Published: 6/26/2008
The title of this legislation is the Energy Markets Emergency Act. And what it does is direct the Commodities Future Trading Commission, the CTFC, to invoke its emergency powers to crack down on extreme speculation in the futures markets. We all know that families across this country are facing emergencies in their family budgets and it’s time that the CFTC stepped forward and treated this like the emergency that it is. Part of the rise in prices is of course due to supply and demand and the fact that China and India are boosting demand. That’s part of it. But the other part of it is in fact the increase in speculation, extreme speculation. There’s been testimony before this Congress - in front of the Committee, Subcommittee, Mr. Stupak, and the Senate side and House side - by Professor Greenburger from University of Maryland School of Law and many others that makes it absolutely clear that a component of the increase in price does not have to do with solely with supply and demand.

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