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As Gas Prices Continue to Rise, Congressman Tierney Calls for Limits on Excessive Oil Speculation

Press Release

Location: Washington, DC

Congressman John Tierney joined a bicameral group of lawmakers this week to urge Commodity Futures Trading Commission (CFTC) Chairman Gary Gensler to implement strict position limits on oil futures contracts to eliminate excessive speculation, which is one of the main reasons why oil prices have been rising despite lower demand and adequate supplies. Congressman Tierney has consistently supported efforts to limit excessive speculation, to repeal costly and wasteful oil subsidies, and combat other forms of market manipulation that inflate oil prices.

"I have consistently argued that excessive speculation must be curbed in order to ensure that the price Americans pay for gasoline and heating oil is fair, and not negatively impacted by fraud, abuse, and manipulation on Wall Street," Congressman Tierney said. "It is frustrating and outrageous that more than a year after the CFTC was mandated to take steps to protect American families, the Commission continues to delay."

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