Lawmakers Agree There’s Pain At The Pump

By Lily Benitez De Luna

With gas prices reaching an average of $4 a gallon, Senators are calling for Congress to act and pass legislation that would require the Commodity Futures Trading Commission (CFTC) to use its emergency powers to cease excessive oil speculation within 14 days.

Independent Senator Bernie Sanders (Vt.) attributed the rise of gas prices to speculators in the energy market.

“The vast majority of oil on the futures market is not controlled by the people who use the product… it is people’s oil speculators whose only function in life is to make as much money as they can,” Sen. Sanders (I-Vt.) told reporters today.

Lawmakers collaborating on this bill are looking to assure that the price of oil is based entirely on the fundamentals of supply and demand rather than speculators.

“The American people shouldn’t have to be held hostage by Wall St. speculators… they shouldn’t have that much control over their lives,” Sen. Amy Klobuchar (D-Minn.) said.

The bill’s sponsors hope that this legislation will quickly advance through Congress, as did the equivalent bill that overwhelmingly passed in the House in 2008.

“Millions of American consumers are hurting… and the future of our economy hangs in the balance, the time to act is now,” Sen. Sanders (I-Vt.) said in a statement.

Tags: , ,

About TRNS Washington Desk

View all posts by TRNS Washington Desk
TRNS Washington Desk
News updates from on and around Capitol Hill.

Obama Signs Bill Banning Iranian Diplomat From U.S.

Hamid Abutalebi was involved in the 1979 hostage crisis in Iran where Americans were held for more than a year.

Homs, Syria A “Theatre Of Death And Destruction”: UN Envoy

Recent fighting in the city has cut its residents off from urgent deliveries of humanitarian aid, the opposition Syrian National Coalition said.

Crimea Will Be Ours Again: Ukraine PM

Arseniy Yatsenyuk said Ukraine is ready to fight to hold onto the annexed region, but will concentrate on working with the international community.

Review On Keystone Pipeline Delayed, Again

The delayed review of the pipeline now likely takes the issue off the table for the upcoming November elections.

White House: Antisemitic Flyers Disturbing, But Origins Unclear

White House Press Secretary Jay Carney on Friday told TRNS he wasn’t sure who was behind antisemitic flyers in eastern Ukraine.

Experts: Despite Little Progress, ‘Pivot To Asia’ Not Yet Dead

Senior Administration Officials

A talk hosted by The Brookings Institution looked at how the Obama administration can still make it’s ‘pivot to Asia’ work despite lost time.