North Dakota Senator Byron Dorgan speaks of the need for a clean energy, low carbon future, but fears cap and trade schemes such as that proposed in the Waxman-Markey bill aren’t the solution, in large part due to interference from the likes of trading firms such as Goldman Sachs creating financial derivatives and the resultant speculative trading that would hijack the intent and purpose of cap and trade.
As an example, Dorgan highlights the extreme price fluctuations of oil in 2008, showing the drastic price spike to nearly $150 a barrel had nothing to do with actual supply and demand of the commodity, but was simply speculative traders gaming the system, and raking in enormous profits, both on the ride up and then again on the way down.
Part 1
Part 2
