The following is a June 15th news release from the office of Senator Bernie Sanders:
Sen. Bernie Sanders (I-Vt.) today introduced legislation to make federal commodity regulators halt excessive oil speculation that has driven up gasoline prices.
A provision in last year's Wall Street reform law required federal regulators to clamp down on speculators, but the Commodity Futures Trading Commission has refused to do so. Partly as a result of the failure to enforce the law, the national average price for a gallon of gasoline today is $3.69 a gallon, although supplies are greater and demand lower than two years ago when prices averaged about $2.44 a gallon.
"We have a responsibility to do everything we can to lower gas prices so that they reflect the fundamentals of supply and demand and bring needed relief to the American people," Sanders said.
When speculators push up oil prices "guess who suffers, it's the rest of us," said Sen. Bill Nelson (D-Fla.), an original cosponsor of the bill who joined Sanders at a Capitol press conference. Sen. Richard Blumenthal (D-Conn.), another cosponsor, called gas prices "absolutely crushing" for American families and the economy. Other cosponsors include Sens. Jeff Merkley (D-Ore.), Al Franken (D-Minn.), and Sheldon Whitehouse (D-R.I.)."
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We must be relentless in our pursuit of the FACTS before jumping to unfounded conclusions (or rushing to subscribe to a convenient political position)! I've been reading about this situation for a LONG time time and I'm THRILLED that a legislator is doing something about it!
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