On the recordMarch 7, 2012
As we do here in Congress every time that gas prices rise, Members from both sides of the aisle are quick to blame each other. The reasons we find ourselves with high gas prices today aren't simple, and we should be wary of anyone who's offering an overly simple, one-stop solution to this crisis. We can take some steps to try to calm these prices today, but the real fixes are going to take years--and a willingness to lower the partisan rhetoric around this issue is going to be part of the equation. One thing we can do now in the short term is to make sure that our commodities markets are functioning rationally. That means empowering Federal regulators to ensure that oil prices can't be driven simply by financial speculation. We need the Commodities Futures Trading Commission to enforce strong trading limits to police speculation in energy markets, and we here in Congress have to give them the resources they need to do that. The problem we face today isn't one of supply and demand. Demand is at its lowest in 17 years. Supply is at its highest in 3 years. This is a question of making sure that speculation isn't running the price up too fast and too quickly. It's our job to put some speed bumps along the road. ____________________
