Sen. Durbin Promises More Market Oversight Staff and Computer Technology to CFTC to Fight Excessive Oil Speculation

June 17, 2008 -- WASHINGTON, D.C. - United States Senator Dick Durbin (D-IL) released the following statement today, after hearing the testimony of Walter Lukken, Chairman of the Commodity Futures Trading Commission’s (CFTC), before a joint hearing of Durbin’s Appropriations Subcommittee on Financial Services and General Government and the Senate Agriculture Committee.

“Increasing evidence shows that the run-up in crude oil prices and gasoline is being driven by larger trader banks, pension and hedge funds. Speculation may have as much, if not more, to do with high gas prices than any Saudi Sheik."

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“The announcement at our hearing that CFTC it is now going to require more complete disclosure of speculative trading information is critical to stopping the excessive speculation and market manipulation that is driving up gasoline prices.”

“Now we need to give this agency to the professionals and computer tools they need to stop any market manipulation. As Chairman of the Appropriations Subcommittee which oversees the agency’s budget, I will work to secure a substantial increase in CFTC’s funding to make sure it has the resources to keep excessive oil speculation in check.”

Source: Senator Dick Durbin