why do the Republicans continue to fight for the rampant speculators on wall st ? whos pocket is the kick-back going in ?? to all you brainwashed morons....who still want to believe it's "supply and demand" listen to the truth !!
Two Bay State congressmen blasted the GOP for trying to gut a key provision of the Wall Street Reform and Consumer Protection Act that would curb oil speculation and lower gasoline prices.
�The Republicans want to protect billions in windfall profits for the oil companies,� said U.S. Rep. Edward Markey (D-Malden). �These guys don�t care that consumers are being tipped upside down at the pumps to get their last dime.�
In a joint appearance yesterday on the Capitol Hill steps, Markey and Barney Frank (D-Newton) said Republicans have introduced a measure to delay a Commodity Futures Trading Commission (CFTC) regulation that would place limits on the kind of commodities trading that has driven the price of gas to $4 per gallon.
�Most of trading on the oil markets is being done by derivative dealers, hedge funds and other speculators who are driving up the price of gasoline and turning the oil trading into a casino,� Markey said. �The oil market needs to be returned to companies that use or sell fuel, not people who are trading paper for a profit.�
Dan Dicker, an oil trader and author of �Oil�s Endless Bid: Taming the Unreliable Price of Energy to Secure Our Economy,� said speculators comprise abut 97 percent of the oil futures market. He said a rule to rein in the wild speculation is overdue. �Regulators must make sure that those people who can access the futures market have a physical connection to oil,� he said. �If that happens, the wild swings on price would be dampened and the price of crude would be cut in half.�
remove the speculators and bring back sanity to gasoline prices ! but you moron republicans will still argue it's supply and demand raising the price. their right wing wacko mentality will never believe the republican party is only interested in making the rich richer. a weak mind is so easily misled
