Political Quotes

“I rise to introduce The Oil Speculation Control Act, a bill to reduce the impact of excessive speculation in the oil markets. The legislation is cosponsored by Senator Ted Stevens. Last week the price of oil hit $138 per barrel. A commodity that used to be priced at $11 a barrel is now swinging $11 in a single day. Yesterday it jumped $5--supposedly in response to a single Department of Energy report. Gasoline prices now average more than $4.50 in California. Some gas stations have to charge by the half gallon. Their pumps cannot calculate in prices this high. There seems to be no relief in sight for consumers as we enter the summer travel season. In the Farm Bill Congress finally closed the ``Enron Loophole,'' and placed all major electronic trades that could drive energy prices under the watchful eye of the Commodity Futures Trading commission, CFTC. Today I and Senator Levin introduced the Close the London Loophole Act to close another loophole. This bill would bring oversight to American energy commodities being traded beyond our borders. I also joined Senator Durbin in calling for the President to add 100 I enforcement professionals to the ranks of the CFTC. However, these steps are not enough. I believe we must do more to reduce the excessive speculation of institutional investors in oil markets. So today I am introducing the Oil Speculation Control Act.”