Energy Markets Emergency Act of 2008

ENERGY MARKETS EMERGENCY ACT OF 2008 -- (House of Representatives - June 26, 2008)

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Mr. CONAWAY. Mr. Speaker, I appreciate and thank the ranking member for recognizing me.

It's interesting that, if you look at this bill, which I intend to vote for, what it basically does is it points a finger in the face of the commodities future trading corporation and very sternly and mean-eyed says: Do your job. Great.

They're doing their job. As a matter of fact, I'm sure it's already been mentioned on the floor this afternoon that we had the acting chairman of the CFTC in front of the Ag Committee this week, and he reported that he is, in fact, doing his job, that he looks for every day manipulation in the oil market. He looks every day for undue impact by speculators on swaps in the market.

And to the best of their ability and their economists' estimation, the price of crude oil is currently fundamentally set by laws of supply and demand, and that while they are not able to find any evidence of it, they look for that evidence or look for manipulation and undue influence of speculators in the market every single day.

I want to thank the chairman for doing his good work on that committee. I know that he will take this stern advice to continue to do his job to heart.

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