More than 30 percent, experts say, exchanged in so-called "dark markets," the exact size and scope unknown to U.S. regulators.
"If you can trade out of the sight of U.S. regulators, you can manipulate these markets," said Michael Greenberger, a former top staffer at the Commodities Futures Trading Commission, or CFTC, which regulates the trading of commodities like oil in this country.
He recently told Congress that speculation is placing a huge premium on the price of oil.
"How much per barrel?" Keteyian asked.
"Well, there have been various estimates - anywhere from 25 percent to 50 percent," Greenberger said.
"People can actually corner the market and drive up the price," said Sen. Maria Cantwell, D-Wash. "When there is no policeman on the beat, you know that crime can go up."
More and more fingers are pointing at one of the least-known but most powerful foreign exchanges - the InterContinental Exchange, or ICE. - CBS News
Also watch:
CFTC Commissioner: "A Hair Trigger Away from Economic Calamity"
"If you can trade out of the sight of U.S. regulators, you can manipulate these markets," said Michael Greenberger, a former top staffer at the Commodities Futures Trading Commission, or CFTC, which regulates the trading of commodities like oil in this country.
He recently told Congress that speculation is placing a huge premium on the price of oil.
"How much per barrel?" Keteyian asked.
"Well, there have been various estimates - anywhere from 25 percent to 50 percent," Greenberger said.
"People can actually corner the market and drive up the price," said Sen. Maria Cantwell, D-Wash. "When there is no policeman on the beat, you know that crime can go up."
More and more fingers are pointing at one of the least-known but most powerful foreign exchanges - the InterContinental Exchange, or ICE. - CBS News
Also watch:
CFTC Commissioner: "A Hair Trigger Away from Economic Calamity"
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