Press Releases
Brendan Daly/Nadeam Elshami
202-226-7616
06/25/2008
Pelosi: ‘Today, We Are Putting Oil Speculators on Notice’
Washington, D.C. – Speaker Nancy Pelosi, Majority Leader Steny Hoyer, Majority Whip James E. Clyburn, House Democratic Caucus Chairman Rahm Emanuel and Vice Chairman John Larson held a news conference this afternoon to discuss the New Direction Congress’ efforts to lower energy and gas prices. Below are Speaker Pelosi’s opening remarks:
“Good afternoon. The House Democratic Leadership stands united here today behind helping Americans with the price at the pump – immediately and also for energy independence for a long time to come.
“Today, we are putting oil speculators on notice.
“I have sent a letter to President Bush calling on him to direct the Commodity Futures Trading Commission to use its emergency powers to take immediate action to curb speculation in energy markets. They should act to investigate all energy contracts. This is authority Congress has already given to the CFTC, but which they have not used.
“Eight years ago, before another Congress made the Enron loophole law, the energy industry made 70 percent of the energy futures market trades were made by the industry—only 30 percent by speculators. Today, those numbers are reversed—and trading volume has increased six-fold.
“As the International Monetary Fund recently concluded, ‘speculation has played a significant role in the run-up of oil prices.’
“Experts have testified this week before the Congress that the explosion of speculation in the oil futures market could be driving up prices from $20 to $60 per barrel. Oil speculators are making money by betting against the American consumers at the pump. We want to help the American people here and now.
“This is just one step in a New Direction for American energy independence.
“One year ago, on the occasion of America’s Independence Day, Democrats unveiled landmark legislation to declare America’s energy independence, we went on to pass historic energy legislation to increase fuel efficiency standards among other things. As we approach this Independence Day, we renew our commitment to a New Direction for energy independence.
“We have made an historic commitment to affordable American-grown biofuels, which is keeping gas prices almost 50 cents lower than they otherwise would be.
“We forced the President to suspend oil purchasing for the Strategic Petroleum Reserve beginning next Monday - we haven’t seen the impact of those actions yet - to increase supply and put the brakes on record gas prices.
“Tomorrow, we will pass a resolution that is another critical part of our transition to a new energy future. It would lower fares for mass transit and expand services for commuters literally forced from their cars by the oil industry—and those who profit at their expense.
“I would now like to introduce the distinguished Majority Leader, Steny Hoyer, who will tell you about some of the legislative initiatives you will be seeing in a matter of hours and days, and our other colleagues will be more specific about upcoming legislation. Thank you.”