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EIA Conference 2009
Session 6: Financial Markets and Short-Term Energy Prices 

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Moderator: Tancred Lidderdale (EIA)
Speakers Jeffrey Harris (Commodity Futures Trading Commission)
Robert McCullough (McCullough Research)
Adam E. Sieminski
(Deutsche Bank)
Robert Weiner
(George Washington University)
  Note: Concurrent sessions used a variety of presentation and round table discussion formats. All available presentations have been posted.
  Moderator and Speaker Bios and Presentations
Tancred Lidderdale, EIA

Tancred Lidderdale is the supervisor of the team that produces that the Short-Term Energy Outlook for the Energy Information Administration. Before joining EIA in 1991, he worked for 12 years with Atlantic Richfield Company in their petrochemical and refinery operations, and foreign crude oil trading. He received his B.S. degree in Chemical Engineering from Georgia Tech, his MBA from the University of Houston, and his Ph.D. in Economics from George Mason University.

Denise Bode, American Wind Energy Association

Jeffrey Harris joined the Commodity Futures Trading Commission (CFTC) in 2006 as a Visiting Economist/Consultant and was named Chief Economist in 2007. Dr. Harris is serving at the CFTC while on leave from his faculty appointment as Professor of Finance in the Lerner College of Business and Economics at the University of Delaware. He previously held faculty positions at the University of Notre Dame and The Ohio State University. Outside of academics, Dr. Harris has also served as Visiting Academic Fellow at the Nasdaq stock market and as Visiting Academic Scholar at the U.S. Securities and Exchange Commission. His research has focused on the microstructure of securities and futures markets as related to trading rules, market regulation, and securities issuance. Dr. Harris has published a number of journal articles appearing in the Journal of Finance, Journal of Financial Economics, Financial Management and the Journal of Investment Management. He received his B.A. in Physics his MBA in Finance from the University of Iowa and his Ph.D. in Finance from Ohio State University.


Picken's Peak: Fundamentals, Speculation, or Market Structure PDF Icon pdf Powerpoint Icon ppt

Robert McCullough is the founder and managing partner of McCullough Research, an energy consulting firm in Portland, Oregon, that specializes in energy and public policy issues throughout the U.S. and Canada. In 2000, McCullough Research was retained by a group of Pacific Northwest utilities and industries to investigate the high prices in the Western energy markets in 2000-2001, and continues to be an expert witness in the FERC dockets investigating gaming and/or anomalous market behavior. Recently, the firm’s analysis on behalf of the Illinois Attorney General played a central part in the ongoing one-billion-dollar rate rollback to Illinois consumers after an electricity auction in fall 2006 led to double-digit rate hikes in early 2007. In 2008, Mr. McCullough was invited to testify at a Congressional hearing on speculation and oil prices. In spring 2009, Mr. McCullough has testified in Connecticut in support of a bill to establish a state power authority and in New York on market reforms and transparency issues in NYISO.


Matt Hartwig, Renewable Fuels Association

Dark Markets and Oil Prices PDF Icon pdf Powerpoint Icon ppt

Adam Sieminski is the Chief Energy Economist for Deutsche Bank, working with the Bank's global commodities research and trading units. Mr. Sieminski forecasts energy market trends and writes on a variety of topics involving energy economics, climate change, politics and commodity prices. From 1998 to 2005 he served as the energy strategist for Deutsche Bank's global oil & gas equity team. Mr. Sieminski was the senior energy analyst for NatWest Securities in the US during 1988-1997, covering the major US international integrated oil companies. He has been president of the US Association for Energy Economics and the National Association of Petroleum Investment Analysts. He is a member of the US National Petroleum Council, an advisory group to the US Secretary of Energy, and helped author the NPC's Global Oil and Gas Study: The Hard Truths. He also acts as a senior advisor for the Center for Strategic and International Studies in Washington and is an advisory board member of the Global Energy and Environment Initiative at Johns Hopkins / SAIS. He is a member of the London, New York and Washington investment professional societies, and holds the Chartered Financial Analyst (CFA) designation. He received his B.S. in Civil Engineering and his M.A. in Public Administration from Cornell University.

Matt Hartwig, Renewable Fuels Association

Speculation and Oil Price Volatility PDF Icon pdf Powerpoint Icon ppt

Dr. Robert J. Weiner is Professor of International Business, Public Policy & Public Administration, and International Affairs, at the George Washington University School of Business, where he teaches courses on the world economy, privatization and nationalization, and international financial management. Heis a Senior Advisor to the Brattle Group, and has consulted for petroleum companies, commodity exchanges, governments, and the World Bank. He has been a visiting professor at the School for Advanced International Studies, Johns Hopkins; Gilbert White Fellow, Resources for the Future; and Research Fellow, JFK School, Harvard University, and served as an Eminent Person on Commodities for the United Nations Conference on Trade and Development. Professor Weiner has authored four books (Energy and Environment, Oil Shock, Oil and Money, and Oil Markets in a Turbulent Era), and more than fifty articles on the oil and gas industry, focusing on contracting, risk management, speculation and trading, and energy crises. Current projects include resource nationalism & political risk, reserve valuation, petroleum fiscal vulnerability & risk management, Russian petroleum, oil trading and derivatives markets, and privatization & national oil companies. He received his B.A. in Applied Mathematics, and his Master's and Doctoral Degrees in Business Economics, all from Harvard University.