Senate Bill Would Force Emergency Action to Cut Gas Prices
March 21, 2012
WASHINGTON, March 21 - A group of senators today introduced a bill to make federal regulators invoke emergency powers to rein in speculators responsible for rapidly-rising gasoline prices.
The legislation would set a 14-day deadline for the Commodity Futures Trading Commission to implement rules to stop excessive speculation by Wall Street traders in oil futures markets. The bill by Sen. Bernie Sanders (I-Vt.) is cosponsored by Sens. Richard Blumenthal (D-Conn.), Sherrod Brown (D-Ohio), Ben Cardin (D-Md.), Al Franken (D-Minn.), Amy Klobuchar (D-Minn.) and Bill Nelson (D-Fla.).
The measure was prompted by gasoline prices that are nearing $4 a gallon and the commission's refusal to obey a Wall Street reform law that required trading limits to be in place by Jan. 17, 2011.
"Millions of American consumers are hurting as a result of excessive speculation on the oil futures market and the future of our economy hangs in the balance. The time to act is now," Sanders said at a news conference in the Capitol.
"Oil supply is up and demand is down so there is no logical reason why gas prices continue to soar," added Cardin. "We need to take decisive action now to stop the speculators who are driving up prices for all of us at a time we can least afford it."
"The CFTC has the power to stop this excessive speculation, but has been dragging its feet. This legislation would direct the CFTC to take immediate action to reduce unnecessary speculation and give families some relief at the pump," Klobuchar said.
"To combat excessive gas prices we need a crackdown on out-of-control speculation and gambling in oil markets," Blumenthal said. "This agency-- inactive for too long-- must be compelled to act, stopping manipulation and abuses that cost consumers and endanger our fragile economic recovery. "
http://www.sanders.senate.gov/newsroom/news/?id=4a886791-28ac-46fb-8a90-07185484a360
= new reply since forum marked as read
The repukes, (I like that term 
), do nothing, but lie. The American people are starting to wake up to just how much damage the repukes do. This upcoming election is going to be a big deal. If we can get all three houses then alternative energy finally will have a chance.
