Cantwell, Murray to Feds: Curb oil speculators

[rsmith6621]

Saying that oil speculators are kicking families and small business when they are down, Sens. Patty Murray and Maria Cantwell, D-Wash., want federal regulators to apply the breaks using authority given them in the new financial reform law.

“The Commodity Futures Trading Commission (CFTC) should do its job with the statute we put in place a year ago,” said Cantwell, who helped write the law.

Gasoline prices in Washington have climbed 52 cents a gallon in the last two months, with diesel fuel up by a full dollar. Cantwell estimated that higher gas prices mean “it will cost $337 more for a family of four to drive this summer than last.”

The senators appeared Monday with Seattle area small business owners hit hard by the gas price hike.

The price of oil “dramatically effects” the maritime industry, said Warren Aakervik of Ballard Oil. And the industry must pass on its costs. “The consumer will always pay,” Aakervik added.


http://blog.seattlepi.com/seattlepolitics/2011/04/18/cantwell-murray-to-feds-curb-oil-speculators/

[Drale]

1. They need to make speculation illegal in all forms

Its kill the economy and the country.