Welch Presses Top Regulator to Crack Down on Wall Street Speculators Driving up Gas Prices

Press Release

Rep. Peter Welch (D-Vt.) today pressed the head of the agency tasked with regulating energy market speculation to crack down on Wall Street speculators who are driving gas prices higher and higher.

Welch questioned Commodities Future Trading Commission (CFTC) Chairman Gary Gensler at a House Agriculture Committee hearing this morning on a Goldman Sachs report that speculation is adding nearly $25 to the price of a barrel of oil. The CFTC has said that Wall Street speculators are adding up to $15 to the price of a tank of gas.

"We have low demand for oil and higher than normal supply yet gas prices in Vermont and around thRep. Peter Welch (D-Vt.) today pressed the head of the agency tasked with regulating energy market speculation to crack down on Wall Street speculators who are driving gas prices higher and higher.

Welch questioned Commodities Future Trading Commission (CFTC) Chairman Gary Gensler at a House Agriculture Committee hearing this morning on a Goldman Sachs report that speculation is adding nearly $25 to the price of a barrel of oil. The CFTC has said that Wall Street speculators are adding up to $15 to the price of a tank of gas.

"We have low demand for oil and higher than normal supply yet gas prices in Vermont and around the country have spiked nearly 20 cents in the last month alone," Welch said. "Why? Because Wall Street speculators are rolling their dice yet again and consumers are paying the price for their winnings. Congress needs to get the cop back on the beat and shut down their casino."

Welch is pushing his legislation to provide a dedicated funding stream for CFTC so it can crack down on speculators. At today's hearing, Chairman Gensler welcomed Welch's legislation and urged Congress to act on it.e country have spiked nearly 20 cents in the last month alone," Welch said. "Why? Because Wall Street speculators are rolling their dice yet again and consumers are paying the price for their winnings. Congress needs to get the cop back on the beat and shut down their casino."

Welch is pushing his legislation to provide a dedicated funding stream for CFTC so it can crack down on speculators. At today's hearing, Chairman Gensler welcomed Welch's legislation and urged Congress to act on it.

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