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May 6, 2011

Rein in the Speculation

[Page: H3065]  GPO's PDF 

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(Mr. DeFAZIO asked and was given permission to address the House for 1 minute.)

Mr. DeFAZIO. American families and small businesses are being crushed by $4 a gallon gas at the pump.

Now, the Republicans tell us, oh, it's plain old supply and demand; drill here now and fast in the future and that will solve the problem.

Well, actually supply is up--U.S. crude inventories are 12.6 million barrels over the 5-year average--and demand is down. So what's really going on?

Well, it's Big Oil and it's Wall Street. Goldman Sachs--no one less than Goldman Sachs--said that the culprit for inflating oil prices $20 higher than what supply and demand dictate is excess speculation. Now, we wouldn't want to rein in the speculators because that's Wall Street and they're very generous to Republicans. And we wouldn't want to take on Big Oil, who's manipulating the market prices, because they contribute big-time to Republicans.

So let's just play pretend. Let's pretend we're doing something for consumers while hiding the culprits in plain sight. Speculation on Wall Street. They traded 189,000 contracts--that's 189 million barrels--by computer in 1 day last week, driving up the price for all Americans. Useless speculation.

Rein in the speculation. And take on Big Oil.

(House of Representatives - May 5, 2011)

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