Senator Sherrod Brown outlines plan to crack down on oil speculation

[Donnachaidh]

http://www.newsnet5.com/dpp/news/local_news/senator-sherrod-brown-to-outline-plan-to-crack-down-on-oil-speculation

CLEVELAND HEIGHTS, Ohio - Senator Sherrod Brown (D-Ohio) held a press conference on Sunday afternoon announcing a plan aimed at lowering gas prices for consumers by cracking down on oil speculation.

“Rapidly rising gas prices are boon for big oil companies and hedge funds but a bust for Ohio families, truckers, and small business owners. In the last three months, we’ve seen how excessive speculation has driven the price of oil contracts through the roof,” Brown said. “This speculation has a dire effect on our economy—higher prices at the pump for commuters driving to work or parents taking their kids to school, and higher operating costs for truckers and small business owners trying to stay afloat.”

“What we’re seeing with gas prices goes beyond simple fluctuations in supply and demand,” said Jennifer Rhoads, president and CEO of the Ohio Petroleum Marketers and Convenience Store Association. “The vast majority of Ohio’s petroleum retailers are small, family-owned businesses who play a key role as job providers in their very own communities. The impact of an unnecessary, artificial increase in gas prices goes beyond their bottom line – it hits their friends, family, and neighbors, as well.”

At the news conference, Brown released a letter that he sent Thursday to the Commodity Futures Trading Commission (CFTC) urging the agency to use its full authority under the recently-passed financial reform bill to protect consumers and small businesses from artificially inflated gas prices.

More at the link --

[Sonoman]

1. Oil dereg, one of the worst elements of the Raygun 'legacy'.

Their intent was to destroy the domestic petroleum biz, and turn the profits over to Wall Street.

I knew quite a lot of Texas producers (my family included) - both conservative and liberal - who thought Reagan and his advisers should have been charged with treason.

Sonoman

[Andy823]

2. It's a great idea, but...

The democrats came up with the same idea back during the 2008 elections. Senator Murray, my senator from Washington state, tried to get the bill up for a vote, but it never got a vote. I wrote her in 2009 and the reply I got was the "IF" senator Reid decided to take it off the self, she would be for it, but it was up to him! It really pissed my off that once they got a majority, they dropped bills like this one.

Now I think it's a great idea, along with taking food out of the speculation trading, but I have my doubts it will go anywhere, even if Reid puts it up for a vote, could it get through the house? I really doubt it!
There is just way to much money from big oil going into the pockets of members of congress in both houses. I hope I am wrong, but money talks, and people keep on suffering!