Statement from Hillary Clinton on Investigating Oil Price Manipulation

5/30/2008 -- "I am heartened by the news that the Commodity Futures Trading Commission (CFTC) is investigating price manipulation in oil markets. However, with oil at record highs and gas at over $4.00 a gallon, we need more immediate, aggressive and comprehensive action to ensure that American consumers are not being ripped off at the pump.

For several months I have raised concerns that speculation and market manipulation were unfairly pushing up the price of oil. Even top CEOs at U.S. oil companies acknowledge that oil prices today cannot be explained by supply and demand alone.

That’s why, in addition to the CFTC investigation, I have called for a broad range of aggressive actions to address price manipulation and help bring down the cost of oil. We need to immediately close the "Enron Loophole," which allows some oil futures traders to avoid common sense regulations and engage in speculation. We must continue to urge the Federal Trade Commission to use its newly granted powers to vigorously investigate and pursue market manipulators who are pushing up the price of oil. And we should finally stand up to OPEC, by challenging their price-setting activities through the WTO and U.S. antitrust law. I will continue to fight for these measures in the coming weeks, and as President will work vigilantly to stamp out price manipulation and speculation and bring down the price of oil."

Source: Hillary Clinton campaign

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