Political Quotes

“I thank the gentleman. How much more time would you like? I thank you sincerely. The New England Fuel Institute published a list of 100 studies--100 studies, my friends--showing the impact of commodity speculation. This is entitled, ``Evidence on the Negative Impact of Commodity Speculation by Academics, Analysts and Public Institutions.'' These studies show the harms of unchecked financial speculation on all commodity markets, not just oil. And though my amendment is focused on retaining the power of our regulatory agencies to address oil speculation, the fact is that excessive speculation hampers the proper function of all derivative markets, not just energy markets. Today, the average price of gas in America is about $3.50 a gallon-- higher than it ought to be--and that's because of excessive speculation. [June 14, 2012] Evidence on the Negative Impact of Commodity Speculation by Academics, Analysts and Public Institutions (Compiled by Markus Henn) 1) Adammer, Philipp/Bohl, Martin T./Stephan, Patrick M. (University of Munster) (2011): Speculative Bubbles in Agricultural Prices: ``The empirical evidence is favorable for speculative bubbles in the corn and wheat price over the last decade.'' 2) Agriculture and food policy centre (Texas University) (2008): The effects of ethanol on Texas food and feed: ``Speculative fund activities in futures markets have led to more money in the markets and more volatility. Increased price volatility has encouraged wider trading limits.…”