Pelosi: House Took Strong Action Today to Curb Excessive Speculation in Energy Futures Markets
Speaker Nancy Pelosi released the following statement on House passage of the Commodity Markets Transparency and Accountability Act, legislation that takes crucial, common-sense steps to curb excessive speculation in the energy futures markets. The bill passed the House overwhelmingly by a vote of 283 to 133, and now goes to the Senate.
"This week, the Democratic-Led Congress has taken serious and comprehensive steps to ensure American energy independence and help consumers with the price at the pump.
"Earlier this week, we passed comprehensive energy legislation to put us on the path toward energy independence by expanding domestic supply, protect consumers with strong action to lower the costs of energy and to protect taxpayers by making Big Oil pay for its fair share of our transition to a clean, renewable energy future, ensure a clean, green future through energy efficiency and conservation, and commit America to renewable energy and help create millions of good-paying green jobs.
"Today, we have built on that accomplishment with another critical step to protect consumers and lower energy costs. Experts have testified before Congress that excessive speculation in the oil markets may be responsible for inflating oil prices by as much as $20 to $60 more per barrel. With the legislation passed today, we have taken strong action to curb excessive speculation in the energy futures markets, and make the market work for the consumer.
"The American people have been clear: it is time for an oil change. The Democratic-led Congress has responded by taking our country in a New Direction."