On the recordMay 16, 2012
So we know that we're pumping more oil out of the ground in this country right now than ever before in our history, more than is being pumped anywhere else in the world--1,300 oil rigs. We know that we are still giving the industry a huge subsidy, and we know that they're making lots of money. Right? So what is going on? Is there, in fact, speculation? Is that driving the price of gas up? Now, Bart Chilton, who is a Commodity Futures Trading Commission commissioner, recently said that consumers are now paying what amounts to a Wall Street premium every time they fill up their car with gas. In fact, he said every time you fill up your Honda Civic, you're paying a $7.50 Wall Street tax, in effect. You're paying that because of the speculation that's going on in the market. If your car is a Ford Explorer, you're actually paying an extra $10.41. So over the course of a year, it turns into real money. You're now talking about $700 more a year that we're paying because Wall Street speculation is driving this price. Now, we've asked the Justice Department on three different occasions, the President of the United States has asked the Justice Department on three different occasions to look into, to investigate the speculators. And we're waiting. We're waiting for that particular review to take place because what we do know is that if we can get oil down to $70 a barrel, we're going to bring gas down to $3 a gallon, which will be a huge benefit to the consumers in this country.
