Dems blame Wall Street for high gas prices, urge CFTC action

[WestVirginiaRebel]

The Hill:

Dozens of House and Senate Democrats are urging federal regulators to implement limits on speculative trading in energy futures markets that the lawmakers call a major factor behind the run-up in gasoline prices.

A letter Monday to the Commodity Futures Trading Commission (CFTC) from 23 senators and 45 House members underscores how gas prices have soared to the top of the political agenda on Capitol Hill and the campaign trail.

“It is one of your primary duties — indeed, perhaps your most important — to ensure that the prices Americans pay for gasoline and heating oil are fair, and that the markets in which prices are discovered operate free from fraud, abuse and manipulation,” states the letter from lawmakers including Sens. Bernie Sanders (I-Vt.), Bill Nelson (D-Fla.) and Ron Wyden (D-Ore.) and Reps. Maurice Hinchey (D-N.Y.) and Louise Slaughter (D-N.Y.).

The March 5 letter to the CFTC bashes the regulators for failure to implement rules finalized last October that establish “position limits” on the amount of futures and swaps contracts for oil and other commodities that traders may hold.

The limits are required under the sweeping 2010 Wall Street reform law. “As the cost for American people to fill their gas tanks continues to skyrocket, the CFTC continues to drag its feet on imposing strict speculation limits to eliminate, prevent or diminish excessive oil speculation as required by the Dodd-Frank Act,” the letter states.

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Always looking for scapegoats...

[Valin]

The Hill:

Dozens of House and Senate Democrats are urging federal regulators to implement limits on speculative trading in energy futures markets that the lawmakers call a major factor behind the run-up in gasoline prices.

 

 

My head hurts!