"High oil prices affect every aspect of Americans' lives - not just the cost of traveling, but of heating homes, food and other purchases," DeLauro said. "The cost of gas is irrefutably affected by rampant speculation in the oil market. If
Grijalva said: "Inflation from runaway speculation in the oil markets raises costs on Americans on everything from the gas in our cars to the food on our plates. These price increases are not due to market forces - we're literally spending more for the sake of spending more. The Energy Markets Emergency Act will help contain costs by rolling back the influence speculators have on our oil markets."
The Energy Markets Emergency Act would curb the role of excessive speculation in swaps and futures markets under the CFTC's jurisdiction. Doing so would help ensure those market accurately reflects consumer supply and demand for energy.
DeLauro is a longtime advocate for ensuring the CFTC has the necessary resources to combat oil speculation and has in the past sponsored legislation, the Wall Street Accountability through Sustainable Funding Act, to provide the CFTC with a reliable source of funding.
Read this original document at: http://delauro.house.gov/index.php?option=com_content&view=article&id=1633:delauro-cicilline-grijalva-introduce-legislation-to-stop-gamesmanship-in-the-oil-markets&catid=2&Itemid=21
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