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We Need Action to Stop Wall Street Speculation From Driving Up Gas Prices
Millions of American families are feeling the burden of ever-increasing gasoline prices. I join them in their anger and frustration over the rising price of gas, and I want to do something about it.
I recently joined a group of my Senate colleagues in sponsoring a bill, S. 2222, which will give federal regulators immediate authority to invoke emergency powers to rein in speculators who are responsible for rapidly rising gasoline prices.
There is broad agreement among energy experts and economists that speculators are one of the causes for the rapidly rising price of gas. Domestic oil production has risen to its highest level in a decade, oil supplies are greater today than they were three years ago and demand for oil in the United States is lower today than it was in 1997. Yet gas prices continue to soar.
There is something wrong with this equation. There is no logical reason why gas prices should continue to rise if oil supplies are up and demand is down.
The American Trucking Association, Delta Airlines, the Petroleum Marketers Association of America, the Federal Reserve Bank of St. Louis and other experts all say excessive oil speculation in the futures markets significantly increases crude oil and gasoline prices. A Feb. 27 article in Forbes Magazine cited a recent report by the investment bank Goldman Sachs, pointing out that excessive oil speculation adds 56 cents to the price of a gallon of gas.
This “speculators” bill would set a 14-day deadline for the Commodity Futures Trading Commission to take emergency steps to stop excessive speculation by Wall Street traders in the crude oil, gasoline and other energy futures markets. Also co-sponsoring the measure are: U.S. senators Bernard Sanders (I-VT), Richard Blumenthal (D-CT), Sherrod Brown (D-OH), Al Franken (D-MN), Amy Klobuchar (D-MN) and Bill Nelson (D-FL).
Today, speculators control more than 80 percent of the energy futures market, a figure that has more than doubled over the past decade. As gasoline prices near or surpass $4 a gallon, the CFTC still has not complied with a provision in the Wall Street reform law that required the agency to establish trading limits by Jan. 17, 2011.
It is time to take decisive action now to stop financial speculators who are helping to drive up prices for all of us at a time we can least afford it.
Jeff Hawkins
2:49 pm on Tuesday, April 17, 2012
Hey "my friend Ben",
How do you feel about the amount of state and federal tax on a gallon of gasoline?
How did you feel about O'Malley's proposed gas tax increase in this time of need when we could least afford it?
I suspect that if the speculators are "driven" out (which is a good thing), this will only open the "floodgates" on raising tax's on gasoline.
Basically the citizen's can't win, it's either the bloodsucking speculators or the bloodsucking politicians fighting over "our" dollars.
Corbin Dallas Multipass
5:57 pm on Tuesday, April 17, 2012
http://financecommission.dot.gov/Documents/Tax%20Foundation%20paper%20on%20Gas%20Tax.pdf
"Because it is not adjusted for inflation, the federal gas tax has experienced a cumulative loss in purchasing power of 33 percent since 1993—the last time the federal gas tax was increased."
http://www.randomuseless.info/gasprice/gasprice.html
Gas prices according to this graph from 1993-1999 were relatively flat, jumped for about 4 years, than spiked wildly after.
B Allen
9:26 am on Wednesday, April 18, 2012
Jeff, good questions but there is a solution...VOTE OUT THE DEMS AND WE WILL ALL BE BETTER OFF...EVEN THE LIBS THAT COMPLAIN. If you start following the money, you will see how guys like cardin love to give taxpayers dollars away, look how much we spend in MoCo and this republic on illegals, alone...$2Billion in MD alone, MoCo won't give that number out, they hide it in the operating budget. That is why they keep raising taxes on us in MD and cardin is part of the problem also, along with the rest of them.
MocoLoco
3:21 pm on Tuesday, April 17, 2012
Every time I read something that Cardin's staff writes for him, I think I grow a little more stupid. Oh, no--actually, in reality--it's just that he has decided we are even stupider and his staff can write obviously pandering material for us. "Vote for me--I can do something about high gas prices!" Gas was $1.87 when Obama took office. If it is the case that elected leaders can lower high gas prices, then we CAN blame this on Obama and fellow Democrats! Alternatively, if they do not control the market, then stop pretending they do and trolling for our votes.
B Allen
9:22 am on Wednesday, April 18, 2012
Good point, but when it comes to them, they blame something else. When the price hit $1.76 they blamed Bush, the GOPers and all his oil buddies...I guess now we can blame OWEbama, the dumbocrats and all "their oil buddies"???
Corbin Dallas Multipass
6:05 pm on Tuesday, April 17, 2012
"This “speculators” bill would set a 14-day deadline for the Commodity Futures Trading Commission to take emergency steps to stop excessive speculation by Wall Street traders in the crude oil, gasoline and other energy futures markets."
"As gasoline prices near or surpass $4 a gallon, the CFTC still has not complied with a provision in the Wall Street reform law that required the agency to establish trading limits by Jan. 17, 2011."
Wait, so you're going to create new deadlines, even though you created old deadlines and they weren't honored? So why would they obey the new deadlines? Were they penalized for not complying with the Jan 17 deadline?
B Allen
9:20 am on Wednesday, April 18, 2012
Cardin just wants to have the people that voted for him before think that he is doing something good, which he is not. He is opening his mouth and blowing hot air...cardin has no clue as to what he is doing in the senate, he is over his head...he just needs the job, because he would NEVER make it in the private sector.
Joe Thomas
10:52 pm on Tuesday, April 17, 2012
Bed why don't you shut up? A year ago your good friend Obama said that he was forming a task force to investigate this speculation issue. CNN reported tonight that the task force has only met a few times and has never issued a finding.
KatieSilverSpring
8:03 am on Wednesday, April 18, 2012
Sen. Cardin - I am happy that you have finally found us out here, you know, your constituency? A series of writings that just happen to coincide with ... your reelection bid?
Too bad you couldn't show up for a couple of veterans' events. Oh, but I did see you just before the Primary at a Silver Spring restaurant that must have given you contributions?
Nov 7th is going to be such a happy day for Maryland.
B Allen
9:17 am on Wednesday, April 18, 2012
I hope so Katie when Maryland vots him out and the new Republican in...THEN we will get some representation. We also need to get Mikulski out and the other dems. Even my VERY democratic family in PA cannot believe the represetation we do not get in MD. They think our politicians are really dumb for some of the things they say and do. It is embarrising...
jag
12:35 pm on Wednesday, April 18, 2012
What an odd thing to be confused or angry about. Yes...politicians run for office. Yes, once they're elected they generally are, you know, working. When they're running for reelection they once again have to waste their time pandering for votes and money. It's called living in a republic and every single elected representative does the exact same thing.
Your personal grudge about some veterans' event is a weird thing to air out.
B Allen
1:27 pm on Wednesday, April 18, 2012
@Jag...sounds like whatever they are, they need to be educated. It is NOT "some veterens' event" as you put it, it is something that a descent politician would have at least shown their face at, but then again cardin is not a descent politician. Dems like cardin do not care about their constituants as a whole, they pick and choose some stupid little "special interest" socail issue group and cater to them and think they are doing something good for ALL mankind. So, you don't need to pontificate towards Katie of Silver Spring, it was something that was near and dear to her heart ad would have at least liked to have seen her representative there. Veterens today get a hell of a better reception than I did from people like cardin when I was in the military during Vietnam...back then people like cardin, leggett, obama (well his parents) mikulski, owemalley and the rest, uesd to spit on us and call us "babykillers". Thats what is running the dumbocrat party today. Heck, guys like John Kerry took the communists' side back then you can find it on youtube.
jag
5:37 pm on Thursday, April 19, 2012
Yeah, John Kerry, that communist. And those democratic politicians, all spitting on you.
So sad how delusional you are. PLEASE check out your local VA medical center if you're not currently medicated. People are not out to get you and Kerry isn't a communist (who's spitting on vets now?). Not everything you see on Youtube is true. Please understand that. Cheers.
B Allen
8:51 am on Friday, April 20, 2012
@jag...you sound like a card carrying, water toting, kool-aide drinking left wing nutcase. By the looks of your idiotic comments here, you need to up your depression meds. I lived and served during vietnam and was spit on (one time I was able to get to the person and knocked him out and felt good about doing so) and was called babykiller. Maybe you need to stop listneing to PBS and the other left wing government owned media outlets. It is because of people like you, who cannot think for themselves, have to vote in dumbasses like cardin and such. How much do you get a month from the taxpayers (welfare)? God, I cannot stand stupid people.
jag
1:30 pm on Friday, April 20, 2012
@ B Allen, I'm curious (maybe you can't answer this for me), but what has started the "you liberals are all on welfare!" talking point? Over the past two years I've heard that hundreds of times from lunatics - does Limbaugh say that now or something? I mean the last iteration of "you liberals are all east-coast, Yale Law School attending, elitists!" actually made some sense since, you know, we value education/live in "old" cities like NYC, DC, Boston/have higher paying jobs, etc. How does it make sense that liberals are associated with being on welfare? You know red states are the poor ones, right? That's abundantly obvious even to the dumbest of stone throwers so I am curious who keeps telling you and others of your ilk to repeat it over an over as if it makes even the tiniest bit of sense.
B Allen
9:23 am on Saturday, April 21, 2012
@jag YEAH I CAN answer your rediculous comments.Typical left wing crapola, YOU PEOPLE only see what you believe. There was no mention of welfare OR Limbaugh. I know there are enougn lunitics like yourself running around drinking the kool-aide and supporting do nothings like cardin. Under this worthless administration who even had CONTROL OF BOTH HOUSES, they managed to run this country down the tubes, with Congess NOW HAVING to fix it. With the number of people on welfare increased to 46.2M under the obama admin and at least 20 states that are running over 9% unemployment, I would NOT be proud of those numbers. BTW, haven't you ever wondered how when there is some lunitic left wing commm byeeee ahh get together on WEEKDAYS, there are big crowds? I know why...they are ALL not working and getting paid and bussed by some left wing organization, unions or dems politician to be there. Also, the places you mention with higher paying jobs are still the ones with the most poverty. You think you are smart but you are not. yWhat you libs have are inflated egos which EGOTISM IS THE ANESTETIC FOR STUPIDITY. If you call education teaching kids how to put condoms on cucumbers or i.e. 80% of MoCo public school graduates having to take remedial classes even to attend 13th grade at Mont College. I am glad I changed from being a dem after 30yrs so i would NOT be put into a category with people like you. GET YOUR FACTS STRAIGHT BEFORE YOU OPEN YOUR MOUTH AND "REMOVE ALL DOUBT".
jag
10:36 am on Saturday, April 21, 2012
@B Allen,
I know you're just psychotic, but seriously try and cool it. You asked, because I'm a "left wing nutcase", "[h]ow much do you get a month from the taxpayers (welfare)?" I asked why you (and others) have recently started saying that liberals are on welfare. I don't know why you're now saying you didn't bring up welfare or what the rest of your gibberish was about (something about cucumbers and condoms??).
Can you just answer my question - I'm curious who's telling you to say liberals are on welfare because it nonsensical. If you're not interested in answering, that's fine, just ignore it. I honestly don't need you to write another 10 sentences on why cucumbers and Democrats are destroying America. Okay? Thanks.
B Allen
8:49 am on Sunday, April 22, 2012
@jag...you just don't get it and you probably NEVER will. I answered your question with facts and you cannot face up to them. Which is typical of your people, always trying to turrn things around with fabrications of the truth. Go look at the numbers yourself. In case you don't know how to, use google.
B Allen
9:12 am on Sunday, April 22, 2012
@Frank..fyi 1974 outside of walter reed walking from the, then active duty housing (renovated hotel), across the street from WR, which you libs made a big deal of the place falling apart a few yrs ago. In military dress a samll group walking on GA ave, one guy spit on me and I punched him in the face. Are you asking because you are the one I punched in the face or were you not even born then, so you don't know what was going on during that time. Either way, you open your mouth and sound like a typical left wing fool.
Steve VanBronkhorst
8:10 am on Wednesday, April 18, 2012
Speculators have less to do with gas prices than Politicians - Ben when you can solve that problem then gas prices will go down. The presidents hands off mid east policy has added uncertantity and fear in an area of importance to oil and gas prices. Speculators only speculate on something when there is a reason for price action...policy is the reason - spend some time on domestic energy policy, and foreign policy that supports the interests of the US.
Ddad99
8:49 am on Wednesday, April 18, 2012
Senator Cardin,
When are you going to bring a budget to the floor of the Senate? This is required by Federal law. If your leader, Mr. Reid, can just ignore laws he doesn't like, can I also do the same? The deficit and debt are the #1 issue before us today, endangering our very existence. What is your solution? Where is your leadership?
If you are unable or unwilling to propose and vote on a responsible budget then you should resign from office.
B Allen
9:13 am on Wednesday, April 18, 2012
What we do need is to get that jackass out of office. He makes ALL Marylanders look stupid...which we ALL know that the ones that did not vote for him are NOT stupid even in the least bit. Now for those who voted him in, I hope you are rethinking for the next time you go to the polls. Now as I remember (and I have a VERY GOOD memory) they blamed Bush for the high prices...typical for these people to always put the blame elsewhere when NOT one of them knows the first tihing about running a bussiness. Just an FYI for you know nothings out there, the government make more on a gallon of gas than the oil companies actually do. When they tell you they make "record profits" that is before the cost of business is taken out. You know, paying people for working there, cost of refining the crude oil, etc etc etc...the gvmt on the other had does not produce one damn thing and collects off every gallon we consume...now they are the TRUE crooks in this whole deal.
Malcom J
9:19 am on Wednesday, April 18, 2012
Yes, I've read that speculation as sport has driven prices of many commodities - including those for food - up by an average of 25%.
Bill Hussein O'Stalin
9:34 am on Wednesday, April 18, 2012
The biggest speculation in energy this year was done by Obama and with public funds. Over a billion was wasted with solar energy scams. Any complaints there Mr. Cardin? Most Democrats are liars and will never concede a fact.
BL in Bethesda
12:19 pm on Wednesday, April 18, 2012
What we need is an energy policy, not this stopgap, make the politicians look good propaganda. The congress of idiots has continued to pander to the lobbyists and not pass even the natural gas act which would give an incentive for heavy trucks to run on natural gas, which we have plenty of.
Perhaps the sheeple of Maryland will finally get wise and get rid of all the Dem's and have a truly representative gov't for a change. Probably dreaming.
B Allen
1:33 pm on Wednesday, April 18, 2012
I agree BL, but we need to go a step or 2 forward and tell the gvmt (well the dems mostly) to keep their paws out of the business end of things because the majority of them have never had to meet a payroll in their measly little lives and would NEVER be able to make it in the private sector. btw, I like the term sheeple...haha..there are a lot of those kind of people here in MD.
casey92
12:57 pm on Thursday, April 19, 2012
Green energy is speculating too, with taxpayer money, my money, YOUR MONEY...If you agree in Green energy being supported with taxpayer money, you are a evil speculater. The companys that are getting government loans from Obama, from his stash....are Solyndra, $500 million. People, that is 1/2 billion dollars ,and you also have all these solar firms that have either filed for bankruptcy or are on the way to bankruptcy. You’ve got wind energy companies that are biting the dust, the Chevrolet Volt is having trouble – all of this green energy stuff is literally imploding, it is collapsing. The speculation has to stop... I agree with you Obama... all the evil speculation has to stop.... MAKE A LAW CONGRESS AND LETS SEE IF THE PRESIDENT SIGNS IT.
jag
11:57 am on Friday, April 20, 2012
Huh, Casey? I don't think you understand what this discussion is about. This is discussing the public trading of crude oil on the futures market. You're talking about the public subsidy of energy companies...and apparently you are not very educated on the subject if you think subsides for clean energies is more than that of fossil-based energies.
B Allen
9:31 am on Saturday, April 21, 2012
@casey92...good point. Looks like those people like jag cannot deal with the facts nor the REAL TRUTH. Over $1B of taxpayers dollars will NEVER make it back to us, ALL taxpayers. But OWEbamas buddies will be getting their money back on these businesses that the Bush Administration turned down because they knew they were going out of business. The OWEbama administration also knew because the OBM told them to almost the day when they would go out of business, but because democrats do ot understand how business is run, they put GOOD money into a BAD investment and make us taxpayers help them buy votes. I really do not think that JAG understands what reality is, must have taken one too many LSD pills. Just has that inflated ego.
B Allen
9:34 am on Saturday, April 21, 2012
oh and I forgot, it (jag) calls them subsidies when in fact they were and are BAD INVESTMENTS...what a absolutely rediculous comment. Like I said in another post, "egotism is the anestetic for stupidity" and this guy (jag) has a MAJOR ego problem.
JH
11:57 am on Friday, April 20, 2012
Cardin and Obama promise energy independence when in campaign mode, but do very little to develop domestic energy supplies. In fact, they block realistic moves to achieve much greater energy development and production. So many jobs could be created. Time for new leadership in the White House.
Bayview Mortgage, Inc
2:47 am on Friday, April 20, 2012
How many over draft fees did everyone get on their check card this month because they had to have that starbucks coffee. 37 dollars a pop and up.
Everyone needs oil and gas. 4 dollars a gallon is nothing compared to the need and the process to get the oil.
People don't need banks and coffee.
B Allen
9:38 am on Saturday, April 21, 2012
No they don't need banks and coffee or in the libs case, kool-aide. People need jobs, income, food, to get off the government dolls, etc. I wonder why OWEbama tuned the pipeline, oh wait, his buddy Buffet (you know the Buffett rule) owns the railway that is moving the oil from Canada right now, as one of his companies is sueing the IRS for taxes they owe. The oil pipeline wuld only add thousands of jobs, etc...but then again it is too hard for libs to comprehend something like that. They only see what they believe and cannot see past their nose.
B Allen
8:57 am on Sunday, April 22, 2012
Like I said...stuck on stupid...I REST MY CASE. No facts, just what the left tells you people.
Corbin Dallas Multipass
9:30 am on Sunday, April 22, 2012
"80% of MoCo public school graduates having to take remedial classes even to attend 13th grade at Mont College."
Can you provide a source for this statistic, this is not the first time it was referred to on this website and I have yet to see anyone actually point to a source.
B Allen
9:59 am on Sunday, April 22, 2012
The information was mentioned to me by a high school counselor in MoCo when i was in there talking to her about my childs grades, or at the time the lack of. I went to a Private school where you were held accountable and they taught you, not going off worksheets and hoping you could "parrott" the info back. I have even had kids that graduated MCPS high school that admitted they did not know how to study. Oh btw, i know kids who had to take either remedial Math, Engish or Science when attending 13th grade at MC Comm College, my daughter being one of them. It was a non credit (had to pay full price as a 3 credit class) Algebra. Again, i rest my case.
B Allen
9:19 pm on Sunday, April 22, 2012
@Frank...and it sounds like from your comment like you are some kinda idiot. Evidently you did not pay attention in school either and cannot comprehend the written words. Didn't i say I was in talking to the counselor about her grades...I did take an active role there "richard cranium". How did you people get so stupid? I wasn't that stupid when iw as a registered dem for 30yrs...I guess the prerequisite now is that they suck out your brains and leave only enough for bodily functions so they can at least get you in to vote for them. This is my last post here to "you people", I am tired from all the laughing AT YOU, not with you.