Political Quotes

“Mr. President, it has been nearly 3 years since gas prices were as high as they are now. Back in July 2008, they peaked at about $4 per gallon. We are approaching $4 per gallon for gas today. The average price in Minnesota is $3.94 per gallon, and the peak driving season is right around the corner. Back in 2008, I heard from many Minnesotans--from seniors who couldn't afford to drive to their pharmacies to pick up their prescription drugs, from workers who couldn't afford to drive to work, from middle-class moms and dads who had to cancel their summer vacations--who couldn't go up north because gasoline was just too high for their budgets. Although it wasn't the only factor, these high fuel prices of 3 years ago helped to push our economy into a deep recession. We don't want that to happen again. One of the things we learned 3 years ago is that rising oil prices were not simply the result of supply-and-demand market factors. In fact, the dramatic runup in gas prices was due in part to rampant price speculation by people who had no business being in the oil market. These were not airlines or trucking companies or other businesses that actually need and use oil and gas and who trade in futures in order to protect their businesses against volatility in the oil market. No, the most frenzied price speculation was by Wall Street traders and hedge fund managers who would never actually touch a drop of oil. They would never use it in their businesses.…”