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Jones demands action on gas prices
Story Date: 5/23/2011
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Source: PRESS RELEASE, 5/20/11
Last week U.S. Congressman Walter B. Jones (NC-3) joined 54 of his congressional colleagues in sending a letter to U.S. Department of Justice (DOJ) Attorney General Eric Holder and Commodity Futures Trading Commission (CFTC) Chairman Gary Gensler demanding their respective agencies to investigate potential illegal activity in the oil futures markets and to regulate excessive speculative activity.
“While there are many reasons for today’s high oil and gas prices, there is ample evidence suggesting that excessive speculation is playing a significant role,” said Congressman Jones. “America simply cannot afford it, and federal regulators need to be using the tools at their disposal to protect consumers.”
Congressman Jones has supported legislative language passed into law last year which authorized the Commodity Futures Trading Commission (CFTC) to set position limits in oil markets to prevent speculators from manipulating prices. The CFTC was statutorily required to set those limits by January of 2011, but has yet to do so.
The full text of the letter can be found here.
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