FACT SHEET: Release of National Security Report on Revising U.S. Export Controls on Satellites

Today, the Departments of Defense and State released a joint final report to Congress on the national security imperative for revising the nation’s export controls on satellites and related items.   These items are controlled on the United States Munitions List (USML) by statute, based on the requirements of the National Defense Authorization Act for Fiscal Year 1999, which makes them the sole USML items for which the President does not have the legal authority to appropriately adjust the controls to ensure they meet current and anticipated U.S. national security requirements and to ensure they do not unintentionally harm the U.S. satellite industry and its supplier base.

Both the Congress and the Obama Administration recognize the importance of this critical sector to the nation’s national and economic security.  The report, prepared by technical and space policy experts from the Departments of Defense and State, with support from the Intelligence Community and NASA, was conducted in accordance with Section 1248 of the National Defense Authorization Act for Fiscal Year 2010.

The preparation and submission of the report is one part of the Administration’s broader review of U.S. space policy and of the nation’s export control system.  The review has generated the new U.S. National Space Policy, the National Security Space Strategy, and the development of the methodology to rebuild the USML as part of the President’s Export Control Reform Initiative.  As a result, today’s report benefits from the most comprehensive review to date of the controls on the export of satellites and related items.

The Findings

1. Compared to the United States, other nations have fewer export controls on commercial space and space-related items, including other advanced space-capable nations who are also our partners in the Wassenaar Arrangement for Export Controls for Conventional Arms and Dual-Use Goods and Technologies.  These Wassenaar-member countries control these items as dual-use (i.e., non-munitions) items. 

2. Over the past 15 years, a substantial number of commercial satellite systems, subsystems, components, and related technologies have become less critical to national security due to the transition from military to predominantly civilian uses.   Examples include direct broadcast television, satellite communications, and earth mapping.  During this period, other countries have become more proficient in space technologies.

3. As a result, U.S. export controls over these items should reflect their decreased sensitivity while still ensuring that they cannot be used to significantly improve the military capabilities of another country.

4. Export of space-related items to our Allies and closest partners presents a low risk to national security and should be subject to fewer restrictions than exports and re-exports to other countries.

5. The United States should maintain strict controls on transfers of non-critical space-related items to end users and for end uses that are likely to be used against U.S. national interests.  This means maintaining the status quo for exports and re-exports to those destinations.

6. USML Special Export Controls (SECs) remain necessary to mitigate against the substantial risks associated with the following services:  satellite failures and anomaly resolution; launch know-how; launch services; and launch failure analysis.  Space export control processes would also be improved if legislation allowed for flexible application of SECs and required industry to reimburse the Department of Defense for all SECs.

7. If authorized by Congress, the risks of removing space-related dual-use items from the USML could be acceptably managed through controls and licensing policies under the Commerce Control List (CCL).  Without such authorization, national security will be harmed because the current export controls required of satellites and related items harm the U.S. satellite industrial base.

The Recommended Changes

Based on the findings, the report recommends the continued need for certain space-related items to remain on the Department of State-administered USML because they and related services contain critical components and technologies – along with the implicit expertise to create and use them – that provide the United States with a critical military or intelligence advantage in space.  These items include:

• Satellites that perform a purely military or intelligence mission;

• Remote sensing satellites with high performance parameters;

• Parts and components unique to the above satellite types and not common to dual-use satellites; and

• Services in support of foreign launch operations for USML and non-USML designated satellites.

The assessment determined that the following items would be more appropriately controlled on the Commerce Control List (CCL) administered by the Department of Commerce:

• Communications satellites (COMSATs) that do not contain classified components;

• Remote sensing satellites with performance parameters below certain thresholds; and

• Parts and components associated with these satellites and with performance parameters below thresholds specified for items remaining on the USML.

Implications

If implemented, these recommendations would result in:

• Prioritizing U.S. export controls for satellites and related items to better focus U.S. Government resources on the most sensitive items, while facilitating secure trade with Allies and close trading partners.

• Synchronizing the Department of State and the Department of Commerce’s  licensing policies, ensuring continued effective implementation of prohibitions to end-users and end-uses of concern.

• Improving the long-term health and competitiveness of the U.S. satellite industrial base.  According to one industry assessment the U.S. space industry, including its supplier chain, remains disadvantaged by current satellite export controls, noting that the U.S. held 73 percent of the worldwide share of satellite exports in 1995 but by 2005 that number had fallen a staggering 25 percent.

• Helping to eliminate the design-out of U.S. origin items, especially from second and third tier suppliers.

• Bolstering the security of supply, particularly from these same second and third tier suppliers, to the U.S. national security community.

• Helping to create reliable supplier relationships between U.S. exporters and foreign customers in Allied and partner countries.

Modernizing our satellite-related export controls is essential to meeting the challenges of the 21st century.  The Administration is committed to continue to work with Congress to enact legislation to ensure that U.S. export controls meet our current and anticipated national security requirements.

President Obama’s Visit to Lorain County Community College

WASHINGTON, DC -- Today, the President will visit Lorain County Community College in Elyria, Ohio to highlight how federal job training funding is providing critical services for unemployed workers and helping them to get jobs in high-demand, high-growth industries.  The President will visit with students in the college’s Transformations program for Computerized Numerically Controlled Machining, a program with a proven track record of success – placing more than 90 percent of participants in jobs within three months of graduation.
 
Ohio’s Lorain County has been greatly affected by plant closures over the last three decades. Between 2001 and 2010, the county lost 11,500 jobs overall, with manufacturing losing 10,500. As manufacturing jobs have shifted from assembly-line positions to advanced manufacturing, Lorain County Community College has worked with non-profit, government, and business partners to develop job training programs that train dislocated workers with the skills to meet the needs of employers today and in the future. The programs at Lorain County Community College and its affiliated One-Stop Career Center rely on critical federal funding provided to their local area ($4.5 million in 2012, for Lorain County) through the Workforce Investment Act (WIA), which is essential for supporting programs like Transformations. 
 
Last week, the House of Representatives passed a Budget Resolution written by Congressman Paul Ryan, which would reduce spending on discretionary programs like WIA by over 5 percent in 2013, and 19 percent in 2014, while simultaneously showering families making more than $250,000 per year with over $1 trillion in tax cuts.  The House Republican Budget would provide an average of at least $150,000 in tax cuts to those making over $1 million per year, while simultaneously making deep cuts to training programs like those at Lorain County.

• These proposed cuts would reduce funding for federal employment and training programs to help laid-off and out-of-work adults–eliminating services to 13,000 Ohioans in 2013, and 37,000 in 2014.
• In 2013 and 2014, across Ohio, an estimated 1,900 young people would also lose employment and training services, and job search assistance services would be eliminated for over 180,000 job-seekers.
• Nationwide, the House Republican Budget would eliminate services to 425,000 adult workers in 2013 and 1.1 million in 2014.
• Additionally, the House Republican Budget would cut services to almost 60,000 youth nationwide, and eliminate federal job search assistance for 4.9 million job-seekers in 2013 and 2014 combined.
 
The Workforce Investment Act (WIA) was first passed in 1998, and supports employment services and training programs serving millions of workers across the nation each year. Under WIA, three annual formula grant programs fund state and local efforts to serve workers who have been “dislocated” (or laid off) from their jobs, other adults looking for jobs, and youth. Between April 2010 and March 2011, almost 1.8 million workers received services through these three WIA programs.  WIA also authorizes the Wagner-Peyser employment services program, which provides job search assistance—a cost-effective service that shortens unemployment duration—to millions of American workers each year.
 
President Obama’s Record of Giving American Workers the Skills they Need to Compete 
President Obama believes that our nation should invest in ensuring Americans can get the skills they need for the high-demand jobs of today and tomorrow. This Administration has already made key investments in building Americans’ skills:
• The Obama Administration has made historic investments in community colleges, which provide a linchpin for 21st century workforce training. In 2011, the Administration invested $500 million through the Trade Adjustment Assistance Community College and Career Training initiative to support partnerships in all 50 states connecting community colleges, employers, Workforce Investment Boards, and other stakeholders. 
• Last year, the Obama Administration helped launch Skills for America’s Future, an industry-led initiative to improve industry partnerships with community colleges and build a nationwide network to maximize workforce development strategies, job training programs, and job placements. Through this initiative the President announced a new partnership of private sector employers, community colleges, and the National Association of Manufacturers to provide 500,000 community college students with industry-recognized credentials that will help them secure jobs in the manufacturing sector.
• Created the Workforce Innovation Fund, administered jointly by the Department of Labor and the Department of Education, which later this year will make $125 million in competitive grants to improve employment and training outcomes and the cost effectiveness of the public workforce system. 
 
Building upon these investments, the President has proposed:

• A new Community College to Career Fund, which will help forge new partnerships between community colleges and businesses to train two million workers for good-paying jobs in high-growth and high-demand industries such as health care, transportation, and advanced manufacturing.
 
• A new Universal Displaced Worker program, which will provide up to a million displaced workers a year with high-quality job-search assistance, access to critical skills training for high-growth and in-demand industries and, for older workers, the option of wage insurance.
 
• Creation of an American Job Center network to unify all Federally-supported One-Stop Career Centers and electronic resources. The Administration has proposed a $50 million investment to improve and expand these workforce centers; in the meantime it will pursue administrative improvements to the system.
 
• A Pathways Back to Work Fund to help jumpstart America’s economy by putting thousands of long-term unemployed and low-income adults back to work immediately and helping them gain job skills.  
 

President Obama Announces More Key Administration Posts

WASHINGTON, DC – Today, President Barack Obama announced his intent to nominate the following individuals to key Administration posts:

• Charles Benton – Member, National Museum and Library Services Board
• Christie Pearson Brandau – Member, National Museum and Library Services Board
• Bert Castro – Member, National Museum and Library Services Board
• William B. Schultz – General Counsel, Department of Health and Human Services

President Obama said, “I am grateful that these talented and dedicated individuals have agreed to take on these important roles and devote their talents to serving the American people. I look forward to working with them in the coming months and years.”

President Obama announced his intent to nominate the following individuals to key Administration posts:

Charles Benton, Nominee for Member, National Museum and Library Services Board
Charles Benton is the Chairman and CEO of the Benton Foundation.  He also currently serves on the boards of the Educational Development Center in Boston, and the Field Museum of Natural History in Chicago, where he was named a Lifetime Trustee.  In addition to his work on these boards, Mr. Benton previously was President or Chairman of the Encyclopaedia Britannica Education Corporation, Public Media, Inc., Films Inc., Home Vision Entertainment, and The Partnership for a Connected Illinois.  In recognition of his work in the media and telecommunications fields, Mr. Benton has been appointed to serve as Chairman of the National Commission on Libraries and Information Science, Chairman of the First White House Conference on Library and Information Services, and Member of the Presidential Advisory Committee on the Public Interest Obligations of Digital Television Broadcasters. Mr. Benton received a B.A. from Yale University.

Christie Pearson Brandau, Nominee for Member, National Museum and Library Services Board
Christie Pearson Brandau is a retired State Librarian and an adjunct professor for the School of Library and Information Management at Emporia State University.  Ms. Brandau served as State Librarian of Kansas from 2005 to 2009 and as State Librarian of Michigan from 2000 to 2005.  Prior to that, she worked at the State Library of Iowa, North Central Iowa Regional Library and in public libraries in Osage and Riceville, Iowa.  Ms. Brandau’s library affiliations include membership in the American Library Association, Public Library Association, and Chief Officers of State Library Agencies.  She served as President of the Iowa Library Association in 1991.  In addition to library affiliations, Ms. Brandau was a member of the state Humanities Council in Kansas and Michigan and served as a United States Commissioner for UNESCO from 2005 until 2010.  Ms. Brandau earned her B.A. from Iowa State University and M.A. in Library Science from the University of Iowa.

Bert Castro, Nominee for Member, National Museum and Library Services Board
Bert Castro is the President and Chief Executive Officer of the Arizona Zoological Society/Phoenix Zoo, a position he has held since February 2008.  From 2001 to 2008, Mr. Castro was Executive Director and Chief Executive Officer of the Oklahoma City Zoological Park and Botanical Garden.  Mr. Castro began his career as the Children’s Zoo Keeper at the Tulsa Zoo in 1985, and since then has served as Assistant Curator at the Audubon Zoo, from 1993 to 1995, Curator of Birds and Mammals at Zoo Atlanta from 1995 to 1997, and Living Collections Manager/General Curator at the San Antonio Zoo from 1997 to 2001.   Mr. Castro has been a Board Member of Zoo Conservation Outreach since 2003, and served on the Board of Directors of the Association of Zoos and Aquariums from 2009 until 2011 and the Board of St. Gregory’s University from 2005 until 2008.  Mr. Castro holds an Associate’s Degree in Natural Science from St. Gregory’s University, a B.S. in Zoology from Oklahoma State University, and an M.S. from Friends University.

William B. Schultz, Nominee for General Counsel, Department of Health and Human Services
William B. Schultz is Principal Deputy General Counsel and Acting General Counsel of the U.S. Department of Health and Human Services (HHS). Prior to joining HHS, Mr. Schultz was a partner at Zuckerman Spaeder LLP from 2001 to 2011.  From 1999 to 2000, Mr. Schultz was Deputy Assistant Attorney General for the Civil Division at the U.S. Department of Justice (DOJ).  Before he joined (DOJ), Mr. Schultz served as Deputy Commissioner for Policy at the U.S. Food and Drug Administration from 1994 to 1999 and Counsel for the Energy and Commerce Committee's Subcommittee on Health and the Environment in the U.S. House of Representatives under Chairman Henry A. Waxman from 1990 to 1994.  Mr. Schultz previously served as an adjunct professor at Georgetown University Law Center, where he taught civil litigation from 1983 to 1987 and food and drug law from 1988 to 1993 and again in 1996. In 1974 and 1975, he clerked for Judge William B. Bryant of the U.S. District Court for the District of Columbia. Mr. Schultz received his B.A. from Yale University and his J.D. from the University of Virginia School of Law.

Fact Sheet: Increasing Oversight and Cracking Down on Manipulation in Oil Markets

At a time when instability in the Middle East is contributing to rising global oil prices that impact consumers at the pump, it is critically important to give American families confidence that illegal manipulation, fraud and market rigging are not contributing to gas price increases.

President Obama has already taken significant action to step up oversight of oil markets and close dangerous loopholes that for too long allowed energy traders to operate in the shadows. Early on in the Administration, the Commodity Futures Trading Commission (CFTC) moved to close the “Enron” and “London” loopholes, which previously allowed traders to evade oversight by using electronic and overseas platforms. Through Wall Street Reform, the President fought for new position limits to ensure that no single trader can manipulate oil markets and to enhance the CFTC’s anti-manipulation authorities. And at the President’s direction, the Attorney General has been working to ensure that enforcement agencies are exercising their full authorities through the Oil and Gas Price Fraud Working Group. (See Appendix for full record).

Today, the Administration is going further – announcing new steps to strengthen oversight of energy markets while calling on Congress to pass a package of measures that would deter illegal behavior and hold accountable those who manipulate markets for financial gain at the expense of consumers. Congress should act immediately on these measures to ensure that illegal manipulation by financial traders is not contributing to prices at the pump.

The President’s Five-Part Plan Includes:

1. Requesting Immediate Funding to Put More “Cops on the Beat” Overseeing Oil Markets: The President is calling on Congress to pass an immediate increase in funding to support at least a six-fold increase in the surveillance and enforcement staff for oil futures market trading at the CFTC.

2. Funding Critical Technology Upgrades in the Oversight and Surveillance of Energy Market Activity: The President is also requesting that Congress provide the CFTC funding for critical IT upgrades to strengthen monitoring of energy market activity.

3. Substantially Increasing Civil and Criminal Penalties for Manipulation in Key Energy Markets: The President’s proposal includes a ten-fold increase in maximum civil and criminal penalties for manipulative activity in oil futures markets. These heightened penalties will make sure that penalties reflect the seriousness of misconduct.

4. Empowering the CFTC to Raise Margin Requirements in Oil Futures Markets: The President is also calling on Congress to act immediately to give the CFTC authority to direct exchanges to raise margin requirements to address increased price volatility or prevent excessive speculation or manipulation. This authority will help limit disruptions and reduce volatility in oil markets.

5. Taking Immediate Steps to Expand Access to CFTC Data to Better Understand Trading Trends in Oil Markets: These executive actions will allow additional analysis of CFTC’s data to look for patterns and better understand trading activity in energy markets.

CRACKING DOWN ON MANIPULATION IN OIL MARKETS
Details of the Administration’s Five Part Plan

1. Immediate Funding to Put More “Cops on the Beat” Overseeing Oil Markets: The increase in oil prices since the beginning of the year has coincided with an increase in non-commercial trading activity in crude oil futures and options monitored by the CFTC. This comes at a time when the CFTC is already stretched to its limits in implementing Wall Street Reform, including overseeing swaps markets for the first time in history.

• To address this issue, the Administration’s new funding request will create an immediate increase in funding to support a six-fold increase in the surveillance and enforcement staff for oil futures and swaps market trading.

2. Critical Technology Upgrades in the Oversight and Surveillance of Energy Market Activity: This increase in the volume of trading activity monitored by the CFTC also comes at a time when the CFTC is in need of critical IT upgrades to modernize its tools for the monitoring and surveillance of oil markets.
 
• The Administration’s funding request would bring CFTC’s technology for monitoring and analyzing energy market activity, up to date, and ensure that the CFTC can keep closed the Enron and London loopholes.

Taken together, the President’s immediate funding request for cops on the beat and technology upgrades would be for $52 million in additional FY 12 resources. This request would bridge the CFTC to the Administration’s higher funding request of $308 million in FY 2013.

In stark contrast, the House Republican Budget would apply across the board cuts to domestic funding that, if applied to the CFTC would be more than 5 times the amount the CFTC currently spends on monitoring, oversight and enforcement staff in energy markets.  In 2014 the House Republican Budget’s cuts would take CFTC resources and capabilities back in time to pre-financial crisis levels, reducing funding by nearly $40 million. The CFTC could face furloughs of more than 100 people, and would be technologically crippled to monitor the markets they are tasked with overseeing – including those in the energy sector.

The Administration’s request would avoid this irresponsible slashing of critical funding and instead ensure that the CFTC has the resources it needs to aggressively oversee speculative trading activity in oil futures markets.  

3. Increased Civil and Criminal Penalties for Manipulation in Key Energy Markets: Currently civil and criminal penalties are available for Commodity Exchange Act trading violations. Strengthening these penalties will make sure that the consequences of these violations reflect the seriousness of misconduct. The Administration’s proposal substantially increases civil and criminal penalties for manipulative and other unlawful activity, especially in oil futures and other energy markets.

a. Civil Penalties: Currently civil penalties for manipulation are structured such that these individuals and firms pay a penalty not exceeding the greater of: (i) $1 million or (ii) three times their pecuniary gain. These penalties are assessed on a per violation basis. The new toughened penalty structure, including manipulation in energy markets, will include:

i. Increasing the penalty available for firms from $1 million to $10 million.

ii. Adding to the “greater of” penalties options, an amount three times the losses to the victims. This would ensure that where the losses to victims were greater than the gains to the defendant, the penalty reflected the magnitude of the misconduct. 

iii. Rather than assessing penalties on a per-violation basis, assessing penalties for each day a violation occurs.

b. Criminal Penalties: Current penalties are a maximum of $1 million and 10 years in prison. A new toughened penalty structure for market manipulation in energy markets will include:

i. Increasing the maximum monetary penalty to $10 million.

ii. Adding a sentencing guideline enhancement for manipulation or other actions that jeopardize the safety and integrity of energy markets. 

4. New Authorities for the CFTC to Raise Margin Requirements in Oil Futures Markets: Margin requirements dictate the amount of money a trader must put behind a trade to ensure that there are sufficient funds behind the position, given volatility in the market. Beginning in late February of last year, the New York Mercantile Exchange (NYMEX) raised key margin requirements on oil futures by roughly 40% in a two-month span. Currently these margin requirements are roughly 20% lower than they were in May of 2011.

Today, the Administration is proposing to give CFTC new abilities to direct exchanges to raise margin requirements to help limit disruptions in energy markets. This legislative proposal will give the CFTC new abilities to direct exchanges to raise margin requirements to specified levels if the CFTC determines that heightened margin requirements are needed to address price volatility in markets or prevent excessive speculation or manipulation. Giving the CFTC this new authority to raise margin requirements could help limit disruptions in energy markets.

5. Immediate Steps to Expand Access to CFTC Data to Better Understand Trading Trends in Oil Markets: The CFTC currently collects data on the trading activity in key energy markets. The CFTC publishes some data in an aggregated format, but cannot release disaggregated data to the public because of laws requiring confidentiality. Academic studies have looked at this aggregated data and have argued that additional analysis of the disaggregated data would help considerably.

To address this issue, the Administration is acting immediately on its own to bring additional expert perspective to CFTC’s disaggregated data to better understand trading activity in energy markets. The President’s Council of Economic Advisers has entered into a new data sharing arrangement with the CFTC that will allow CEA expertise to be brought to bear in analyzing trading data. In addition, the Financial Stability Oversight Council (FSOC) is working to marshal the resources of its member agencies and to solicit outside expert opinion, as appropriate, to review trends in trading activity in key energy markets.

APPENDIX:
PRESIDENT OBAMA’S RECORD OF EXPANDING OVERSIGHT OF ENERGY MARKETS

The Administration through the Wall Street Reform Bill and other Administrative actions created and enhanced numerous authorities to properly regulate commodities markets, including oil markets. These authorities include:

• New Position Limits to Make Sure No Individual Trader Can Manipulate Oil Markets: The Administration is for the first time putting in place position limits that will ensure that no single trader can hold such a large share of the market that it could manipulate or distort prices. Common sense position limits like this have been set by federal regulators for other commodities for years, but never in oil markets. 

• Enhancing Anti-Manipulation Authorities: Before we passed Wall Street Reform, the Commodity Futures Trading Commission (CFTC) was limited in its ability to prosecute oil manipulation as it needed to prove that a speculative trader had the intent to create a false price in these markets. Now because of our legislation, the CFTC has the ability to stop fraudulent and manipulative practices in oil markets, regardless of whether the conduct was intended or created an artificial price. This will strengthen and broaden our abilities to go after the variety of individuals who would manipulate markets and make consumers pay the costs at the pump.

• Closing Loopholes to Bring Trading Out of the Shadows: The Administration has taken steps to address and close loopholes that allowed financial traders to evade oversight by trading in unregulated or overseas markets:

o Closing the “London” Loophole: In 2008, a number of traders had evaded regulatory oversight by trading U.S. energy products on foreign exchanges that were not subject to U.S. regulations. Since then the Administration has made strides in requiring foreign exchanges to abide by regulations similar to domestic exchanges.

o Closing the “Enron” Loophole:  This loophole allowed for the energy trading that occurred on electronic trading platforms to escape regulator’ authority. Through the Farm Bill and Wall Street Reform we have addressed this loophole by bringing new regulatory oversight to these previously unregulated areas.

o Closing the “Swap” Loophole: Finally, through our Wall Street reform legislation, the CFTC and Securities and Exchange Commission (SEC) are completing reforms to bring oversight to the previously unregulated energy swaps market. Energy swaps markets will now be subject to regulations in other energy markets including anti-manipulation rules and position limits

In addition, the Administration has embarked on various efforts to monitor oil and gasoline markets for fraud and manipulation.

• Unprecedented Coordination through the Oil and Gas Price Fraud Working Group: The Administration created an Oil and Gas Price Fraud Working Group that for the first time brings together federal and state agencies in their efforts to protect Americans from fraud and manipulation in the oil and gasoline markets.

o Specific Mandate: The Oil and Gas Price Fraud Working Group is tasked with (1) exploring whether there is any evidence of manipulation of oil and gas prices, collusion, fraud, or misrepresentations at the retail or wholesale levels that violates state or federal laws and (2) evaluating developments in commodities markets and examine investor practices, supply and demand factors and the role of speculators and index traders in energy markets.  

o Recent Activity:  On March 6, the President requested that the Attorney General deploy the full authorities of the working group. On March 7, the co-chairs of the Working Group convened followed by the full working group meeting on March 9.

• Active Monitoring of Gasoline and Diesel Prices: The Gasoline and Diesel Price Monitoring Project actively monitors wholesale and retail prices of gasoline and diesel fuel to detect possible anticompetitive or manipulative activities. This project tracks retail gasoline and diesel prices in 360 cities across the nation and wholesale (terminal rack) prices in 20 major urban areas.

• Ongoing Antitrust Investigations: Agencies continue to actively monitor for antitrust activity in the oil and gas sectors. The FTC and state agencies have cooperated in investigations of competition issues involving gasoline retailing, petroleum pipelines, and other areas.

• Continued Market Surveillance in Oil Markets: The CFTC’s market surveillance program monitors the daily activities of large traders, price relationships, and supply and demand dynamics to identify potential threats of manipulation and help initiate appropriate preventive actions in key oil futures and options markets.