I believe it's extremely important that the president get
behind an effort by certain senators, including Bernie Sanders and Amy
Klobuchar, to require the Commodity Futures Exchange Commission to control
unwarranted speculation in the oil markets. Responsible agencies, including the
St. Louis Fed and even Goldman Sachs itself have acknowledged that a
significant part of the run-up in gas prices is due not to supply and demand,
but to rampant speculation, amounting to approximately 80% of futures
contracts, in the oil futures markets. The president needs to declare a
national emergency for this strategic resource, and demand that the Congress
force position limits and other controls on speculation. Control of gasoline
prices could well mean the difference between a continued recovery and
prolonged recession, and failure to take decisive action could easily be a
threat to the president's reelection. It is time that the president recognize
that the "Masters of the universe" on Wall Street are not going to
support him this time around, and that his best political course is to side, clearly
and definitively with that 99%. Taking a tough stand publicly on gasoline
prices and the unwarranted speculation that is driving them up, when supply and
demand are actually favorable to lower prices, is the most important way that
the president can do just that right now.
22 March 2012
Message to the White House: Support Bernie Sanders's push to control oil speculation
This is my message to the White House today:
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