Bernie is demanding "immediate action" from the Gary Gensler, the chairman of the CFCT, to strictly control the impact of speculators on the Oil Futures Market -- as the Law required him to do -- by January 2011. Over 14 months ago ...
sanders.senate.gov -- April 4, 2012
The price of a gallon of regular gas at some Vermont service stations topped $4 on Wednesday. Prices were just pennies away from the record average high price in Vermont of $4.09 set back in 2008 . Both statewide and nationwide, the average price on Wednesday was $3.93, according to AAA. Sen. Bernie Sanders has introduced legislation that would require the Commodity Futures Trading Commission to use its emergency powers to eliminate excessive oil speculation. There is widespread consensus that speculators are to blame for the rampant run up in gasoline prices. An internal report by Goldman Sachs, a major oil speculator, said 56-cents-a-gallon is a result of rampant speculation in the oil futures market. That's an $11.20 speculator surcharge on a 20-gallon fill-up. Exxon Mobil, the American Trucking Association, Delta Airlines, the Petroleum Marketers Association of America and the Federal Reserve Bank of St. Louis all say excessive oil speculation significantly increases oil and gasoline prices.
Gas Prices & Oil Speculation
[ partial transcript ...]
Gary Gensler, the chairman of the CFTC, has stated publicly that Oil Speculators now control of 80% of the Energy's Futures Market -- a figure that has more than doubled over the past decade. In other words the people who control the Oil Futures Market are not the people who used the product. It's not the Airlines. It's not the Truckers. It's not the Fuel Dealers. It is people -- Oil Speculators -- who's only function in life is to make as much money as they can by speculating. They don't use the product.
Senate Bill Would Force Emergency Action to Cut Gas Prices
sanders.senate.gov -- March 21, 2012
"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. [The Anti-Excessive Speculation Act, cosponsored by Senator Amy Klobuchar.]
"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. "
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.).
Enough with the stalling already. Tell the CFTC to follow and enforce this consumer-protection Law -- NOW ... The Dodd-Frank reign-in Wall Street Law.
It's the Law. And that's their job ... to regulate markets.
SOOOOOOOO ... Gary Gensler, Start Regulating! Now. Not someday.
PS. That Speculator-Surcharge fee works out to about an extra 56 cents tacked on each gallon of gas -- for doing EXACTLY Nothing, except for trading virtual paper, which stakes a claim to your hard-earned pay. An over 10 bucks per fill-up Speculative Claim.