To: The United States House of Representatives and The United States Senate
Curb speculation in crude oil markets
Congress needs to instruct federal regulators to enforce provisions of the Wall Street reform law that are designed to curb oil speculation.
Why is this important?
According to the Energy Information Administration, the supply of oil and gasoline is greater today than it was three years ago. The demand for oil in the U.S. is at its lowest level since April of 1997. According to a report by Goldman Sachs, a major oil speculator, Forbes magazine said excessive oil speculation adds $.56 to the price of a gallon of gas. Exxon Mobil, the Saudi Arabian government, the American Trucking Association, Delta Airlines, the Petroleum Marketers Association of America and the Federal Reserve Bank of St. Louis agree excessive oil speculation significantly increases oil and gasoline prices.