**GAO-08-174T**                      Published: Oct 24, 2007. Publicly Released: Oct 24, 2007.                  

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## Highlights

Energy prices for crude oil, heating oil, unleaded gasoline, and natural gas have risen substantially since 2002, generating questions about the role derivatives markets have played and the scope of the Commodity Futures Trading Commission's (CFTC) authority. This testimony focuses on (1) trends and patterns in the futures and physical energy markets and their effects on energy prices, (2) the scope of CFTC's regulatory authority, and (3) the effectiveness of CFTC's monitoring and detection of abuses in energy markets. The testimony is based on the GAO report, Commodity Futures Trading Commission: Trends in Energy Derivatives Markets Raise Questions about CFTC's Oversight (GAO-08-25, October 19, 2007). For this work, GAO analyzed futures and large trader data and interviewed market participants, experts, and officials at six federal agencies.

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## Topics

Financial Markets and Institutions

Commodities exchangesCommodity futuresCommodity marketingCommodity salesEnergy demandEnergy industryEnergy marketingFederal regulationsFinancial analysisFinancial futuresFinancial institutionsPerformance measuresPetroleum pricesPetroleum productsPrices and pricingRegulatory agenciesReporting requirementsTrade regulationSupply and demand