Issue Position: Lower Gas Prices by Stopping Oil Speculation

Issue Position

Skyrocketing gas prices are seriously suppressing our economic recovery. Since fuel is a basic necessity, middle and lower income families are hurt the most. Ironically, world fuel production has increased and demand has decreased, yet prices have gone up. Why? Wall Street oil speculators have artificially driven up gas prices by as much as 40%.

By the one simple act of ending oil speculation, oil and gas prices will be drastically reduced. This will help our economy on every single level. As long as oil and gas prices are high, our economic recovery will be anemic at best. Oil speculation and high gas prices will continue as long as members of Congress are more concerned about the interests of giant corporations and Wall Street Banks than they are about the interests of our country. In the meantime, the Justice Department should immediately begin the crackdown on oil speculators that the Obama administration has promised one year ago.

For more information on the matter see:

*Democrats urge court to uphold Dodd-Frank limits on oil speculation (TheHill.com)
*Obama proposes new action on oil speculation (McClatchyDC.com)
*Wall Street greed fueling high gas prices (CNN)
*Obama Announces Empty Crackdown on Oil Speculation (The Nation)

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