Sanders demands that commission curb oil speculation
by Press Release -- May 26, 2011
The national average price for regular gasoline today is $3.82 a gallon. In Vermont, the price tops $3.90 a gallon. Meanwhile, the supply of crude oil is higher than it was two years ago and the demand for gasoline is lower than two years ago, when a gallon of gas cost only $2.30.
“There is mounting evidence that the sky-high price of gas has nothing to do with the fundamentals of supply and demand and everything to do with Wall Street speculators jacking up oil and gas prices in the energy futures market,” [Senator Bernie] Sanders said.
[...]
The Wall Street reform law enacted last year required the commission to restrict the amount of oil that speculators could trade in the energy futures market. The law called for new regulations to kick in by January. “I want to know why they haven’t done it,” [Senator Bernie] Sanders said. “In other words, the chief regulator on oil speculation [Gary Gensler, the Commodity Futures Trading Commission chairman], in my view, is breaking the law.”
What good are Wall Street Regulations -- IF no one cares to enforce them?
Could be those regulators, know which side of that revolving door they're currently on.
Could be, they know who's 'got their back' in the Congress too ...
VIDEO: Cantor Admits Speculators Have Helped Guide GOP Financial Policy
Micah Uetricht, thinkprogress -- May 20th, 2011
On Tuesday, House Majority Leader Rep. Eric Cantor (R-VA) was in Chicago to tour the Chicago Mercantile Exchange and speak with commodities speculators at the CME Group, where he assured that the Republican caucus would “do our part” to block the implementation of the Dodd-Frank.
SO how's that Free-Market 'Supply and Demand' impacting YOUR daily Commute budget?
If the ACTUAL 'Supply and Demand' for gas has little to do with its price
-- maybe the Supply of our outrage at Wall Street Speculators, might do something to reel their 'shell game', back in.