**GAO-08-25**                      Published: Oct 19, 2007. Publicly Released: Oct 19, 2007.                  

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## Highlights

Prices for four energy commodities--crude oil, heating oil, unleaded gasoline, and natural gas--have risen substantially since 2002. Some observers believe that higher energy prices are the result of changes in supply and demand. Others believe that increased futures trading activity has also contributed to higher prices. This report, conducted under the Comptroller General of the United States' authority, examines (1) trends and patterns in the physical and energy derivatives markets, (2) the scope of the Commodity Futures Trading Commission's (CFTC) regulatory authority over these markets, and (3) the effectiveness of CFTC's monitoring and detection of market abuses and enforcement. 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 institutionsPetroleum pricesPetroleum productsPrices and pricingRegulatory agenciesTrade regulationReporting requirementsPerformance measuresSupply and demand