Local view for "http://purl.org/linkedpolitics/eu/plenary/2008-09-24-Speech-3-279"

Predicate	Value (sorted: default)
rdf:type	lpv_eu:Speech2
dcterms:Date	"2008-09-24"^^xsd:date2
dcterms:Is Part Of	lp_eu:Getting a grip on energy prices (debate)2
dcterms:Language	"fi"^^xsd:language2
lpv:document identification number	"en.20080924.32.3-279"2
lpv:hasSubsequent	lp_eu:2008-09-24-Speech-3-2802
lpv:speaker	lp:Esko Seppänen2
lpv:spokenAs	substitute; CONT (2007-01-31--2009-07-13)3 vice-chair; Delegation to the EU-Russia Parliamentary Cooperation Committee (2004-09-21--2009-07-13)3 unknown; Vasemmistoliitto (2004-07-20--2009-07-13)3 substitute; Delegation to the EU-Kazakhstan, EU-Kyrgyzstan and EU-Uzbekistan Parliamentary Cooperation Committees, and for relations with Tajikistan, Turkmenistan and Mongolia (2004-09-15--2009-07-13)3 member_of_the_bureau; EUL/NGL (2004-07-20--2009-07-13)3 substitute; ITRE (2007-01-31--2009-07-13)3 member; BUDG (2007-01-31--2009-07-13)3
lpv:translated text	". Mr President, Commissioner, in the compromise resolution the significance of speculation in the rise in the cost of energy is excluded from energy prices. Virtual oil is, however, being sold on the derivatives markets for six times more than physical oil. The price of electricity is also tied to the securities market: virtual electricity is being sold on the energy markets for more than physical electricity, and on the European Energy Exchange it costs five times more. There is massive evidence of fraud in the OTC derivatives market, which is unregulated and not monitored by the stock exchanges themselves. The harmonisation of electricity will result in automatic windfall profits for big companies, and by 2013 emissions trading will increase the scope for speculation many times over. In the energy derivatives markets, consumers are being forced to pay the price of speculation, the same way they did in the subprime mortgage market in the United States: the profits were privatised and the losses are being socialised. Capitalism is a casino where the price of energy is raffled in the stock exchanges. Thank you."@en1
lpv:videoURI	<go to Events_and_structure europarl>2

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