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.

Click here for: Thursday, October 2

● New York usury law applies to Indian tribes

● African-born population increases

● Report reviews “cash-for-citizenship” programs

● Guilty verdict in murder-for-hire case

● $2 million found hidden in truck

● Savings and investment have declined for 40 years

LISTEN: The Day Ahead – October 2, 2014

The Day Ahead Logo

A deadline for protesters in Hong Kong, an Ebola pledging conference in London and a new survey reveals that parents greatly underestimate the cost of college.

White House Was Unaware Of Elevator Incident Until Tuesday

Earnest said the White House was made aware of the incident just minutes before the story went to publication.

LISTEN: The World in 2:00 – October 1, 2014

The World in 2:00 continents logo

India’s Narendra Modi racked up billions in foreign investment this week, but one AIDS advocacy group says Modi needs to stand strong against US drug makers

Secret Service Chief Resigns

Julia Pierson’s resignation was accepted by Homeland Security chief Jeh Johnson.

White House Jumping Suspect Pleads Not Guilty

Photo/Nicholas Salazar TRNS

On September 19, Gonzalez allegedly scaled the White House fence and managed to enter the building before finally being apprehended by the United States Secret Service.