Congressman recognizes oil futures manipulation

Rep. Peter DeFazio(D-OR):

“Today every American who fills up their gas tank is going to pay an extra $.70, Seventy cents per gallon, as a tribute to speculators on Wall Street. That’s right seventy cents a gallon is due to hedge fund speculation, derivative and commodities speculation on Wall Street.

It didn’t used to be this way. Before Enron, we prohibited this sort of speculation on Wall Street, there was a special law passed for Enron, ‘Ken Boy’, remember that, George Bush’s favorite guy, Enron bankrupt, ‘Ken Boy’ Lay, who knows where he is now, but the law still lives on. It was changed in Dodd-Frank to give new opportunities for The Commodities Futures Trading Commission to begin to regulate speculation on Wall Street, but the Republicans are fighting tooth and nail against the regulation of speculation on Wall Street.

Today we’ll consider a bill that would deprive The Commodities Futures Trading Commission, the watchdogs, of new computers. The Republicans say ‘We can’t afford 60 million dollars for computers at The Commodities Futures Trading Commission to track a $400 Trillion dollar market’, to track track speculators that spent $25 Billion dollars on Super computers last year so they could drive up the price of gasoline and manipulate markets without detection, No, we can’t afford that. They’ve got your back, speculators, the Republicans are with you all the way.

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