisting of short- term measures to increase new technology investment in the long term -- essentially what the President has called for.
The market fails at giving a timely signal to prepare for "peak oil." Given that we can't invest trillions on the basis of mere speculation, where are we going to get the data on the basis of which to prepare in time?
Given the importance of nuclear energy, it is critical we continue to work with the international community. In Vienna next week, I will offer ideas for how we can promote an international "fuel bank" to encourage the peaceful use of nuclear power.
Why don't we learn from OPEC's success? We have a commodity easily as critical to the world's economy as oil. We have corn, we have wheat, we have soybeans -- all grain crops critical to the world's food supply.