Larson Applauds President’s Call for Increased Oversight of Oil Price Manipulation

WASHINGTON –House Democratic Caucus Chairman John Larson (CT) applauds President Obama’s call for increased oversight to protect American consumers from illegal speculation and market manipulation that leads to higher prices at the pump:

“President Obama is exactly right. We can’t afford to allow some speculators to reap millions, while millions of American families get the short end of the stick. And that’s exactly what’s happening today.

“In a recent hearing called by House Democrats, two industry experts – a former head of the CFTC and the head of the Connecticut Petroleum Marketers Association – made it clear that in just the last 90 days, Wall Street speculation – gambling with a fancy name – has cost American families an extra $10 billion at the pump every month. For the average family driving to work and back, to school and back, every day, that amounts to close to $100 a month that they would otherwise have in their pocket.

“As everyone has said, there is no silver bullet to ensure that we never feel any pain from gas prices. But Congress can act, now, to drive speculation out of the market and bring down prices at the pump. The real question is why haven’t we?”