Commodity Speculation to be the Focus of Agriculture Committee Hearing

Washington, DC - Congressman Jeff Fortenberry will participate in a House Agriculture Committee hearing to be held on Tuesday examining futures trading in energy markets.

“I remain seriously concerned that commodity speculation is a significant factor in the rapid rise of oil prices," said Fortenberry.  “Hopefully, this hearing will address the issue of market manipulation."

In April, Fortenberry requested that the President, the Secretary of Energy, and House leadership convene an emergency energy summit to examine the effect commodities speculation has on rising energy costs.

“Families, communities, and businesses are hurting.  Congress and the Administration must address this crisis by fully analyzing the effects of commodity speculation and other potential factors including:  rising demand, supply restrictions, inflation, boutique fuels, lack of sustainable alternative sources, geopolitical instability, and OPEC in order to provide a new vision of energy sustainability.  Our energy strategy should lessen our dependence on foreign oil by aggressively integrating conservation, new technologies, and the full range of renewable sources including wind, solar, geothermal, and biofuels, into our energy portfolio.”

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