Speculators

Presidential Approval to Release Oil from Strategic Petroleum Reserve would have most Immediate Impact at the Pump

August 1, 2008 -- Washington, D.C. – U.S. Senator Russ Feingold (D-WI) is urging President Bush to bring immediate relief at the gas pump. Feingold joined 35 other Senators in sending a letter to the President, authored by Senator Richard Durbin (D-IL), calling on the President to use his emergency authority to immediately release oil from the Strategic Petroleum Reserve (SPR).

Gas pump, Petrolia, California: Photo by gerry la Photo by gerry la londe-berg (CC)-berg (CC)    » read more »

As President, Barack Obama will restore common-sense regulation to ease the impact of soaring gas prices

June 22, 2008 -- Chicago, IL - Senator Barack Obama today announced his plan to crack down on excessive energy speculation and fully close the "Enron Loophole" to ease the impact skyrocketing gas prices.

California gas prices, June, 2008: Photo by .pie (CC)    » read more »

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."    » read more »

Sends Letter to FTC Chairman about potential price gouging

June 17, 2008 -- WASHINGTON, DC - At a time when Pennsylvanians are faced with skyrocketing gas prices, U.S. Senator Bob Casey (D-PA) today sent a letter to William Kovacic, Chairman of the Federal Trade Commission (FTC) regarding the potential of price gouging and price manipulation.

“I hope that you and I can work together to give the FTC the tools it needs to investigate and help prosecute companies that are adopting questionable business strategies,” Senator Casey wrote. “The Unites States Congress and the FTC have an obligation to provide consumers with the assurance that whatever price they are paying at the pump, they can be certain they aren't being taken for a ride.”    » read more »

Measure would level the playing field in energy futures markets

June 13, 2008 -- Washington, DC – In the wake of growing concerns about the impact of speculation, U.S. Senators Dianne Feinstein (D-Calif.) and Ted Stevens (R-Alaska) have introduced legislation to require the Commodity Futures Trading Commission (CFTC) to impose the same position limits on institutional investors to which other investors now are subject. This legislation would essentially level the playing field in energy futures markets.

Under current law, CFTC is required to impose speculation limits on the size of energy trader positions. However, in practice, CFTC regularly exempts institutional investors from position limits, when investors execute their trades through brokers or dealers.    » read more »

June 3, 2008 -- In remarks presented at a High-Level Conference on World Food Security in Rome, International Monetary Fund (IMF) Managing Director Dominique Strauss-Kahn today warned that high food prices are a serious humanitarian concern as well as a source of macroeconomic instability affecting budgets, trade balances, prices and incomes almost everywhere in the world.

He urged donor governments and agencies to move swiftly to support appropriate food aid, particularly for the world's poor, calling effective action a "moral and economic imperative."    » read more »

BURLINGTON, June 2 – Senator Bernie Sanders (I-Vt.) said today that excessive speculation on oil futures by Wall Street hedge funds and such major financial investment houses as Goldman Sachs and J.P. Morgan Chase are driving oil and gas prices much higher than they should be based on supply and demand fundamentals.

Gas prices in Elmont, New York, June 2, 2008: Photo by scarlatti2004 (CC)    » read more »