Economy

70 Democrats Call For Government To Enforce Limits On Oil Speculation

Posted on

CREDIT:

Seventy Democratic House and Senate lawmakers are calling on the Commodity Futures Trading Commission (CFTC) to enforce position limits on speculative trading in the oil markets passed by the CFTC in October 2011 under the Dodd-Frank financial reform law. In a letter addressed to the CFTC, Democrats insist, “We have a responsibility to ensure that the price of oil is no longer allowed to be driven up by the same Wall Street speculators who caused the devastating recession that working families are now experiencing.” A wide range of experts believe that speculation in energy futures markets was the cause of both the 2008 and 2010 spikes in gas prices. — Fatima Najiy