Ed Markey: “I thank the gentleman. The rise in gas prices is not about Obama. It is about OPEC, oil companies, and Wall Street…”

“I thank the gentleman. The rise in gas prices is not about Obama. It is about OPEC, oil companies, and Wall Street speculators. Wall Street speculators now control nearly two-thirds of the oil market, up from 11 percent just 10 years ago. Morgan Stanley now controls 15 percent of New England's home heating oil. Experts tell us that as much as 25 percent of the price of oil is the result of excessive speculation, which means American drivers are paying a ``Wall Street speculation tax'' of more than 70 cents on every gallon of gasoline. Wall Street speculators have turned oil markets into a crude oil casino. Yet the majority actually tried to cut funding for our Wall Street cops, the Commodity Futures Trading Commission, by $30 million. Today, Mitt Romney called the administration's efforts to crack down on speculation a gimmick. But protecting Wall Street consumers, protecting Main Street consumers over Wall Street isn't a gimmick; it should be a given. This motion will give the CFTC speculation cops the resources and personnel they need to put an end to Wall Street's gasoline gambling. Vote ``aye'' on the Tierney motion to crack down on Wall Street speculation and to protect Main Street consumers. Vote ``aye'' on the Tierney motion to recommit.”