IV 

110TH CONGRESS 

2D SESSION H. RES. 1289 

Urging the President to direct the Commodity Futures Trading Commission 

to work with the United Kingdom Financial Services Authority to establish position limits on oil futures traded by traders on the Intercontinental Exchange that are similar to those established by the Commodity 

Futures Trading Commission for traders on the New York Mercantile 

Exchange. 

IN THE HOUSE OF REPRESENTATIVES 

JUNE 19, 2008 

Mr. SHAYS (for himself and Mr. PERLMUTTER) submitted the following 

resolution; which was referred to the Committee on Agriculture 

RESOLUTION 

Urging the President to direct the Commodity Futures Trading Commission to work with the United Kingdom Financial Services Authority to establish position limits 

on oil futures traded by traders on the Intercontinental 

Exchange that are similar to those established by the 

Commodity Futures Trading Commission for traders on 

the New York Mercantile Exchange. 

Whereas, on June 16, 2008, the average retail price of gasoline in the United States reached $4.134 per gallon, 

which is an increase of $1.077 per gallon over one year 

ago, and has nearly doubled over the last three years; 

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•HRES 1289 IH 

Whereas, on June 16, 2008, the cost of a barrel of crude oil 

on the New York Mercantile Exchange (NYMEX) closed 

at $134.61; 

Whereas increases in the price of crude oil are indicative of 

the United States’ need to affirm its commitment to renewable energy research and development, and focus on 

reducing demand for oil by emphasizing conservation; 

Whereas the Commodity Futures Trading Commission currently imposes a limit of 20,000 crude oil contracts per 

month, not to exceed 3,000 contracts in the last three 

days of trading in the spot month, on traders on the futures exchanges of the NYMEX; 

Whereas institutional investors can circumvent these position 

limits by trading in swaps and derivatives products with 

the banks who have hedge exemptions for such trading, 

and no position limits are imposed on investors on the 

Intercontinental Exchange; 

Whereas the Commodity Futures Trading Commission should 

regulate the over-the-counter derivatives and swaps exchanges in the same manner that the NYMEX futures 

exchanges are regulated; and 

Whereas many analysts believe speculative investment in oil 

futures has contributed to recent oil price increases: Now, 

therefore, be it 

1 Resolved, That the House of Representatives— 

2 (1) urges the Commodity Futures Trading 

3 Commission to require institutional investors to 

4 abide by position limits already established for the 

5 greater crude oil trading community; and 

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•HRES 1289 IH 

1 (2) urges the President to direct the Com2 modity Futures Trading Commission to work with 

3 the United Kingdom Financial Services Authority to 

4 establish position limits on oil futures traded by 

5 traders on the Intercontinental Exchange that are 

6 similar to those established by the Commodity Fu7 tures Trading Commission for traders on the New 

8 York Mercantile Exchange. 

Æ 

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