Van Hollen Statement on the Release of the Accidental Hunt Brothers Reports by Michael W. Masters and Adam K. White

Statement

Van Hollen Statement on the release of The Accidental Hunt Brothers Reports by Michael W. Masters and Adam K. White

Congressman Chris Van Hollen (D-MD) today released the following statement on the release of The Accidental Hunt Brothers Reports by Michael W. Masters and Adam K. White:

"Taken together, these reports systematically dispel any doubt that excessive speculation is distorting today's commodities futures markets to the detriment of our industries, farmers and consumers.

"The recent drop in the price of oil, while welcome, must not become cause for complacency. The question isn't whether speculators pumping over $60 billion into commodity indexes over the first five months of this year drove prices higher — or whether those same speculators turning around and withdrawing nearly $40 billion over the following two months drove prices lower. In each case, as these reports clearly document, it did.

"The question is whether Congress will continue to allow the price of oil to be whipsawed by speculators — or set in an open, transparent and properly regulated futures market based on the law of supply and demand. On behalf of our economy and hard-working constituents, we can and must act."

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