Durbin Statement on Legislation to Curb Excessive Oil Speculation

Statement

Durbin Statement on Legislation to Curb Excessive Oil Speculation

U.S. Senator Dick Durbin (D-IL) made the following statement today in introducing the Stop Excessive Energy Speculation Act:

"With the average cost for gallon of gas eclipsing $4 across the country, and with no end to the rapid price escalation in sight, it is time to get to the bottom of what is happening in the oil futures markets."

"We have to look to the reality. The reality is the oil companies are making profits at record breaking levels. The reality is speculation is driving up the price of oil, and the former head of the CFTC's trade division said speculation has increased the price of oil by as much as 30 to 50 percent. And the reality is American families are facing this burden every time they fill up their tanks."

"That is why Democrats today introduced legislation to curb excessive speculation and increase transparency and accountability in the oil and gas markets. This bill will slow down excessive speculation and address the rising cost of gasoline in the short-term, prevent Wall Street traders from gaming the oil markets and start to ensure that American consumers are paying a fair price at the pump."

Source