Congressman Cuellar Probes Speculation in High Energy Prices

CONGRESSMAN CUELLAR PROBES SPECULATION IN HIGH ENERGY PRICES

Washington, DC- U.S. Representative Henry Cuellar questioned a top government regulator and the chief executive office of world's largest energy market in House Committee on Agriculture hearing today regarding the role of speculative trading in current high energy prices. Congressman Cuellar is a member of the House Committee on Agriculture. The Committee has jurisdiction over the trading of commodities such as grain, metals, crude oil and gas on the nation's futures markets.

"I am very concerned about the effects of high energy prices on both urban and rural residents. Because high energy costs impact everyone, I want to be sure that the nation's markets are operating fairly and without manipulation." said Cuellar. "Citizens deserve financial markets that are trustworthy and free from abuse."

In today's hearing, Congressman Cuellar questioned the commissioner of the Commodity Futures Trading Commission (CTFC), Walter L. Lukens, and the chief executive officer of the New York Mercantile Exchange, Dr. James Newsome to ensure that speculators aren't taking advantage of the current high market prices. The CFTC is an independent agency of the U.S. government. It oversees futures and option markets to protect market users from fraud, manipulation and abusive practices related to the sale of the commodity and financial futures. The New York Mercantile Exchange is the world's largest physical commodity futures exchange and the preeminent trading forum for energy and precious metals.

Congressman Henry Cuellar is a member of the House Budget and Agriculture committees in the 109th Congress; accessibility to constituents, education, health care and economic development are his priorities.

http://www.house.gov/apps/list/press/tx28_cuellar/060427b.html