Today, after President Obama announced his plan to address speculation in oil markets, Congressman Joe Donnelly released the following statement:
"Gas prices are too high in Indiana, so I am encouraged by the administration's attention to the issue of oil speculation. I support increasing the maximum civil and criminal penalties for manipulative activity in oil futures markets because those on Wall Street who play games with the oil markets cheat working- and middle-class families and small businesses.
"I will continue to demand that the CFTC enact strong position limits to eliminate excessive oil speculation. The Wall Street Reform and Consumer Protection Act of 2010, which I supported, required them to set these limits by January 2011. It's unacceptable that the CFTC has yet to set these limits."
Last month, Donnelly and colleagues sent a letter to the Chairman and Commissioners of the CFTC urging them to set strong position limits to eliminate excessive oil speculation, which is one of the main causes of higher gas prices.